SPTL vs. SCHO
SPTL (SPDR Portfolio Long Term Treasury ETF) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while SCHO tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, SPTL returned -1.12%/yr vs 1.71%/yr for SCHO. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
SPTL vs. SCHO - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -0.38% return, which is significantly lower than SCHO's 0.42% return. Over the past 10 years, SPTL has underperformed SCHO with an annualized return of -1.12%, while SCHO has yielded a comparatively higher 1.71% annualized return.
SPTL
- 1D
- -0.38%
- 1M
- 0.71%
- YTD
- -0.38%
- 6M
- -1.67%
- 1Y
- 5.22%
- 3Y*
- -0.70%
- 5Y*
- -5.32%
- 10Y*
- -1.12%
SCHO
- 1D
- -0.04%
- 1M
- 0.06%
- YTD
- 0.42%
- 6M
- 0.78%
- 1Y
- 3.39%
- 3Y*
- 4.15%
- 5Y*
- 1.80%
- 10Y*
- 1.71%
SPTL vs. SCHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.42% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
Correlation
The correlation between SPTL and SCHO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2010 | 0.57 |
The correlation between SPTL and SCHO has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
SPTL vs. SCHO — Risk / Return Rank
SPTL
SCHO
SPTL vs. SCHO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Schwab Short-Term U.S. Treasury ETF (SCHO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SPTL | SCHO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.50 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 3.96 | -3.22 |
| Martin ratioReturn relative to average drawdown | 1.94 | 17.03 | -15.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPTL | SCHO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 2.48 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 0.91 | -1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | 1.10 | -1.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.99 | -0.75 |
Drawdowns
SPTL vs. SCHO - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for SPTL and SCHO.
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Drawdown Indicators
| SPTL | SCHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -5.69% | -40.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -0.86% | -6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -0.98% | -16.57% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -5.69% | -35.33% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -5.69% | -40.51% |
Current DrawdownCurrent decline from peak | -36.87% | -0.27% | -36.60% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -0.61% | -13.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 0.20% | +2.49% |
Volatility
SPTL vs. SCHO - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.63% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.41%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | SCHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 0.41% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 0.90% | +5.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 1.37% | +7.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 1.98% | +12.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 1.56% | +12.39% |
SPTL vs. SCHO - Expense Ratio Comparison
Both SPTL and SCHO have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPTL vs. SCHO - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, more than SCHO's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 3.91% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.21% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
SPTL and SCHO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.63%) compared to SCHO (0.41%). In terms of maximum drawdown, SPTL dropped -46.20% vs SCHO's -5.69%.
On 10-year performance, SCHO leads with 1.71% vs -1.12% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, SCHO has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHO has performed better with a 1.71% return vs -1.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL and SCHO have the same expense ratio: 0.03% per year.
SPTL has the higher dividend yield at 4.21%, compared with 3.91% for SCHO.
SPTL tracks Bloomberg Long U.S. Treasury Index, while SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: State Street and Charles Schwab.
SCHO currently has the higher Sharpe Ratio (2.48 vs 0.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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