SPTS vs. SPTL
SPTS (SPDR Portfolio Short Term Treasury ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds from State Street - SPTS tracks the Bloomberg U.S. Treasury 1-3 Year Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, SPTS returned 1.67%/yr vs -1.12%/yr for SPTL. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
SPTS vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, SPTS achieves a 0.45% return, which is significantly higher than SPTL's -0.38% return. Over the past 10 years, SPTS has outperformed SPTL with an annualized return of 1.67%, while SPTL has yielded a comparatively lower -1.12% annualized 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%
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%
SPTS vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTS SPDR Portfolio Short Term Treasury ETF | 0.45% | 5.05% | 4.20% | 4.27% | -3.86% | -0.72% | 3.23% | 3.56% | 1.08% | 0.59% |
SPTL SPDR Portfolio Long Term Treasury ETF | -0.38% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between SPTS and SPTL is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2011 | 0.51 |
The correlation between SPTS and SPTL shifts across timeframes, from 0.51 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPTS vs. SPTL — Risk / Return Rank
SPTS
SPTL
SPTS vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Treasury ETF (SPTS) and SPDR Portfolio Long Term Treasury ETF (SPTL). 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 | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.10 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 4.13 | 0.74 | +3.38 |
| Martin ratioReturn relative to average drawdown | 16.52 | 1.94 | +14.58 |
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
| SPTS | SPTL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 0.59 | +2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | -0.37 | +1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.98 | -0.08 | +1.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.24 | +0.25 |
Drawdowns
SPTS vs. SPTL - Drawdown Comparison
The maximum SPTS drawdown since its inception was -5.83%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for SPTS and SPTL.
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Drawdown Indicators
| SPTS | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.83% | -46.20% | +40.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.84% | -7.04% | +6.20% |
Max Drawdown (3Y)Largest decline over 3 years | -0.96% | -17.55% | +16.59% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | -41.02% | +35.31% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -46.20% | +40.49% |
Current DrawdownCurrent decline from peak | -0.28% | -36.87% | +36.59% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -14.24% | +12.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 2.69% | -2.48% |
Volatility
SPTS vs. SPTL - Volatility Comparison
The current volatility for SPDR Portfolio Short Term Treasury ETF (SPTS) is 0.34%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.63%. This indicates that SPTS experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPTS | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 2.63% | -2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 5.97% | -5.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.32% | 8.92% | -7.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 14.63% | -12.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.72% | 13.95% | -12.23% |
SPTS vs. SPTL - Expense Ratio Comparison
Both SPTS and SPTL have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPTS vs. SPTL - Dividend Comparison
SPTS's dividend yield for the trailing twelve months is around 3.91%, less than SPTL's 4.21% 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% |
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
SPTS and SPTL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.63%) compared to SPTS (0.34%). In terms of maximum drawdown, SPTS dropped -5.83% vs SPTL's -46.20%.
On 10-year performance, SPTS leads with 1.67% vs -1.12% for SPTL. Both ETFs have the same 0.03% expense ratio. On volatility, SPTS has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPTS has performed better with a 1.67% return vs -1.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTS and SPTL have the same expense ratio: 0.03% per year.
SPTL has the higher dividend yield at 4.21%, compared with 3.91% for SPTS.
SPTS tracks Bloomberg U.S. Treasury 1-3 Year Index, while SPTL tracks Bloomberg Long U.S. Treasury Index.
SPTS currently has the higher Sharpe Ratio (2.63 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.
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