SPTL vs. TLH
SPTL (SPDR Portfolio Long Term Treasury ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, SPTL returned -1.81%/yr vs -1.31%/yr for TLH. Their 0.95 correlation means they have historically moved very closely together. SPTL charges 0.03%/yr vs 0.15%/yr for TLH.
Performance
SPTL vs. TLH - 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 TLH's -2.91% return. Over the past 10 years, SPTL has underperformed TLH with an annualized return of -1.81%, while TLH has yielded a comparatively higher -1.31% 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%
TLH
- 1D
- -0.57%
- 1M
- -3.04%
- 6M
- -2.85%
- YTD
- -2.91%
- 1Y
- -1.02%
- 3Y*
- 0.80%
- 5Y*
- -5.35%
- 10Y*
- -1.31%
- ALL TIME*
- 2.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $141.08M | $126.11M | $146.73M | |
| $108.27M | $89.48M | $121.91M |
SPTL vs. TLH - 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% |
TLH iShares 10-20 Year Treasury Bond ETF | -2.91% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
Correlation
The correlation between SPTL and TLH is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.95 |
The correlation between SPTL and TLH has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
SPTL vs. TLH — Risk / Return Rank
SPTL
TLH
SPTL vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares 10-20 Year Treasury Bond ETF (TLH). 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 | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 0.06 | -0.12 |
| Martin ratioReturn relative to average drawdown | -0.14 | 0.13 | -0.27 |
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Drawdowns
SPTL vs. TLH - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than TLH's maximum drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for SPTL and TLH.
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Drawdown Indicators
| SPTL | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -41.14% | -5.06% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -6.50% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | -11.87% | -1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -35.41% | -5.61% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -41.14% | -5.06% |
Current DrawdownCurrent decline from peak | -38.71% | -31.52% | -7.19% |
Average DrawdownAverage peak-to-trough decline | -14.43% | -10.91% | -3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.86% | +0.35% |
Volatility
SPTL vs. TLH - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.26% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 2.03%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 2.03% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.39% | 5.86% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 7.70% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.50% | 12.61% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 11.19% | +2.69% |
SPTL vs. TLH - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than TLH'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. TLH - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.35%, less than TLH's 4.61% 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% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.22% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.99, SPTL and TLH 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 TLH (2.03%). In terms of maximum drawdown, SPTL dropped -46.20% vs TLH's -41.14%.
On 10-year performance, TLH leads with -1.31% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLH has performed better with a -1.31% 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 TLH.
TLH has the higher dividend yield at 4.22%, compared with 3.99% for SPTL.
SPTL tracks Bloomberg Long U.S. Treasury Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPTL and 0.15% for TLH.
TLH currently has the higher Sharpe Ratio (0.05 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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