Data as of Oct 28, 2026.
SPTL vs ZROZ: Differences, Returns & Fees
On Jun 30, 2026 SPTL's duration was 14.1 years and ZROZ's 27.2; SPTL charges 0.03% to ZROZ's 0.15%.
askIQ about this page
askIQ about SPTL and ZROZ
Net assets: $11.6bn on Oct 27, 2026 for State Street SPDR Portfolio Long Term Treasury ETF, and $1.4bn on Jun 30, 2026 for PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund.
Pair scorecard
SPTL costs 0.12 points a year less; their one-year returns differ by 7.7 points.
| Measure | SPTL | ZROZ |
|---|---|---|
| Return | ||
| Total return, 1 year | −6.7% | −14.4% |
| Drawdown | ||
| Below its high | 38.9%, high on Aug 4, 2020 | 62.2%, high on Mar 9, 2020 |
| Benchmark | ||
| What it tracks | Bloomberg Long U.S. Treasury Index | ICE BofA Long US Treasury Principal STRIPS Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.15% |
| Net assets, SPTL as of Oct 27, 2026 and ZROZ as of Jun 30, 2026 | $11.6bn | $1.4bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated Jun 30, 2026. Method
Risk and return
Nov 13, 2009 to Oct 23, 2026 · 884 weekly returnsEach against its own benchmark: SPTL against AGG, Jun 8, 2007 to Oct 23, 2026; ZROZ against GOVZ, Oct 2, 2020 to Oct 23, 2026.
SPTL returned more: +46.9% to +35.8%. SPTL swung less: 12.9% to 22.2%. SPTL fell less at its worst: −45.7% to −64.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPTL | ZROZ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +46.9% | +35.8% | SPTL | Price change plus distributions, reinvested. |
| Annualized | +2.3% | +1.8% | SPTL | Total return as a yearly rate. |
| Price return | −10.1% | −20.2% | SPTL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 12.9% | 22.2% | SPTL | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.2% | 15.4% | SPTL | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −45.7% | −64.4% | SPTL | Deepest fall from a high to the low after it. |
| Upside capture | 285.7% | 99.2% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 220.6% | 99.9% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.69 | 0.99 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.49 | 0.98 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.12 | 0.12 | Tie | Return above Treasury bills per unit of volatility. |
| Sortino | 0.17 | 0.18 | ZROZ (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.014 | −0.154 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.05 | 0.03 | SPTL | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | AGG | GOVZ | The ETF each fund is measured against. | |
| Alpha | −0.3% a year | −0.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.12 | −0.30 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −4.4% to +3.8% | −2.5% to +1.8% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.08 | −0.05 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.9% | 2.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 884 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPTL and ZROZ hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.
half
0% in common
Only in one fund ↓
Side by side
SPTL and ZROZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPTL and ZROZ are built for the same job. How do they differ in cost, holdings and results?
- What each follows. SPTL follows Bloomberg Long U.S. Treasury Index and ZROZ follows ICE BofA Long US Treasury Principal STRIPS Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Jun 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SPTL returned −6.7% and ZROZ −14.4% with distributions reinvested, a gap of 7.7 points.
Data as of Oct 28, 2026.
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
SPTL
SPTL tracks an index. Over the year to Oct 28, 2026 it returned −6.7% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.03% a year. It sat 38.9% below its high of Aug 4, 2020 on Oct 28, 2026.
ZROZ
ZROZ tracks an index. Over the year to Oct 28, 2026 it returned −14.4% with distributions reinvested, against −14.4% for its benchmark, the ICE BofA Long US Treasury Principal STRIPS Index. The prospectus expense ratio is 0.15% a year. It sat 62.2% below its high of Mar 9, 2020 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, SPTL or ZROZ?
- In the year to Oct 28, 2026, with distributions reinvested, SPTL returned −6.7% and ZROZ −14.4%.
- Which is cheaper, SPTL or ZROZ?
- SPTL is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, SPTL against ZROZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/sptl-vs-zroz
ETFIQ. (Oct 28, 2026). SPTL against ZROZ. Retrieved from https://etfiq.com/compare/any/sptl-vs-zroz
[SPTL against ZROZ (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/sptl-vs-zroz)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.