ZCBF vs. SPTB

Last updated Jun 6, 2026

ZCBF (Global X Zero Coupon Bond 2034 ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds - ZCBF tracks the FTSE Zero Coupon U.S. Treasury STRIPS 2034 Maturity Index while SPTB tracks the Bloomberg U.S. Treasury Index. Both are passively managed. With a 0.98 correlation, they move nearly in lockstep. ZCBF charges 0.07%/yr vs 0.03%/yr for SPTB.

Performance

ZCBF vs. SPTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2034 ETF (ZCBF) and State Street SPDR Portfolio Treasury ETF (SPTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBF

• 1D: -0.59%
• 1M: -1.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPTB

• 1D: -0.32%
• 1M: -0.65%
• YTD: -0.28%
• 6M: -0.14%
• 1Y: 3.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCBF vs. SPTB - Yearly Performance Comparison

	2026 (YTD)
ZCBF Global X Zero Coupon Bond 2034 ETF	-1.01%
SPTB State Street SPDR Portfolio Treasury ETF	-0.59%

Correlation

The correlation between ZCBF and SPTB is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 8, 2026	0.98

Return for Risk

ZCBF vs. SPTB — Risk / Return Rank

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

SPTB

SPTB Risk / Return Rank: 25
SPTB Sharpe Ratio Rank: 27
SPTB Sortino Ratio Rank: 26
SPTB Omega Ratio Rank: 24
SPTB Calmar Ratio Rank: 25
SPTB Martin Ratio Rank: 25

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.

ZCBF vs. SPTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2034 ETF (ZCBF) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ZCBF	SPTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.89	-1.32

Drawdowns

ZCBF vs. SPTB - Drawdown Comparison

The maximum ZCBF drawdown since its inception was -4.66%, smaller than the maximum SPTB drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for ZCBF and SPTB.

Drawdown Indicators

	ZCBF	SPTB	Difference
Max Drawdown Largest peak-to-trough decline	-4.66%	-4.96%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.90%	—
Current Drawdown Current decline from peak	-3.67%	-2.15%	-1.52%
Average Drawdown Average peak-to-trough decline	-1.85%	-1.32%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.99%	—

Volatility

Volatility by Period

	ZCBF	SPTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	3.61%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	4.41%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	4.41%	+1.37%

ZCBF vs. SPTB - Expense Ratio Comparison

ZCBF has a 0.07% expense ratio, which is higher than SPTB'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

ZCBF vs. SPTB - Dividend Comparison

ZCBF's dividend yield for the trailing twelve months is around 1.70%, less than SPTB's 4.21% yield.

Position	TTM	2025	2024
SPTB State Street SPDR Portfolio Treasury ETF	4.21%	4.23%	2.76%
ZCBF Global X Zero Coupon Bond 2034 ETF	1.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCBF and SPTB in my portfolio?

With a correlation of 0.98, ZCBF and SPTB 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 ETF is better, ZCBF or SPTB?

On fees, SPTB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCBF or SPTB?

SPTB is cheaper with a 0.03% expense ratio, compared with 0.07% for ZCBF.

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

SPTB has the higher dividend yield at 4.21%, compared with 1.70% for ZCBF.

What is the main difference between ZCBF and SPTB?

ZCBF tracks FTSE Zero Coupon U.S. Treasury STRIPS 2034 Maturity Index, while SPTB tracks Bloomberg U.S. Treasury Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.07% for ZCBF and 0.03% for SPTB.