SPTI vs UTRE: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Intermediate Term Treasury ETF

SPTIANYSE Arca

US Treasury 3 Year Note ETF

UTREBNasdaq

Overlap

No data

Expense ratio

SPTI −0.12pt a year

SPTI0.03%UTRE0.15%

Avg volume · 30D

SPTI 372.9×the volume

SPTI3.34MUTRE8.96K

3Y return · a year

SPTI +0.4pt

SPTI+4.3%UTRE+3.9%

SPTI vs UTRE Performance

Nov 7, 2025 – Nov 9, 2026

−0.2%SPTI+1.0%UTRE

Expense ratio: SPTI 0.03%, better; UTRE 0.15%
Fund size: SPTI $12.2B; UTRE $14M
1Y total return: SPTI −0.2%; UTRE +1.0%, better
Yield (12M): SPTI 3.97%, better; UTRE 3.76%
Holdings: SPTI 106; UTRE 2
Avg volume (30D): SPTI 3.34M sh, better; UTRE 8.96K sh
NAV per share: SPTI $27.79; UTRE $48.55
52W range

ETF.net Grade

Pillar letters and Scores for SPTI, UTRE, with each pillar’s weight
Pillar	SPTI	UTRE
Cost30% weight	A92Higher	D28
Mission25% weight	A100Higher	A96
Risk15% weight	B61	B65Higher
Tradability15% weight	B66Higher	C51
Holdings10% weight	A81Higher	D34
Durability5% weight	A85Higher	C44

Rank among Treasuries (3-10 Year) funds

How we build Categories ›

Same Category. SPTI and UTRE are both graded against the same 19 Treasuries (3-10 Year) funds, so their Grades compare head to head.

Treasuries (3-10 Year)⁠

Category · 19 funds

See all 19 ›

SPTI ranks 2nd and UTRE 12th of 19 funds in the Treasuries (3-10 Year) Category.

Rank 1AVGITVanguard Intermediate-Term Treasury ETFScore 84
Rank 2ASPTIState Street SPDR Portfolio Intermediate Term Treasury ETFScore 83
Rank 3ASCHRSchwab Intermediate-Term U.S. Treasury ETFScore 82
Rank 12BUTENUS Treasury 10 Year Note ETFScore 55
Rank 12BUTREUS Treasury 3 Year Note ETFScore 55
Rank 14CUSVNUS Treasury 7 Year Note ETFScore 52

Our read on each fund

ETF.net Research

SPTIAState Street SPDR Portfolio Intermediate Term Treasury ETF

UTREBUS Treasury 3 Year Note ETF

In short

SPTI Middle-of-the-curve Treasuries and nothing else: notes maturing in 3 to 10 years, wrapped at 0.03% a year. Running since 2007, it is one of the cheapest ways to own that slice of the government bond market.

UTRE F/m built its Treasury lineup one maturity at a time, and UTRE is the 3-year slot. Instead of a 3-to-10-year blend, it tracks the current 3-year note index and pays monthly.

Stated mandate

SPTI The fund seeks to deliver returns generally matching the Bloomberg 3-10 Year U.S. Treasury Index before fees and expenses, investing in U.S. Treasury securities with remaining maturities of 3 to 10 years.

UTRE The fund seeks, before fees and expenses, to track generally the price and yield performance of the ICE BofA Current 3-Year US Treasury Index.

Why people hold it

SPTI 0.03% a year sits in the cheapest tier of intermediate Treasury funds, well under the category norm and level with Schwab's SCHR at the floor.
No credit guesswork. Roughly a hundred US Treasury notes, held to mirror the Bloomberg 3-10 Year U.S. Treasury Index.ssga.com
Index tracking has been among the tightest in its peer group, and income lands monthly.
Launched in 2007 and now a multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.

UTRE Precision, not a blend: cohort peers SPTI and SCHR span 3 to 10 years, while UTRE aims at one point on the curve, the current 3-year Treasury note index.
Tracking is the strong suit. The fund has stayed tight to its ICE BofA Current 3-Year US Treasury Index, which is the entire job of a Treasury tracker.
Coupon cash comes monthly, a steadier drumbeat than a quarterly schedule.

Worth knowing

SPTI Intermediate maturities carry real rate sensitivity: a 3-to-10-year book swings more when yields move than a short-bill fund does.
Treasuries only. No corporates, mortgages or inflation-linked bonds, which makes it a building block rather than a full bond allocation.
The monthly payout floats with whatever the Treasury curve is paying, so it moves with rates rather than sitting at a set level.

UTRE The 0.15% fee sits at the cohort median, but the broad index shops undercut it: SPTI and SCHR at 0.03%, XTRE at 0.05%.
Small and thinly traded, so spreads can run wider than at the cohort's giants. That shows up most on large or hurried orders.
Short by design: a 3-year note moves less with rate swings than a 10-year, in both directions. It is a curve tool, not a duration bet.

Full SPTI profile⁠

Full UTRE profile⁠

SPTI vs UTRE Holdings

How SPTI and UTRE differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classBonds100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in SPTI and UTRE, widest gap first
Sector	More in SPTIMore in UTRE	Gap	SPTI	UTRE
Government		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in SPTI and UTRE, widest gap first
Country	More in SPTIMore in UTRE	Gap	SPTI	UTRE
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SPTI18.3%
UTRE100.0%

Securities held

SPTI104
UTRE1

Asset class

SPTI: Bonds
UTRE: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. SPTI holds 104 securities, UTRE 1.

All 112 SPTI holdings⁠All 2 UTRE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPTI vs UTRE Cost

Overpaying UTRE vs SPTI

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPTI 0.03%
$638
UTRE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

SPTI 0.03%
UTRE 0.15%
Overpaying

Year by year

Year	SPTI	UTRE	Overpaying
10	$55	$274	$219
20	$216	$1,071	$855
30	$638	$3,137	$2,499

Expense ratio

0.03%SPTI, cheaper
0.15%UTRE

SPTI0.03%UTRE0.15%

0.03%0.39%

Middle half of Treasuries (3-10 Year) funds
Median 0.12%

SPTI cheapest of 19 funds

UTRE 11th cheapest of 19 funds

SPTI vs UTRE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): SPTI 3.97%, better; UTRE 3.76%
Payout (12M): SPTI $1.10; UTRE $1.83
Last payment: SPTI $0.10; UTRE $0.19
Ex-dividend: SPTI Nov 2, 2026; UTRE Oct 27, 2026
Paid on: SPTI Nov 5, 2026; UTRE Oct 28, 2026
Frequency: SPTI Monthly; UTRE Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SPTIMonthly · 46 paymentsAll SPTI payments⁠

UTREMonthly · 43 paymentsAll UTRE payments⁠

SPTI vs UTRE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPTI 4.7%UTRE 2.6%, better
Return per unit of riskSharpe ratio, 3 years: SPTI 0.02, betterUTRE −0.20
Worst fallMax drawdown, 5 years: SPTI −13.7%UTRE −2.8%since Mar 2023
Market sensitivityBeta, 5 years: SPTI 0.78UTRE 0.38; Market = 1

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