SPTL vs GBTC

Comparison between SPDR(R) PORTFOLIO LONG TERM TREASURY ETF (SPTL, ETF) and Grayscale Investments LLC (GBTC, ETF).

5-Year PerformanceGBTC has outperformed SPTL, delivering a return of +5.9% compared to -5.1%

SPTL vs GBTC - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPTL(ETF)	GBTC(ETF)
Net Assets	$11B	$11B
Expense Ratio	0.03%	1.50%
Max Drawdown	50.17%	89.91%
Sharpe Ratio	-0.03	-0.32
5Y Beta	0.05	1.29
5Y Dividends CAGR	10.44%	N/A

Net Assets

SPTL

$11B

GBTC

$11B

Expense Ratio

Winner

SPTL

0.03%

GBTC

1.50%

Max Drawdown

Winner

SPTL

50.17%

GBTC

89.91%

Sharpe Ratio

Winner

SPTL

-0.03

GBTC

-0.32

5Y Beta

Winner

SPTL

0.05

GBTC

1.29

5Y Dividends CAGR

SPTL

10.44%

GBTC

N/A

SPTL vs GBTC - Historical Returns

Returns include dividend reinvestment.

Period	SPTL	GBTC
1 month	-0.45%	+12.23%
3 months	-0.51%	+12.90%
6 months	-1.19%	-23.36%
1 year	+4.09%	-22.09%
5 years(CAGR)	-5.13%	+5.85%
10 years(CAGR)	-0.88%	+55.73%
Max(CAGR)	+3.31%	+57.73%

SPTL

-0.45%

Winner

GBTC

+12.23%

SPTL

-0.51%

Winner

GBTC

+12.90%

Winner

SPTL

-1.19%

GBTC

-23.36%

Winner

SPTL

+4.09%

GBTC

-22.09%

5Y(CAGR)

SPTL

-5.13%

Winner

GBTC

+5.85%

10Y(CAGR)

SPTL

-0.88%

Winner

GBTC

+55.73%

Max(CAGR)

SPTL

+3.31%

Winner

GBTC

+57.73%

SPTL vs GBTC - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	SPTL	GBTC
2026	+0.30%	-11.16%
2025	+5.24%	-11.46%
2024	-5.65%	+100.87%
2023	+1.56%	+322.20%
2022	-27.72%	-75.81%
2021	-4.85%	-2.37%
2020	+16.63%	+301.00%
2019	+13.32%	+77.27%
2018	-0.37%	-84.05%
2017	+8.59%	+1558.98%
2016	+0.30%	+90.08%
2015	-2.28%	+50.01%
2014	+24.75%	N/A
2013	-11.41%	N/A
2012	+4.22%	N/A
2011	+30.74%	N/A
2010	+8.86%	N/A
2009	-11.11%	N/A
2008	+22.95%	N/A
2007	+9.65%	N/A

SPTL vs GBTC Drawdown Comparison

The maximum drawdown for SPTL was -46.19%, occurring on Oct 19, 2023. This drawdown has not yet recovered.

The maximum drawdown for GBTC was -89.91%, occurring on Dec 14, 2018. Recovery took 766 trading sessions.

The current SPTL drawdown is -36.56%. The current GBTC drawdown is -36.70%.

Rank	SPTL	GBTC
#1	-46.19% Aug 4, 2020 - Oct 19, 2023	-89.91% Dec 18, 2017 - Jan 5, 2021
#2	-18.61% Dec 18, 2008 - Aug 16, 2010	-86.24% Feb 19, 2021 - Mar 4, 2024
#3	-18.34% Jul 25, 2012 - Dec 8, 2014	-57.96% May 5, 2015 - Dec 8, 2015
#4	-17.07% Jul 8, 2016 - Jun 20, 2019	-49.55% Oct 6, 2025 - Feb 5, 2026
#5	-14.98% Mar 9, 2020 - Aug 4, 2020	-48.42% Aug 31, 2017 - Nov 3, 2017
#6	-14.50% Jan 30, 2015 - Feb 11, 2016	-41.48% Jun 17, 2016 - Jan 3, 2017
#7	-14.11% Aug 31, 2010 - Aug 4, 2011	-36.93% Dec 15, 2015 - Apr 21, 2016
#8	-9.52% Oct 3, 2011 - Dec 19, 2011	-36.68% Jun 6, 2017 - Aug 10, 2017
#9	-8.87% Dec 19, 2011 - May 15, 2012	-35.04% Mar 13, 2024 - Nov 11, 2024
#10	-8.02% Aug 28, 2019 - Feb 20, 2020	-30.26% Jan 7, 2021 - Feb 8, 2021
#11	-7.07% Sep 16, 2008 - Nov 19, 2008	-28.76% Jan 4, 2017 - May 1, 2017
#12	-6.73% Mar 20, 2008 - Sep 5, 2008	-28.45% Dec 17, 2024 - May 21, 2025
#13	-4.57% Nov 26, 2007 - Jan 15, 2008	-19.31% May 9, 2017 - May 22, 2017
#14	-4.45% Feb 11, 2016 - Jun 3, 2016	-18.18% May 9, 2016 - May 31, 2016
#15	-4.31% Sep 22, 2011 - Oct 3, 2011	-15.79% Nov 3, 2017 - Nov 20, 2017

Correlation

Correlation between SPTL and GBTC is -0.20 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.20

-101

Dividend Comparison (2007 - 2026)

SPTL vs GBTC dividend yield comparison.

Year	SPTL	GBTC
2026	1.38%	0.00%
2025	4.12%	0.00%
2024	4.04%	0.00%
2023	3.24%	0.00%
2022	2.75%	0.00%
2021	1.68%	0.00%
2020	1.71%	0.00%
2019	2.45%	0.00%
2018	2.69%	0.00%
2017	2.53%	5.61%
2016	2.56%	0.00%
2015	2.60%	0.00%
2014	2.64%	0.00%
2013	2.98%	0.00%
2012	2.59%	0.00%
2011	3.01%	0.00%
2010	3.92%	0.00%
2009	4.27%	0.00%
2008	3.86%	0.00%
2007	2.65%	0.00%