SPTL vs. SHV
SPTL (SPDR Portfolio Long Term Treasury ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, SPTL returned -1.81%/yr vs 2.28%/yr for SHV. Their 0.14 correlation means their historical movements had little consistent relationship. SPTL charges 0.03%/yr vs 0.15%/yr for SHV.
Performance
SPTL vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -3.28% return, which is significantly lower than SHV's 2.01% return. Over the past 10 years, SPTL has underperformed SHV with an annualized return of -1.81%, while SHV has yielded a comparatively higher 2.28% annualized return.
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
SHV
- 1D
- 0.03%
- 1M
- 0.28%
- 6M
- 1.75%
- YTD
- 2.01%
- 1Y
- 3.75%
- 3Y*
- 4.57%
- 5Y*
- 3.44%
- 10Y*
- 2.28%
- ALL TIME*
- 1.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $305.51M | $271.51M | $279.65M | |
| $141.08M | $126.11M | $146.73M |
SPTL vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
SHV iShares 0-1 Year Treasury Bond ETF | 2.01% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between SPTL and SHV is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.14 |
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Return for Risk
SPTL vs. SHV — Risk / Return Rank
SPTL
SHV
SPTL vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPTL | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.23 | ||
| Sortino ratioReturn per unit of downside risk | -90.92 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 28.72 | -27.72 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 141.77 | -141.83 |
| Martin ratioReturn relative to average drawdown | -0.14 | 1,470.54 | -1,470.68 |
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Drawdowns
SPTL vs. SHV - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for SPTL and SHV.
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Drawdown Indicators
| SPTL | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -0.45% | -45.75% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -0.03% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | -0.03% | -13.36% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -0.38% | -40.64% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -0.45% | -45.75% |
Current DrawdownCurrent decline from peak | -38.71% | 0.00% | -38.71% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -0.03% | -14.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 0.00% | +3.21% |
Volatility
SPTL vs. SHV - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.26% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 0.07% | +2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 0.14% | +6.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 0.21% | +8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 0.29% | +14.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 0.28% | +13.60% |
SPTL vs. SHV - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than SHV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPTL vs. SHV - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, more than SHV's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.43% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 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 SHV have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.26%) compared to SHV (0.07%). In terms of maximum drawdown, SPTL dropped -46.20% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.28% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SHV has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.28% return vs -1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.15% for SHV.
SPTL has the higher dividend yield at 3.99%, compared with 3.43% for SHV.
SPTL tracks Bloomberg Long U.S. Treasury Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTL and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (18.18 vs -0.05), 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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