SPTL vs. SPY
SPTL (SPDR Portfolio Long Term Treasury ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPTL returned -1.81%/yr vs 15.07%/yr for SPY. Their -0.25 correlation means they have often moved in opposite directions in the past. SPTL charges 0.03%/yr vs 0.09%/yr for SPY.
Performance
SPTL vs. SPY - 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 SPY's 10.13% return. Over the past 10 years, SPTL has underperformed SPY with an annualized return of -1.81%, while SPY has yielded a comparatively higher 15.07% 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%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $141.08M | $126.11M | $146.73M | |
| $37.27B | $35.99B | $39.23B |
SPTL vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SPTL and SPY is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.25 |
The correlation between SPTL and SPY shifts across timeframes, from -0.25 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPTL vs. SPY — Risk / Return Rank
SPTL
SPY
SPTL vs. SPY - 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 S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 2.20 | -2.27 |
| Martin ratioReturn relative to average drawdown | -0.14 | 9.40 | -9.54 |
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Drawdowns
SPTL vs. SPY - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPTL and SPY.
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Drawdown Indicators
| SPTL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -55.19% | +8.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -8.88% | +1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | -18.76% | +5.37% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -24.50% | -16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -33.72% | -12.48% |
Current DrawdownCurrent decline from peak | -38.71% | -1.40% | -37.31% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -9.01% | -5.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.08% | +1.13% |
Volatility
SPTL vs. SPY - Volatility Comparison
The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.26%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that SPTL experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 3.58% | -1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 10.14% | -3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 12.89% | -4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 17.18% | -2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 17.95% | -4.07% |
SPTL vs. SPY - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than SPY's 0.09% 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. SPY - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPTL and SPY have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.58%) compared to SPTL (2.26%). In terms of maximum drawdown, SPTL dropped -46.20% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% 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 0.09% for SPY.
SPTL has the higher dividend yield at 3.99%, compared with 1.01% for SPY.
SPTL is categorized as Government Bonds, while SPY is S&P 500. SPTL tracks Bloomberg Long U.S. Treasury Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.03% for SPTL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 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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