SPTL vs. TLH

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares 10-20 Year Treasury Bond ETF (TLH).

SPTL and TLH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPTL is a passively managed fund by State Street that tracks the performance of the Bloomberg Long U.S. Treasury Index. It was launched on May 23, 2007. TLH is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 10-20 Year Bond Index. It was launched on Jan 11, 2007. Both SPTL and TLH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPTL vs. TLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Long Term Treasury ETF (SPTL) and iShares 10-20 Year Treasury Bond ETF (TLH). The values are adjusted to include any dividend payments, if applicable.

SPTL vs. TLH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPTL SPDR Portfolio Long Term Treasury ETF	0.01%	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	-0.24%	6.47%	-4.21%	4.03%	-25.24%	-5.38%	13.78%	10.11%	0.37%	4.21%

Returns By Period

In the year-to-date period, SPTL achieves a 0.01% return, which is significantly higher than TLH's -0.24% return. Over the past 10 years, SPTL has underperformed TLH with an annualized return of -0.87%, while TLH has yielded a comparatively higher -0.67% annualized return.

SPTL

• 1D: 0.04%
• 1M: -3.93%
• YTD: 0.01%
• 6M: -0.43%
• 1Y: 0.50%
• 3Y*: -1.55%
• 5Y*: -4.88%
• 10Y*: -0.87%

TLH

• 1D: 0.09%
• 1M: -3.77%
• YTD: -0.24%
• 6M: -0.12%
• 1Y: 1.31%
• 3Y*: -0.20%
• 5Y*: -3.45%
• 10Y*: -0.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.

TLH

iShares 10-20 Year Treasury Bond ETF

SPTL

SPDR Portfolio Long Term Treasury ETF

Return for Risk

SPTL vs. TLH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPTL

SPTL Risk / Return Rank: 14
SPTL Sharpe Ratio Rank: 13
SPTL Sortino Ratio Rank: 12
SPTL Omega Ratio Rank: 12
SPTL Calmar Ratio Rank: 15
SPTL Martin Ratio Rank: 15

TLH

TLH Risk / Return Rank: 16
TLH Sharpe Ratio Rank: 16
TLH Sortino Ratio Rank: 14
TLH Omega Ratio Rank: 14
TLH Calmar Ratio Rank: 18
TLH Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	SPTL	TLH	Difference
Sharpe ratio Return per unit of total volatility	0.05	0.14	-0.09
Sortino ratio Return per unit of downside risk	0.14	0.25	-0.12
Omega ratio Gain probability vs. loss probability	1.02	1.03	-0.01
Calmar ratio Return relative to maximum drawdown	0.16	0.25	-0.10
Martin ratio Return relative to average drawdown	0.34	0.58	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPTL vs. TLH - Sharpe Ratio Comparison

The current SPTL Sharpe Ratio is 0.05, which is lower than the TLH Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of SPTL and TLH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPTL	TLH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.14	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.27	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	-0.06	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.28	-0.04

Correlation

The correlation between SPTL and TLH is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPTL vs. TLH - Dividend Comparison

SPTL's dividend yield for the trailing twelve months is around 4.15%, less than TLH's 4.33% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTL SPDR Portfolio Long Term Treasury ETF	4.15%	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	4.33%	4.17%	4.28%	3.83%	2.78%	1.50%	2.65%	2.31%	2.17%	1.83%	1.91%	2.13%

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.

Drawdown Indicators

	SPTL	TLH	Difference
Max Drawdown Largest peak-to-trough decline	-46.20%	-41.14%	-5.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-7.57%	-0.87%
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 Drawdown Current decline from peak	-36.62%	-29.63%	-6.99%
Average Drawdown Average peak-to-trough decline	-14.03%	-10.58%	-3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	3.30%	+0.54%

Volatility

SPTL vs. TLH - Volatility Comparison

SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 3.50% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 3.25%. 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.

Volatility by Period

	SPTL	TLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	3.25%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.01%	5.40%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	9.29%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	12.70%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	11.19%	+2.79%