CBUG.L vs. TSY3.L
CBUG.L (iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist)) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - CBUG.L tracks the ICE U.S. Treasury 3-7 Year Bond Index while TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, CBUG.L returned 0.24%/yr vs 2.37%/yr for TSY3.L. At a correlation of -0.06, they often move in opposite directions. CBUG.L charges 0.10%/yr vs 0.05%/yr for TSY3.L.
Performance
CBUG.L vs. TSY3.L - Performance Comparison
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Returns By Period
In the year-to-date period, CBUG.L achieves a -0.31% return, which is significantly lower than TSY3.L's 0.90% return.
CBUG.L
- 1D
- 0.00%
- 1M
- -0.00%
- 6M
- 0.12%
- YTD
- -0.31%
- 1Y
- 3.30%
- 3Y*
- 3.89%
- 5Y*
- 0.24%
- 10Y*
- —
TSY3.L
- 1D
- 0.29%
- 1M
- -0.24%
- 6M
- 0.49%
- YTD
- 0.90%
- 1Y
- 2.97%
- 3Y*
- 3.27%
- 5Y*
- 2.37%
- 10Y*
- 1.54%
CBUG.L vs. TSY3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CBUG.L iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) | -0.31% | 7.43% | 2.25% | 4.06% | -9.97% | -2.45% | 6.70% | 3.97% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.90% | -2.01% | 5.77% | -1.64% | 7.59% | 0.49% | -0.43% | 3.56% |
Correlation
The correlation between CBUG.L and TSY3.L is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2019 | -0.06 |
The correlation between CBUG.L and TSY3.L shifts across timeframes, from -0.24 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CBUG.L vs. TSY3.L — Risk / Return Rank
CBUG.L
TSY3.L
CBUG.L vs. TSY3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) (CBUG.L) and SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBUG.L | TSY3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.09 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 0.66 | +0.61 |
| Martin ratioReturn relative to average drawdown | 3.38 | 1.66 | +1.72 |
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Drawdowns
CBUG.L vs. TSY3.L - Drawdown Comparison
The maximum CBUG.L drawdown since its inception was -14.47%, smaller than the maximum TSY3.L drawdown of -41.41%. Use the drawdown chart below to compare losses from any high point for CBUG.L and TSY3.L.
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Drawdown Indicators
| CBUG.L | TSY3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.47% | -41.41% | +26.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -4.48% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.28% | -8.93% | +4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -13.78% | -16.38% | +2.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.75% | — |
Current DrawdownCurrent decline from peak | -1.51% | -8.67% | +7.16% |
Average DrawdownAverage peak-to-trough decline | -4.80% | -19.38% | +14.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.79% | -0.82% |
Volatility
CBUG.L vs. TSY3.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) (CBUG.L) is 1.00%, while SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a volatility of 1.23%. This indicates that CBUG.L experiences smaller price fluctuations and is considered to be less risky than TSY3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBUG.L | TSY3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 1.23% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 4.51% | -1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 6.08% | -1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 8.05% | -2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.70% | 8.53% | -3.83% |
CBUG.L vs. TSY3.L - Expense Ratio Comparison
CBUG.L has a 0.10% expense ratio, which is higher than TSY3.L's 0.05% 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
CBUG.L vs. TSY3.L - Dividend Comparison
CBUG.L's dividend yield for the trailing twelve months is around 4.13%, more than TSY3.L's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBUG.L iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) | 4.13% | 4.17% | 4.21% | 3.04% | 1.69% | 1.15% | 2.07% | 1.15% | 0.00% | 0.00% | 0.00% | 0.00% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.91% | 4.25% | 4.06% | 3.02% | 0.61% | 0.56% | 1.84% | 2.14% | 1.78% | 1.34% | 0.87% | 0.80% |
Frequently Asked Questions
CBUG.L and TSY3.L have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TSY3.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TSY3.L is cheaper with a 0.05% expense ratio, compared with 0.10% for CBUG.L.
CBUG.L tracks ICE U.S. Treasury 3-7 Year Bond Index, while TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.10% for CBUG.L and 0.05% for TSY3.L.
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