TBLL vs. SPTU
TBLL (Invesco Short Term Treasury ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds - TBLL tracks the ICE U.S. Treasury Short Bond Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. Their 0.36 correlation means their historical movements had little consistent relationship. TBLL charges 0.08%/yr vs 0.05%/yr for SPTU.
Performance
TBLL vs. SPTU - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TBLL having a 2.02% return and SPTU slightly higher at 2.10%.
TBLL
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 1.73%
- YTD
- 2.02%
- 1Y
- 3.77%
- 3Y*
- 4.55%
- 5Y*
- 3.47%
- 10Y*
- —
- ALL TIME*
- 2.40%
SPTU
- 1D
- -0.01%
- 1M
- 0.31%
- 6M
- 1.79%
- YTD
- 2.10%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.95K | $32.90K | $66.95K | |
| $32.87M | $26.31M | $27.42M |
TBLL vs. SPTU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBLL Invesco Short Term Treasury ETF | 2.02% | 0.92% |
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 2.10% | 0.87% |
Correlation
The correlation between TBLL and SPTU is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025 | 0.36 |
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Return for Risk
TBLL vs. SPTU — Risk / Return Rank
TBLL
SPTU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TBLL vs. SPTU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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.
| TBLL | SPTU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 44.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 199.85 | — | — |
| Martin ratioReturn relative to average drawdown | 1,954.23 | — | — |
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Drawdowns
TBLL vs. SPTU - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for TBLL and SPTU.
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Drawdown Indicators
| TBLL | SPTU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -0.04% | -0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.01% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.13% | 0.00% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | — | — |
Volatility
TBLL vs. SPTU - Volatility Comparison
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Volatility by Period
| TBLL | SPTU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 0.32% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 0.32% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 0.32% | +0.24% |
TBLL vs. SPTU - Expense Ratio Comparison
TBLL has a 0.08% expense ratio, which is higher than SPTU's 0.05% 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
TBLL vs. SPTU - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 3.69%, more than SPTU's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF | 2.97% | 0.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBLL Invesco Short Term Treasury ETF | 3.69% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% |
Frequently Asked Questions
TBLL and SPTU have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPTU is cheaper with a 0.05% expense ratio, compared with 0.08% for TBLL.
TBLL has the higher dividend yield at 3.69%, compared with 2.97% for SPTU.
TBLL tracks ICE U.S. Treasury Short Bond Index, while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.08% for TBLL and 0.05% for SPTU.
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