SPTL vs. TYO

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio Long Term Treasury ETF (SPTL) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO).

SPTL and TYO 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. TYO is a passively managed fund by Direxion that tracks the performance of the NYSE 7-10 Year Treasury Bond Index. It was launched on Apr 16, 2009. Both SPTL and TYO 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. TYO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Long Term Treasury ETF (SPTL) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO). The values are adjusted to include any dividend payments, if applicable.

SPTL vs. TYO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPTL SPDR Portfolio Long Term Treasury ETF	0.01%	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	3.84%	-7.64%	18.94%	1.06%	58.83%	7.47%	-28.56%	-18.71%	-1.42%	-8.94%

Returns By Period

In the year-to-date period, SPTL achieves a 0.01% return, which is significantly lower than TYO's 3.84% return. Over the past 10 years, SPTL has underperformed TYO with an annualized return of -0.87%, while TYO has yielded a comparatively higher 1.01% 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%

TYO

• 1D: -0.22%
• 1M: 8.42%
• YTD: 3.84%
• 6M: 5.01%
• 1Y: 3.53%
• 3Y*: 8.35%
• 5Y*: 10.58%
• 10Y*: 1.01%

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

SPTL vs. TYO - Expense Ratio Comparison

SPTL has a 0.03% expense ratio, which is lower than TYO's 1.08% expense ratio.

TYO

Direxion Daily 7-10 Year Treasury Bear 3X

SPTL

SPDR Portfolio Long Term Treasury ETF

Return for Risk

SPTL vs. TYO — 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

TYO

TYO Risk / Return Rank: 17
TYO Sharpe Ratio Rank: 18
TYO Sortino Ratio Rank: 18
TYO Omega Ratio Rank: 16
TYO Calmar Ratio Rank: 17
TYO Martin Ratio Rank: 15

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. 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.

	SPTL	TYO	Difference
Sharpe ratio Return per unit of total volatility	0.05	0.22	-0.17
Sortino ratio Return per unit of downside risk	0.14	0.43	-0.29
Omega ratio Gain probability vs. loss probability	1.02	1.05	-0.03
Calmar ratio Return relative to maximum drawdown	0.16	0.23	-0.07
Martin ratio Return relative to average drawdown	0.34	0.38	-0.04
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. TYO - Sharpe Ratio Comparison

The current SPTL Sharpe Ratio is 0.05, which is lower than the TYO Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of SPTL and TYO, 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	TYO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.22	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	0.46	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	0.05	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.35	+0.59

Correlation

The correlation between SPTL and TYO is -0.88. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SPTL vs. TYO - Dividend Comparison

SPTL's dividend yield for the trailing twelve months is around 4.15%, more than TYO's 2.93% 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%
TYO Direxion Daily 7-10 Year Treasury Bear 3X	2.93%	3.69%	4.22%	3.62%	0.09%	0.00%	0.36%	1.58%	0.32%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	SPTL	TYO	Difference
Max Drawdown Largest peak-to-trough decline	-46.20%	-89.25%	+43.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-11.86%	+3.42%
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 Drawdown Current decline from peak	-36.62%	-78.07%	+41.45%
Average Drawdown Average peak-to-trough decline	-14.03%	-71.03%	+57.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	7.10%	-3.26%

Volatility

SPTL vs. TYO - Volatility Comparison

The current volatility for SPDR Portfolio Long Term Treasury ETF (SPTL) is 3.50%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 5.92%. 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.

Volatility by Period

	SPTL	TYO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	5.92%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	6.01%	9.68%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	16.40%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	23.19%	-8.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	20.22%	-6.24%