SPTS vs. FHQFX

Last updated Jun 4, 2026

SPTS (SPDR Portfolio Short Term Treasury ETF) and FHQFX (Fidelity Series Treasury Bill Index Fund) are both funds - SPTS is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while FHQFX is a Ultrashort Bond fund managed by Fidelity. Over the past 5 years, SPTS returned 1.81%/yr vs 3.04%/yr for FHQFX. At a 0.21 correlation, their price movements are largely independent. SPTS charges 0.03%/yr vs 0.00%/yr for FHQFX.

Performance

SPTS vs. FHQFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Short Term Treasury ETF (SPTS) and Fidelity Series Treasury Bill Index Fund (FHQFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTS achieves a 0.45% return, which is significantly lower than FHQFX's 1.41% return.

SPTS

• 1D: -0.07%
• 1M: 0.05%
• YTD: 0.45%
• 6M: 0.77%
• 1Y: 3.45%
• 3Y*: 4.18%
• 5Y*: 1.81%
• 10Y*: 1.67%

FHQFX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.41%
• 6M: 1.84%
• 1Y: 4.08%
• 3Y*: 4.67%
• 5Y*: 3.04%
• 10Y*: —

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

SPTS vs. FHQFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPTS SPDR Portfolio Short Term Treasury ETF	0.45%	5.05%	4.20%	4.27%	-3.86%	-0.72%	0.15%
FHQFX Fidelity Series Treasury Bill Index Fund	1.41%	4.37%	5.56%	4.47%	-0.50%	0.01%	-0.04%

Correlation

The correlation between SPTS and FHQFX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.21

Return for Risk

SPTS vs. FHQFX — Risk / Return Rank

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

SPTS

SPTS Risk / Return Rank: 84
SPTS Sharpe Ratio Rank: 79
SPTS Sortino Ratio Rank: 91
SPTS Omega Ratio Rank: 87
SPTS Calmar Ratio Rank: 79
SPTS Martin Ratio Rank: 82

FHQFX

FHQFX Risk / Return Rank: 99
FHQFX Sharpe Ratio Rank: 97
FHQFX Sortino Ratio Rank: 100
FHQFX Omega Ratio Rank: 100
FHQFX Calmar Ratio Rank: 100
FHQFX Martin Ratio Rank: 100

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.

SPTS vs. FHQFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Treasury ETF (SPTS) and Fidelity Series Treasury Bill Index Fund (FHQFX). 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.

	SPTS	FHQFX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	3.68	-1.05
Sortino ratio: Return per unit of downside risk	4.47	28.60	-24.14
Omega ratio: Gain probability vs. loss probability	1.55	20.94	-19.39
Calmar ratio: Return relative to maximum drawdown	4.13	41.79	-37.66
Martin ratio: Return relative to average drawdown	16.52	119.47	-102.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPTS vs. FHQFX - Sharpe Ratio Comparison

The current SPTS Sharpe Ratio is 2.63, which is comparable to the FHQFX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of SPTS and FHQFX, 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

	SPTS	FHQFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	3.68	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	2.46	-1.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	2.31	-1.82

Drawdowns

SPTS vs. FHQFX - Drawdown Comparison

The maximum SPTS drawdown since its inception was -5.83%, which is greater than FHQFX's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for SPTS and FHQFX.

Drawdown Indicators

	SPTS	FHQFX	Difference
Max Drawdown Largest peak-to-trough decline	-5.83%	-0.70%	-5.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-0.10%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-0.96%	-0.70%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-5.71%	-0.70%	-5.01%
Max Drawdown (10Y) Largest decline over 10 years	-5.71%	—	—
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-1.72%	-0.09%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.03%	+0.18%

Volatility

SPTS vs. FHQFX - Volatility Comparison

SPDR Portfolio Short Term Treasury ETF (SPTS) has a higher volatility of 0.34% compared to Fidelity Series Treasury Bill Index Fund (FHQFX) at 0.31%. This indicates that SPTS's price experiences larger fluctuations and is considered to be riskier than FHQFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPTS	FHQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.31%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	0.80%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.32%	1.14%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	1.26%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.72%	1.19%	+0.53%

SPTS vs. FHQFX - Expense Ratio Comparison

SPTS has a 0.03% expense ratio, which is higher than FHQFX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPTS vs. FHQFX - Dividend Comparison

SPTS's dividend yield for the trailing twelve months is around 3.91%, which matches FHQFX's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHQFX Fidelity Series Treasury Bill Index Fund	3.89%	4.16%	5.09%	4.67%	0.00%	0.01%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
SPTS SPDR Portfolio Short Term Treasury ETF	3.91%	3.99%	4.25%	3.61%	1.27%	0.19%	0.70%	2.21%	2.04%	1.20%	0.95%	0.83%

Frequently Asked Questions

Can I hold both SPTS and FHQFX in my portfolio?

SPTS and FHQFX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTS or FHQFX?

SPTS has higher volatility (0.34%) compared to FHQFX (0.31%). In terms of maximum drawdown, SPTS dropped -5.83% vs FHQFX's -0.70%.

Which has better risk-adjusted returns?

FHQFX currently has the higher Sharpe Ratio (3.68 vs 2.63), 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.