TLH vs. SPTL
TLH (iShares 10-20 Year Treasury Bond ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, TLH returned -1.23%/yr vs -1.74%/yr for SPTL. Their 0.95 correlation means they have historically moved very closely together. TLH charges 0.15%/yr vs 0.03%/yr for SPTL.
Performance
TLH vs. SPTL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TLH achieves a -2.55% return, which is significantly higher than SPTL's -2.92% return. Over the past 10 years, TLH has outperformed SPTL with an annualized return of -1.23%, while SPTL has yielded a comparatively lower -1.74% annualized return.
TLH
- 1D
- 0.37%
- 1M
- -2.68%
- 6M
- -2.20%
- YTD
- -2.55%
- 1Y
- -0.65%
- 3Y*
- 1.21%
- 5Y*
- -5.49%
- 10Y*
- -1.23%
- ALL TIME*
- 2.77%
SPTL
- 1D
- 0.37%
- 1M
- -3.14%
- 6M
- -2.52%
- YTD
- -2.92%
- 1Y
- -1.36%
- 3Y*
- -0.05%
- 5Y*
- -7.23%
- 10Y*
- -1.74%
- ALL TIME*
- 3.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $143.80M | $126.21M | $144.82M | |
| $117.64M | $94.20M | $123.44M |
TLH vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | -2.55% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.11% | 0.37% | 4.21% |
SPTL SPDR Portfolio Long Term Treasury ETF | -2.92% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between TLH and SPTL is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.95 |
The correlation between TLH and SPTL has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TLH vs. SPTL — Risk / Return Rank
TLH
SPTL
TLH vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) 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.
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.
| TLH | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.98 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | -0.19 | +0.09 |
| Martin ratioReturn relative to average drawdown | -0.23 | -0.42 | +0.20 |
Loading charts...
Drawdowns
TLH vs. SPTL - Drawdown Comparison
The maximum TLH drawdown since its inception was -41.14%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for TLH and SPTL.
Loading charts...
Drawdown Indicators
| TLH | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.14% | -46.20% | +5.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -7.09% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -13.39% | +1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -35.41% | -41.02% | +5.61% |
Max Drawdown (10Y)Largest decline over 10 years | -41.14% | -46.20% | +5.06% |
Current DrawdownCurrent decline from peak | -31.26% | -38.48% | +7.22% |
Average DrawdownAverage peak-to-trough decline | -10.91% | -14.43% | +3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 3.23% | -0.35% |
Volatility
TLH vs. SPTL - Volatility Comparison
The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.08%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.32%. This indicates that TLH 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.
Loading charts...
Volatility by Period
| TLH | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 2.32% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.87% | 6.39% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 8.43% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.61% | 14.50% | -1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 13.88% | -2.69% |
TLH vs. SPTL - Expense Ratio Comparison
TLH has a 0.15% expense ratio, which is higher than SPTL's 0.03% 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
TLH vs. SPTL - Dividend Comparison
TLH's dividend yield for the trailing twelve months is around 4.61%, more than SPTL's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 4.36% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.61% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.99, TLH and SPTL 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 (2.32%) compared to TLH (2.08%). In terms of maximum drawdown, TLH dropped -41.14% vs SPTL's -46.20%.
On 10-year performance, TLH leads with -1.23% vs -1.74% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLH has performed better with a -1.23% return vs -1.74%. 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 TLH.
TLH has the higher dividend yield at 4.61%, compared with 4.36% for SPTL.
TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for TLH and 0.03% for SPTL.
TLH currently has the higher Sharpe Ratio (-0.09 vs -0.16), 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.
Find the right allocation for TLH and SPTL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer