SPTL vs SPY
State Street SPDR Portfolio Long Term Treasury ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPTL has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPTL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.09% | |
| AUM | $10.9B | $821.1B | |
| Dividend Yield | 4.35% | 1.01% | |
| Holdings | 101 | 505 | |
| YTD Return | -2.70% | +12.68% | |
| 1Y Return | +0.08% | +21.82% | |
| 3Y Return (annualized) | +0.95% | +21.98% | |
| 5Y Return (annualized) | -7.22% | +12.89% | |
| Volatility (annualized) | 12.6% | 15.3% | |
| Max Drawdown | -46.9% | -56.5% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 23, 2007 | Jan 22, 1993 |
SPTL vs SPY Performance
State Street SPDR Portfolio Long Term Treasury ETF (SPTL) is a ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPTL returned +0.08% while SPY returned +21.82%. Year to date, SPTL is down 2.70% versus a gain of 12.68% for SPY.
Over three years, SPTL compounded at +0.95% per year against +21.98% for SPY; over five years the annualized figures are -7.22% and +12.89% respectively. Across the full 19-year window we track, SPY has the edge at +8.81% annualized vs +0.89%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.6% for SPTL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -46.9% for SPTL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.06. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPTL charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SPTL currently yields 4.35% against 1.01% for SPY.
Holdings Overlap
SPTL and SPY share 0 holdings out of 527 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPTL or SPY?
SPTL has an expense ratio of 0.03% while SPY charges 0.09%. SPTL is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPTL or SPY?
Over the past year SPTL returned +0.08% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), SPTL annualized +0.89% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SPTL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.6% for SPTL. Worst drawdown: SPTL -46.9% vs SPY -56.5%.
Should I hold both SPTL and SPY?
SPTL and SPY have a monthly-return correlation of -0.06, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPTL and SPY?
SPTL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 527 unique securities.
Which pays a higher dividend, SPTL or SPY?
SPTL yields 4.35% while SPY yields 1.01%, so SPTL currently pays the higher dividend yield.
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