SPTL vs. SCHQ
SPTL (SPDR Portfolio Long Term Treasury ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, SPTL returned -5.32%/yr vs -5.29%/yr for SCHQ. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.03% expense ratio.
Performance
SPTL vs. SCHQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -0.38% return, which is significantly higher than SCHQ's -0.43% 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%
SCHQ
- 1D
- -0.45%
- 1M
- 0.65%
- YTD
- -0.43%
- 6M
- -1.74%
- 1Y
- 5.22%
- 3Y*
- -0.72%
- 5Y*
- -5.29%
- 10Y*
- —
SPTL vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | -4.22% |
SCHQ Schwab Long-Term U.S. Treasury ETF | -0.43% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.02% |
Correlation
The correlation between SPTL and SCHQ is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019 | 1.00 |
The correlation between SPTL and SCHQ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPTL vs. SCHQ — Risk / Return Rank
SPTL
SCHQ
SPTL vs. SCHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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 | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.10 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.75 | 0.00 |
| Martin ratioReturn relative to average drawdown | 1.94 | 1.94 | 0.00 |
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 | SCHQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.59 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.37 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | -0.25 | +0.49 |
Drawdowns
SPTL vs. SCHQ - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, roughly equal to the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for SPTL and SCHQ.
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Drawdown Indicators
| SPTL | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -46.13% | -0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -7.01% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -17.65% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -40.93% | -0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | — | — |
Current DrawdownCurrent decline from peak | -36.87% | -36.82% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -26.36% | +12.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.70% | -0.01% |
Volatility
SPTL vs. SCHQ - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) and Schwab Long-Term U.S. Treasury ETF (SCHQ) have volatilities of 2.63% and 2.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.57% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 5.94% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 8.93% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 14.54% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 15.33% | -1.38% |
SPTL vs. SCHQ - Expense Ratio Comparison
Both SPTL and SCHQ 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. SCHQ - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, less than SCHQ's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.79% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.99, SPTL and SCHQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPTL has higher volatility (2.63%) compared to SCHQ (2.57%). In terms of maximum drawdown, SPTL dropped -46.20% vs SCHQ's -46.13%.
On 5-year performance, SCHQ leads with -5.29% vs -5.32% for SPTL. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHQ has performed better with a -5.29% return vs -5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL and SCHQ have the same expense ratio: 0.03% per year.
SCHQ has the higher dividend yield at 4.79%, compared with 4.21% for SPTL.
SPTL tracks Bloomberg Long U.S. Treasury Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: State Street and Charles Schwab.
SPTL currently has the higher Sharpe Ratio (0.59 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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