SPTL vs. TLTI

Last updated Jun 4, 2026

SPTL (SPDR Portfolio Long Term Treasury ETF) and TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while TLTI is a Derivative Income fund actively managed by NEOS Investments. SPTL is passively managed, while TLTI is actively managed. Over the past year, SPTL returned 5.22% vs 6.68% for TLTI. With a 0.98 correlation, they move nearly in lockstep. SPTL charges 0.03%/yr vs 0.58%/yr for TLTI.

Performance

SPTL vs. TLTI - Performance Comparison

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

Returns By Period

In the year-to-date period, SPTL achieves a -0.38% return, which is significantly lower than TLTI's 0.83% return.

SPTL

• 1D: -0.38%
• 1M: 0.71%
• YTD: -0.38%
• 6M: -1.67%
• 1Y: 5.22%
• 3Y*: -0.70%
• 5Y*: -5.32%
• 10Y*: -1.12%

TLTI

• 1D: -0.42%
• 1M: 0.91%
• YTD: 0.83%
• 6M: -0.98%
• 1Y: 6.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPTL vs. TLTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPTL SPDR Portfolio Long Term Treasury ETF	-0.38%	5.28%	-4.23%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	0.83%	4.31%	-4.61%

Correlation

The correlation between SPTL and TLTI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.98

The correlation between SPTL and TLTI has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

SPTL vs. TLTI — Risk / Return Rank

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

SPTL

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

TLTI

TLTI Risk / Return Rank: 20
TLTI Sharpe Ratio Rank: 20
TLTI Sortino Ratio Rank: 20
TLTI Omega Ratio Rank: 19
TLTI Calmar Ratio Rank: 22
TLTI Martin Ratio Rank: 21

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. TLTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI). 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	TLTI	Difference
Sharpe ratio: Return per unit of total volatility	0.59	0.71	-0.12
Sortino ratio: Return per unit of downside risk	0.90	1.08	-0.18
Omega ratio: Gain probability vs. loss probability	1.10	1.12	-0.02
Calmar ratio: Return relative to maximum drawdown	0.74	1.02	-0.27
Martin ratio: Return relative to average drawdown	1.94	2.47	-0.53
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. TLTI - Sharpe Ratio Comparison

The current SPTL Sharpe Ratio is 0.59, which is comparable to the TLTI Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of SPTL and TLTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPTL	TLTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	0.71	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.02	+0.22

Drawdowns

SPTL vs. TLTI - Drawdown Comparison

The maximum SPTL drawdown since its inception was -46.20%, which is greater than TLTI's maximum drawdown of -8.70%. Use the drawdown chart below to compare losses from any high point for SPTL and TLTI.

Drawdown Indicators

	SPTL	TLTI	Difference
Max Drawdown Largest peak-to-trough decline	-46.20%	-8.70%	-37.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-6.60%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	—	—
Current Drawdown Current decline from peak	-36.87%	-3.70%	-33.17%
Average Drawdown Average peak-to-trough decline	-14.24%	-3.51%	-10.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.71%	-0.02%

Volatility

SPTL vs. TLTI - Volatility Comparison

The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.63%, while NEOS Enhanced Income 20+ Year Treasury Bond ETF (TLTI) has a volatility of 2.80%. This indicates that SPTL experiences smaller price fluctuations and is considered to be less risky than TLTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTL	TLTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	2.80%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	6.43%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	9.48%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.63%	11.15%	+3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.95%	11.15%	+2.80%

SPTL vs. TLTI - Expense Ratio Comparison

SPTL has a 0.03% expense ratio, which is lower than TLTI's 0.58% expense ratio.

Dividends

SPTL vs. TLTI - Dividend Comparison

SPTL's dividend yield for the trailing twelve months is around 4.21%, less than TLTI's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPTL SPDR Portfolio Long Term Treasury ETF	4.21%	4.12%	4.03%	3.24%	2.75%	1.68%	1.71%	2.45%	2.69%	2.53%	2.56%	2.60%
TLTI NEOS Enhanced Income 20+ Year Treasury Bond ETF	6.31%	6.33%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPTL and TLTI in my portfolio?

With a correlation of 0.98, SPTL and TLTI 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.

Which is riskier, SPTL or TLTI?

TLTI has higher volatility (2.80%) compared to SPTL (2.63%). In terms of maximum drawdown, SPTL dropped -46.20% vs TLTI's -8.70%.

Which ETF is better, SPTL or TLTI?

On 1-year performance, TLTI leads with 6.68% vs 5.22% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPTL or TLTI?

Over the 1-year period, TLTI has performed better with a 6.68% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTL or TLTI?

SPTL is cheaper with a 0.03% expense ratio, compared with 0.58% for TLTI.

Which ETF pays a higher dividend yield, SPTL or TLTI?

TLTI has the higher dividend yield at 6.31%, compared with 4.21% for SPTL.

What is the main difference between SPTL and TLTI?

SPTL is categorized as Government Bonds, while TLTI is Derivative Income. They also come from different issuers: State Street and NEOS Investments. Their fees differ too: 0.03% for SPTL and 0.58% for TLTI.

Which has better risk-adjusted returns?

TLTI currently has the higher Sharpe Ratio (0.71 vs 0.59), 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.