SPTL vs. UTWY
SPTL (SPDR Portfolio Long Term Treasury ETF) and UTWY (F/m US Treasury 20 Year Bond ETF) are both Government Bonds funds - SPTL tracks the Bloomberg Long U.S. Treasury Index while UTWY tracks the Bloomberg US Treasury Bellwether 20 Year Index. Both are passively managed. Over the past 3 years, SPTL returned -0.70%/yr vs -0.54%/yr for UTWY. With a 0.99 correlation, they move nearly in lockstep. SPTL charges 0.03%/yr vs 0.15%/yr for UTWY.
Performance
SPTL vs. UTWY - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -0.38% return, which is significantly higher than UTWY's -0.64% 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%
UTWY
- 1D
- -0.35%
- 1M
- 0.54%
- YTD
- -0.64%
- 6M
- -1.78%
- 1Y
- 4.46%
- 3Y*
- -0.54%
- 5Y*
- —
- 10Y*
- —
SPTL vs. UTWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | -1.83% |
UTWY F/m US Treasury 20 Year Bond ETF | -0.64% | 4.82% | -4.92% | -1.81% |
Correlation
The correlation between SPTL and UTWY is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.99 |
The correlation between SPTL and UTWY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SPTL vs. UTWY — Risk / Return Rank
SPTL
UTWY
SPTL vs. UTWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) and F/m US Treasury 20 Year Bond ETF (UTWY). 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 | UTWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.10 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.67 | +0.07 |
| Martin ratioReturn relative to average drawdown | 1.94 | 1.81 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPTL | UTWY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.55 | +0.03 |
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 | -0.08 | +0.32 |
Drawdowns
SPTL vs. UTWY - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than UTWY's maximum drawdown of -18.19%. Use the drawdown chart below to compare losses from any high point for SPTL and UTWY.
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Drawdown Indicators
| SPTL | UTWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -18.19% | -28.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -6.70% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -14.98% | -2.57% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | — | — |
Current DrawdownCurrent decline from peak | -36.87% | -6.03% | -30.84% |
Average DrawdownAverage peak-to-trough decline | -14.24% | -7.03% | -7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.47% | +0.22% |
Volatility
SPTL vs. UTWY - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.63% compared to F/m US Treasury 20 Year Bond ETF (UTWY) at 2.50%. This indicates that SPTL's price experiences larger fluctuations and is considered to be riskier than UTWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTL | UTWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.50% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 5.64% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 8.10% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 11.11% | +3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.95% | 11.11% | +2.84% |
SPTL vs. UTWY - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than UTWY'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. UTWY - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.21%, less than UTWY's 4.69% 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% |
UTWY F/m US Treasury 20 Year Bond ETF | 4.69% | 4.62% | 4.56% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, SPTL and UTWY 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 (2.63%) compared to UTWY (2.50%). In terms of maximum drawdown, SPTL dropped -46.20% vs UTWY's -18.19%.
On 3-year performance, UTWY leads with -0.54% vs -0.70% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, UTWY has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UTWY has performed better with a -0.54% return vs -0.70%. 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 UTWY.
UTWY has the higher dividend yield at 4.69%, compared with 4.21% for SPTL.
SPTL tracks Bloomberg Long U.S. Treasury Index, while UTWY tracks Bloomberg US Treasury Bellwether 20 Year Index. They also come from different issuers: State Street and F/m Investments. Their fees differ too: 0.03% for SPTL and 0.15% for UTWY.
SPTL currently has the higher Sharpe Ratio (0.59 vs 0.55), 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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