SPTL vs. SPTB
SPTL (SPDR Portfolio Long Term Treasury ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds from State Street - SPTL tracks the Bloomberg Long U.S. Treasury Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, SPTL returned -1.73% vs 1.09% for SPTB. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
SPTL vs. SPTB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPTL achieves a -3.28% return, which is significantly lower than SPTB's -0.64% 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%
SPTB
- 1D
- -0.22%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.64%
- 1Y
- 1.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $554.84K | $766.31K | $2.41M | |
| $141.08M | $126.11M | $146.73M |
SPTL vs. SPTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -0.55% |
SPTB State Street SPDR Portfolio Treasury ETF | -0.64% | 6.14% | 2.17% |
Correlation
The correlation between SPTL and SPTB is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 21, 2024 | 0.94 |
The correlation between SPTL and SPTB has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPTL vs. SPTB — Risk / Return Rank
SPTL
SPTB
SPTL vs. SPTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and State Street SPDR Portfolio Treasury ETF (SPTB). 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 | SPTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.10 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 0.70 | -0.76 |
| Martin ratioReturn relative to average drawdown | -0.14 | 1.66 | -1.80 |
Loading charts...
Drawdowns
SPTL vs. SPTB - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for SPTL and SPTB.
Loading charts...
Drawdown Indicators
| SPTL | SPTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -4.96% | -41.24% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -2.90% | -4.19% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | — | — |
Current DrawdownCurrent decline from peak | -38.71% | -2.50% | -36.21% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -1.36% | -13.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 1.21% | +2.00% |
Volatility
SPTL vs. SPTB - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.26% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 0.94%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPTL | SPTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 0.94% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 2.69% | +3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 3.52% | +4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 4.36% | +10.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 4.36% | +9.52% |
SPTL vs. SPTB - Expense Ratio Comparison
Both SPTL and SPTB 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. SPTB - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, more than SPTB's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTB State Street SPDR Portfolio Treasury ETF | 3.85% | 4.23% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.93, SPTL and SPTB 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 (2.26%) compared to SPTB (0.94%). In terms of maximum drawdown, SPTL dropped -46.20% vs SPTB's -4.96%.
On 1-year performance, SPTB leads with 1.09% vs -1.73% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, SPTB has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPTB has performed better with a 1.09% return vs -1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL and SPTB have the same expense ratio: 0.03% per year.
SPTL has the higher dividend yield at 3.99%, compared with 3.85% for SPTB.
SPTL tracks Bloomberg Long U.S. Treasury Index, while SPTB tracks Bloomberg U.S. Treasury Index.
SPTB currently has the higher Sharpe Ratio (0.57 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.
Find the right allocation for SPTL and SPTB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer