XHLF vs. SPTB

Last updated Jun 20, 2026

XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - XHLF tracks the Bloomberg US Treasury 6 Month Duration Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. Over the past year, XHLF returned 3.85% vs 3.60% for SPTB. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.03% expense ratio.

Performance

XHLF vs. SPTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) and State Street SPDR Portfolio Treasury ETF (SPTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHLF achieves a 1.51% return, which is significantly higher than SPTB's 0.32% return.

XHLF

• 1D: 0.02%
• 1M: 0.25%
• YTD: 1.51%
• 6M: 1.59%
• 1Y: 3.85%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —

SPTB

• 1D: 0.19%
• 1M: 1.38%
• YTD: 0.32%
• 6M: 0.15%
• 1Y: 3.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XHLF vs. SPTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	1.51%	4.21%	3.29%
SPTB State Street SPDR Portfolio Treasury ETF	0.32%	6.14%	2.17%

Correlation

The correlation between XHLF and SPTB is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.20

The correlation between XHLF and SPTB shifts across timeframes, from 0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XHLF vs. SPTB — Risk / Return Rank

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

XHLF

XHLF Risk / Return Rank: 100
XHLF Sharpe Ratio Rank: 100
XHLF Sortino Ratio Rank: 100
XHLF Omega Ratio Rank: 100
XHLF Calmar Ratio Rank: 100
XHLF Martin Ratio Rank: 100

SPTB

SPTB Risk / Return Rank: 28
SPTB Sharpe Ratio Rank: 29
SPTB Sortino Ratio Rank: 30
SPTB Omega Ratio Rank: 26
SPTB Calmar Ratio Rank: 26
SPTB Martin Ratio Rank: 27

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.

XHLF vs. SPTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) and State Street SPDR Portfolio Treasury ETF (SPTB). 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.

	XHLF	SPTB	Difference
Sharpe ratio: Return per unit of total volatility	12.14	1.02	+11.12
Sortino ratio: Return per unit of downside risk	43.92	1.55	+42.37
Omega ratio: Gain probability vs. loss probability	11.02	1.18	+9.84
Calmar ratio: Return relative to maximum drawdown	97.24	1.25	+95.99
Martin ratio: Return relative to average drawdown	645.06	3.45	+641.61

XHLF vs. SPTB - Sharpe Ratio Comparison

The current XHLF Sharpe Ratio is 12.14, which is higher than the SPTB Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of XHLF and SPTB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XHLF vs. SPTB - Drawdown Comparison

The maximum XHLF drawdown since its inception was -0.11%, smaller than the maximum SPTB drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for XHLF and SPTB.

Drawdown Indicators

	XHLF	SPTB	Difference
Max Drawdown Largest peak-to-trough decline	-0.11%	-4.96%	+4.85%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-2.90%	+2.86%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	—	—
Current Drawdown Current decline from peak	0.00%	-1.56%	+1.56%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.33%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.05%	-1.04%

Volatility

XHLF vs. SPTB - Volatility Comparison

The current volatility for BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) is 0.09%, while State Street SPDR Portfolio Treasury ETF (SPTB) has a volatility of 0.98%. This indicates that XHLF experiences smaller price fluctuations and is considered to be less risky than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHLF	SPTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.98%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	0.22%	2.53%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	3.55%	-3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.42%	4.40%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.42%	4.40%	-3.98%

XHLF vs. SPTB - Expense Ratio Comparison

Both XHLF and SPTB have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XHLF vs. SPTB - Dividend Comparison

XHLF's dividend yield for the trailing twelve months is around 3.84%, less than SPTB's 4.18% yield.

Position	TTM	2025	2024	2023	2022
SPTB State Street SPDR Portfolio Treasury ETF	4.18%	4.23%	2.76%	0.00%	0.00%
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	3.84%	3.98%	4.96%	4.50%	0.86%

Frequently Asked Questions

Can I hold both XHLF and SPTB in my portfolio?

XHLF and SPTB have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHLF or SPTB?

SPTB has higher volatility (0.98%) compared to XHLF (0.09%). In terms of maximum drawdown, XHLF dropped -0.11% vs SPTB's -4.96%.

Which ETF is better, XHLF or SPTB?

On 1-year performance, XHLF leads with 3.85% vs 3.60% for SPTB. Both ETFs have the same 0.03% expense ratio. On volatility, XHLF has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHLF or SPTB?

Over the 1-year period, XHLF has performed better with a 3.85% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHLF or SPTB?

XHLF and SPTB have the same expense ratio: 0.03% per year.

Which ETF pays a higher dividend yield, XHLF or SPTB?

SPTB has the higher dividend yield at 4.18%, compared with 3.84% for XHLF.

What is the main difference between XHLF and SPTB?

XHLF tracks Bloomberg US Treasury 6 Month Duration Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: BondBloxx and State Street.

Which has better risk-adjusted returns?

XHLF currently has the higher Sharpe Ratio (12.14 vs 1.02), 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.