CU31.L vs. CBND.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both Government Bonds funds - CU31.L tracks the ICE US Treasury 1-3 Year Index while CBND.L tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, CU31.L returned 2.41%/yr vs 3.30%/yr for CBND.L. A 0.62 correlation means they provide meaningful diversification when combined. CU31.L charges 0.07%/yr vs 0.24%/yr for CBND.L.
Performance
CU31.L vs. CBND.L - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while CBND.L is traded in USD. To make them comparable, the CBND.L 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 0.82% return, which is significantly lower than CBND.L's 4.91% return.
CU31.L
- 1D
- 0.27%
- 1M
- -0.21%
- 6M
- 0.40%
- YTD
- 0.82%
- 1Y
- 2.96%
- 3Y*
- 3.27%
- 5Y*
- 2.41%
- 10Y*
- 1.49%
CBND.L
- 1D
- 0.17%
- 1M
- -1.38%
- 6M
- 3.82%
- YTD
- 4.91%
- 1Y
- 6.97%
- 3Y*
- 4.61%
- 5Y*
- 3.30%
- 10Y*
- —
CU31.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.82% | -1.98% | 5.81% | -1.58% | 7.69% | 0.60% | -0.40% | -1.27% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 4.91% | -2.44% | 6.50% | -3.78% | 6.10% | 8.62% | 5.51% | 0.03% |
Correlation
The correlation between CU31.L and CBND.L is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.62 |
The correlation between CU31.L and CBND.L has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.
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Return for Risk
CU31.L vs. CBND.L — Risk / Return Rank
CU31.L
CBND.L
CU31.L vs. CBND.L - 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 Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.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.
| CU31.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.20 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 2.04 | -1.39 |
| Martin ratioReturn relative to average drawdown | 1.63 | 5.63 | -4.00 |
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Drawdowns
CU31.L vs. CBND.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -21.14%, which is greater than CBND.L's maximum drawdown of -16.35%. Use the drawdown chart below to compare losses from any high point for CU31.L and CBND.L.
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Drawdown Indicators
| CU31.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.14% | -16.35% | -4.79% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -3.40% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -21.14% | -9.09% | -12.05% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -16.35% | -4.79% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | — | — |
Current DrawdownCurrent decline from peak | -16.72% | -3.99% | -12.73% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -7.46% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.23% | +0.58% |
Volatility
CU31.L vs. CBND.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.27%, while Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) has a volatility of 1.53%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than CBND.L 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 | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.53% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 4.89% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 6.40% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.19% | 7.92% | +8.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 8.34% | +4.75% |
CU31.L vs. CBND.L - Expense Ratio Comparison
CU31.L has a 0.07% expense ratio, which is lower than CBND.L's 0.24% expense ratio. Despite the difference, 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. CBND.L - Dividend Comparison
CU31.L has not paid dividends to shareholders, while CBND.L's dividend yield for the trailing twelve months is around 2.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 2.04% | 2.20% | 2.45% | 2.54% | 2.72% | 2.52% | 1.87% |
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% |
Frequently Asked Questions
CU31.L and CBND.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CU31.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L is cheaper with a 0.07% expense ratio, compared with 0.24% for CBND.L.
CU31.L tracks ICE US Treasury 1-3 Year Index, while CBND.L tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.07% for CU31.L and 0.24% for CBND.L.
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