CU31.L vs. AGG
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - CU31.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, CU31.L returned 2.48%/yr vs 2.36%/yr for AGG. A 0.73 correlation means they provide meaningful diversification when combined. CU31.L charges 0.07%/yr vs 0.03%/yr for AGG.
Performance
CU31.L vs. AGG - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while AGG is traded in USD. To make them comparable, the AGG values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CU31.L achieves a 0.66% return, which is significantly lower than AGG's 0.82% return. Both investments have delivered pretty close results over the past 10 years, with CU31.L having a 2.48% annualized return and AGG not far behind at 2.36%.
CU31.L
- 1D
- 0.11%
- 1M
- 1.13%
- YTD
- 0.66%
- 6M
- 0.30%
- 1Y
- 4.42%
- 3Y*
- 1.49%
- 5Y*
- 2.92%
- 10Y*
- 2.48%
AGG
- 1D
- 0.16%
- 1M
- 1.14%
- YTD
- 0.82%
- 6M
- -0.21%
- 1Y
- 5.70%
- 3Y*
- 1.40%
- 5Y*
- 1.22%
- 10Y*
- 2.36%
CU31.L vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.66% | -1.98% | 5.81% | -1.58% | 7.82% | 0.48% | -0.40% | 0.29% | 7.25% | -8.69% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.82% | -0.44% | 3.08% | 0.37% | -2.68% | -0.84% | 4.32% | 4.33% | 6.03% | -5.40% |
Correlation
The correlation between CU31.L and AGG is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.73 |
The correlation between CU31.L and AGG has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.
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Return for Risk
CU31.L vs. AGG — Risk / Return Rank
CU31.L
AGG
CU31.L vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| CU31.L | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.17 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.08 | -0.10 |
| Martin ratioReturn relative to average drawdown | 2.47 | 2.84 | -0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CU31.L | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.92 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.14 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.24 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.51 | -0.23 |
Drawdowns
CU31.L vs. AGG - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -18.80%, which is greater than AGG's maximum drawdown of -17.60%. Use the drawdown chart below to compare losses from any high point for CU31.L and AGG.
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Drawdown Indicators
| CU31.L | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.80% | -17.60% | -1.20% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -5.31% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -8.91% | -8.64% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -14.70% | -1.59% |
Max Drawdown (10Y)Largest decline over 10 years | -18.80% | -17.60% | -1.20% |
Current DrawdownCurrent decline from peak | -7.61% | -9.62% | +2.01% |
Average DrawdownAverage peak-to-trough decline | -8.23% | -7.11% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 2.01% | -0.23% |
Volatility
CU31.L vs. AGG - Volatility Comparison
iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) has a higher volatility of 1.63% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.40%. This indicates that CU31.L's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CU31.L | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 1.40% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 4.82% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 6.23% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 8.61% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 9.82% | -0.63% |
CU31.L vs. AGG - Expense Ratio Comparison
CU31.L has a 0.07% expense ratio, which is higher than AGG's 0.03% 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
CU31.L vs. AGG - Dividend Comparison
CU31.L has not paid dividends to shareholders, while AGG's dividend yield for the trailing twelve months is around 3.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CU31.L and AGG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGG is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGG is cheaper with a 0.03% expense ratio, compared with 0.07% for CU31.L.
CU31.L is categorized as Government Bonds, while AGG is Total Bond Market. CU31.L tracks ICE US Treasury 1-3 Year Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. Their fees differ too: 0.07% for CU31.L and 0.03% for AGG.
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