SPTL vs. TFLO
SPTL (SPDR Portfolio Long Term Treasury ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 10 years, SPTL returned -1.81%/yr vs 2.41%/yr for TFLO. Their -0.00 correlation means they have often moved in opposite directions in the past. SPTL charges 0.03%/yr vs 0.15%/yr for TFLO.
Performance
SPTL vs. TFLO - 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 TFLO's 2.22% return. Over the past 10 years, SPTL has underperformed TFLO with an annualized return of -1.81%, while TFLO has yielded a comparatively higher 2.41% 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%
TFLO
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.88%
- YTD
- 2.22%
- 1Y
- 3.88%
- 3Y*
- 4.66%
- 5Y*
- 3.77%
- 10Y*
- 2.41%
- ALL TIME*
- 1.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $141.08M | $126.11M | $146.73M | |
| $79.31M | $72.74M | $75.47M |
SPTL vs. TFLO - 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 2.22% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
Correlation
The correlation between SPTL and TFLO is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.00 |
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Return for Risk
SPTL vs. TFLO — Risk / Return Rank
SPTL
TFLO
SPTL vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.78 | ||
| Sortino ratioReturn per unit of downside risk | -47.38 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 12.34 | -11.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 199.41 | -199.47 |
| Martin ratioReturn relative to average drawdown | -0.14 | 766.49 | -766.63 |
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Drawdowns
SPTL vs. TFLO - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for SPTL and TFLO.
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Drawdown Indicators
| SPTL | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -5.01% | -41.19% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -0.02% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | -0.04% | -13.35% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -0.13% | -40.89% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -0.16% | -46.04% |
Current DrawdownCurrent decline from peak | -38.71% | 0.00% | -38.71% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -0.10% | -14.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 0.01% | +3.20% |
Volatility
SPTL vs. TFLO - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.26% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.08%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 0.08% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 0.19% | +6.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 0.29% | +8.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 0.35% | +14.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 0.45% | +13.43% |
SPTL vs. TFLO - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than TFLO'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. TFLO - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, more than TFLO's 3.83% 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.47% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
SPTL and TFLO have a correlation of -0.07, 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 TFLO (0.08%). In terms of maximum drawdown, SPTL dropped -46.20% vs TFLO's -5.01%.
On 10-year performance, TFLO leads with 2.41% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, TFLO has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TFLO has performed better with a 2.41% 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 TFLO.
SPTL has the higher dividend yield at 3.99%, compared with 3.47% for TFLO.
SPTL tracks Bloomberg Long U.S. Treasury Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTL and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (13.73 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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