UTRE vs. SPTL
UTRE (US Treasury 3 Year Note ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both Government Bonds funds - UTRE tracks the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross while SPTL tracks the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 3 years, UTRE returned 3.81%/yr vs -0.05%/yr for SPTL. Their 0.74 correlation means they have sometimes moved together and sometimes differently. UTRE charges 0.15%/yr vs 0.03%/yr for SPTL.
Performance
UTRE vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, UTRE achieves a 0.10% return, which is significantly higher than SPTL's -2.92% return.
UTRE
- 1D
- 0.06%
- 1M
- -0.14%
- 6M
- 0.07%
- YTD
- 0.10%
- 1Y
- 1.76%
- 3Y*
- 3.81%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.29%
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 | |
| $202.14K | $202.39K | $275.66K |
UTRE vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTRE US Treasury 3 Year Note ETF | 0.10% | 5.68% | 2.96% | 2.34% |
SPTL SPDR Portfolio Long Term Treasury ETF | -2.92% | 5.28% | -6.23% | -1.73% |
Correlation
The correlation between UTRE and SPTL is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.74 |
The correlation between UTRE and SPTL has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.
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Return for Risk
UTRE vs. SPTL — Risk / Return Rank
UTRE
SPTL
UTRE vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) 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.
| UTRE | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.98 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.19 | +1.42 |
| Martin ratioReturn relative to average drawdown | 2.88 | -0.42 | +3.30 |
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Drawdowns
UTRE vs. SPTL - Drawdown Comparison
The maximum UTRE drawdown since its inception was -2.80%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for UTRE and SPTL.
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Drawdown Indicators
| UTRE | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.80% | -46.20% | +43.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -7.09% | +5.65% |
Max Drawdown (3Y)Largest decline over 3 years | -1.86% | -13.39% | +11.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.20% | — |
Current DrawdownCurrent decline from peak | -0.89% | -38.48% | +37.59% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -14.43% | +13.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 3.23% | -2.62% |
Volatility
UTRE vs. SPTL - Volatility Comparison
The current volatility for US Treasury 3 Year Note ETF (UTRE) is 0.51%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.32%. This indicates that UTRE 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
| UTRE | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 2.32% | -1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 1.57% | 6.39% | -4.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.93% | 8.43% | -6.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.68% | 14.50% | -11.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.68% | 13.88% | -11.20% |
UTRE vs. SPTL - Expense Ratio Comparison
UTRE 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
UTRE vs. SPTL - Dividend Comparison
UTRE's dividend yield for the trailing twelve months is around 3.52%, less 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% |
UTRE US Treasury 3 Year Note ETF | 3.52% | 3.60% | 4.01% | 3.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTRE and SPTL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.32%) compared to UTRE (0.51%). In terms of maximum drawdown, UTRE dropped -2.80% vs SPTL's -46.20%.
On 3-year performance, UTRE leads with 3.81% vs -0.05% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, UTRE has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UTRE has performed better with a 3.81% return vs -0.05%. 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 UTRE.
SPTL has the higher dividend yield at 4.36%, compared with 3.52% for UTRE.
UTRE tracks ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: US Benchmark Series and State Street. Their fees differ too: 0.15% for UTRE and 0.03% for SPTL.
UTRE currently has the higher Sharpe Ratio (0.92 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.
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