TBLL vs. SPTU

Last updated Jun 4, 2026

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. At a 0.42 correlation, their price movements are largely independent. TBLL charges 0.08%/yr vs 0.05%/yr for SPTU.

Performance

TBLL vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TBLL having a 1.43% return and SPTU slightly higher at 1.48%.

TBLL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.74%
• 1Y: 3.93%
• 3Y*: 4.66%
• 5Y*: 3.35%
• 10Y*: —

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBLL vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
TBLL Invesco Short Term Treasury ETF	1.43%	0.91%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between TBLL and SPTU is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.42

Return for Risk

TBLL vs. SPTU — Risk / Return Rank

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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL 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.

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.

	TBLL	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	20.94	—	—
Sortino ratio: Return per unit of downside risk	218.31	—	—
Omega ratio: Gain probability vs. loss probability	102.92	—	—
Calmar ratio: Return relative to maximum drawdown	416.84	—	—
Martin ratio: Return relative to average drawdown	3,533.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TBLL	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.94	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.26	11.82	-7.56

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.

Drawdown Indicators

	TBLL	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-0.04%	-0.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.14%	-0.00%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	TBLL	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.12%	—	—
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 3.81%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both TBLL and SPTU in my portfolio?

TBLL and SPTU have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBLL or SPTU?

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.

Which ETF is cheaper, TBLL or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.08% for TBLL.

Which ETF pays a higher dividend yield, TBLL or SPTU?

TBLL has the higher dividend yield at 3.81%, compared with 2.36% for SPTU.

What is the main difference between TBLL and 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.