SPTL vs. TYO
SPTL (SPDR Portfolio Long Term Treasury ETF) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index, while TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, SPTL returned -1.20%/yr vs 1.88%/yr for TYO. At a correlation of -0.88, they often move in opposite directions. SPTL charges 0.03%/yr vs 1.08%/yr for TYO.
Performance
SPTL vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a 0.62% return, which is significantly lower than TYO's 6.35% return. Over the past 10 years, SPTL has underperformed TYO with an annualized return of -1.20%, while TYO has yielded a comparatively higher 1.88% annualized return.
SPTL
- 1D
- 0.58%
- 1M
- 3.24%
- YTD
- 0.62%
- 6M
- 0.44%
- 1Y
- 5.69%
- 3Y*
- -0.48%
- 5Y*
- -5.52%
- 10Y*
- -1.20%
TYO
- 1D
- -0.82%
- 1M
- -3.19%
- YTD
- 6.35%
- 6M
- 7.38%
- 1Y
- 1.48%
- 3Y*
- 6.57%
- 5Y*
- 12.36%
- 10Y*
- 1.88%
SPTL vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 0.62% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 6.35% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between SPTL and TYO is -0.92, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.88 |
The correlation between SPTL and TYO has been stable across timeframes, ranging from -0.94 to -0.88 - a consistent structural relationship.
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Return for Risk
SPTL vs. TYO — Risk / Return Rank
SPTL
TYO
SPTL vs. TYO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.03 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 0.15 | +0.66 |
| Martin ratioReturn relative to average drawdown | 2.04 | 0.27 | +1.76 |
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Drawdowns
SPTL vs. TYO - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for SPTL and TYO.
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Drawdown Indicators
| SPTL | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -89.25% | +43.05% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -10.00% | +2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -24.40% | +6.85% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -24.40% | -16.62% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -52.21% | +6.01% |
Current DrawdownCurrent decline from peak | -36.24% | -77.54% | +41.30% |
Average DrawdownAverage peak-to-trough decline | -14.28% | -71.09% | +56.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 5.46% | -2.66% |
Volatility
SPTL vs. TYO - Volatility Comparison
The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 2.24%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 4.45%. This indicates that SPTL experiences smaller price fluctuations and is considered to be less risky than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 4.45% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.09% | 10.42% | -4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.73% | 14.28% | -5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.62% | 23.23% | -8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 20.20% | -6.25% |
SPTL vs. TYO - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
SPTL vs. TYO - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.17%, more than TYO's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 4.17% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.86% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPTL and TYO have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (4.45%) compared to SPTL (2.24%). In terms of maximum drawdown, SPTL dropped -46.20% vs TYO's -89.25%.
On 10-year performance, TYO leads with 1.88% vs -1.20% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 1.88% return vs -1.20%. 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 1.08% for TYO.
SPTL has the higher dividend yield at 4.17%, compared with 2.86% for TYO.
SPTL is categorized as Government Bonds, while TYO is Leveraged Bonds. SPTL tracks Bloomberg Long U.S. Treasury Index, while TYO tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: State Street and Direxion. Their fees differ too: 0.03% for SPTL and 1.08% for TYO.
SPTL currently has the higher Sharpe Ratio (0.66 vs 0.10), 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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