TLTP vs. SPTL

Last updated Jun 4, 2026

TLTP (Amplify Bloomberg U.S. Treasury Target High Income ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - TLTP tracks the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past year, TLTP returned 6.77% vs 5.22% for SPTL. With a 0.96 correlation, they move nearly in lockstep. TLTP charges 0.38%/yr vs 0.03%/yr for SPTL.

Performance

TLTP vs. SPTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) and SPDR Portfolio Long Term Treasury ETF (SPTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTP achieves a 0.22% return, which is significantly higher than SPTL's -0.38% return.

TLTP

• 1D: -0.27%
• 1M: 0.71%
• YTD: 0.22%
• 6M: -0.63%
• 1Y: 6.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

TLTP vs. SPTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF	0.22%	5.39%	-3.95%
SPTL SPDR Portfolio Long Term Treasury ETF	-0.38%	5.28%	-3.30%

Correlation

The correlation between TLTP and SPTL is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	0.96

The correlation between TLTP and SPTL has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

TLTP vs. SPTL — Risk / Return Rank

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

TLTP

TLTP Risk / Return Rank: 24
TLTP Sharpe Ratio Rank: 25
TLTP Sortino Ratio Rank: 24
TLTP Omega Ratio Rank: 23
TLTP Calmar Ratio Rank: 25
TLTP Martin Ratio Rank: 24

SPTL

SPTL Risk / Return Rank: 17
SPTL Sharpe Ratio Rank: 18
SPTL Sortino Ratio Rank: 17
SPTL Omega Ratio Rank: 16
SPTL Calmar Ratio Rank: 18
SPTL Martin Ratio Rank: 18

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.

TLTP vs. SPTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) 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.

	TLTP	SPTL	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.59	+0.30
Sortino ratio: Return per unit of downside risk	1.30	0.90	+0.40
Omega ratio: Gain probability vs. loss probability	1.16	1.10	+0.05
Calmar ratio: Return relative to maximum drawdown	1.18	0.74	+0.44
Martin ratio: Return relative to average drawdown	3.19	1.94	+1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTP vs. SPTL - Sharpe Ratio Comparison

The current TLTP Sharpe Ratio is 0.89, which is higher than the SPTL Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of TLTP and SPTL, 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

	TLTP	SPTL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.59	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.24	-0.15

Drawdowns

TLTP vs. SPTL - Drawdown Comparison

The maximum TLTP drawdown since its inception was -8.54%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for TLTP and SPTL.

Drawdown Indicators

	TLTP	SPTL	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-46.20%	+37.66%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-7.04%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.20%	—
Current Drawdown Current decline from peak	-3.18%	-36.87%	+33.69%
Average Drawdown Average peak-to-trough decline	-3.26%	-14.24%	+10.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.69%	-0.57%

Volatility

TLTP vs. SPTL - Volatility Comparison

The current volatility for Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) is 2.40%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.63%. This indicates that TLTP 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.

Volatility by Period

	TLTP	SPTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	2.63%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	5.10%	5.97%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	7.62%	8.92%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.84%	14.63%	-4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.84%	13.95%	-4.11%

TLTP vs. SPTL - Expense Ratio Comparison

TLTP has a 0.38% expense ratio, which is higher than SPTL's 0.03% expense ratio.

Dividends

TLTP vs. SPTL - Dividend Comparison

TLTP's dividend yield for the trailing twelve months is around 13.16%, more 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%
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF	13.16%	12.53%	2.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLTP and SPTL in my portfolio?

With a correlation of 0.95, TLTP 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.

Which is riskier, TLTP or SPTL?

SPTL has higher volatility (2.63%) compared to TLTP (2.40%). In terms of maximum drawdown, TLTP dropped -8.54% vs SPTL's -46.20%.

Which ETF is better, TLTP or SPTL?

On 1-year performance, TLTP leads with 6.77% vs 5.22% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, TLTP has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTP or SPTL?

Over the 1-year period, TLTP has performed better with a 6.77% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTP or SPTL?

SPTL is cheaper with a 0.03% expense ratio, compared with 0.38% for TLTP.

Which ETF pays a higher dividend yield, TLTP or SPTL?

TLTP has the higher dividend yield at 13.16%, compared with 4.21% for SPTL.

What is the main difference between TLTP and SPTL?

TLTP tracks Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: Amplify and State Street. Their fees differ too: 0.38% for TLTP and 0.03% for SPTL.

Which has better risk-adjusted returns?

TLTP currently has the higher Sharpe Ratio (0.89 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.