CU31.L vs. CSPX.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - CU31.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while CSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CU31.L returned 2.05%/yr vs 15.70%/yr for CSPX.L. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.
Performance
CU31.L vs. CSPX.L - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while CSPX.L is traded in USD. To make them comparable, the CSPX.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 2.73% return, which is significantly lower than CSPX.L's 10.58% return. Over the past 10 years, CU31.L has underperformed CSPX.L with an annualized return of 2.05%, while CSPX.L has yielded a comparatively higher 15.70% annualized return.
CU31.L
- 1D
- 0.32%
- 1M
- 2.40%
- YTD
- 2.73%
- 6M
- 3.45%
- 1Y
- 6.66%
- 3Y*
- 3.04%
- 5Y*
- 3.00%
- 10Y*
- 2.05%
CSPX.L
- 1D
- 0.77%
- 1M
- 1.00%
- YTD
- 10.58%
- 6M
- 10.60%
- 1Y
- 27.18%
- 3Y*
- 19.40%
- 5Y*
- 14.13%
- 10Y*
- 15.70%
CU31.L vs. CSPX.L - 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) | 2.73% | -1.98% | 5.81% | -1.58% | 7.69% | 0.60% | -0.40% | 0.29% | 7.25% | -8.69% |
CSPX.L iShares Core S&P 500 UCITS ETF USD (Acc) | 10.58% | 9.09% | 27.44% | 20.40% | -9.06% | 30.58% | 14.17% | 25.59% | 0.15% | 11.09% |
Correlation
The correlation between CU31.L and CSPX.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2010 | 0.17 |
The correlation between CU31.L and CSPX.L shifts across timeframes, from -0.03 (5 years) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CU31.L vs. CSPX.L — Risk / Return Rank
CU31.L
CSPX.L
CU31.L vs. CSPX.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 iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.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 | CSPX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.41 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 3.75 | -2.28 |
| Martin ratioReturn relative to average drawdown | 3.74 | 12.51 | -8.76 |
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Drawdowns
CU31.L vs. CSPX.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -21.14%, smaller than the maximum CSPX.L drawdown of -25.99%. Use the drawdown chart below to compare losses from any high point for CU31.L and CSPX.L.
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Drawdown Indicators
| CU31.L | CSPX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.14% | -25.99% | +4.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -7.22% | +2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -21.14% | -21.16% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -21.16% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | -25.99% | +4.85% |
Current DrawdownCurrent decline from peak | -15.14% | -0.57% | -14.57% |
Average DrawdownAverage peak-to-trough decline | -8.18% | -3.28% | -4.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.17% | -0.40% |
Volatility
CU31.L vs. CSPX.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.51%, while iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) has a volatility of 3.81%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than CSPX.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 | CSPX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 3.81% | -2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 9.15% | -4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.19% | 12.25% | -6.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 15.50% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 16.26% | -3.06% |
CU31.L vs. CSPX.L - Expense Ratio Comparison
Both CU31.L and CSPX.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CU31.L vs. CSPX.L - Dividend Comparison
Neither CU31.L nor CSPX.L has paid dividends to shareholders.
Frequently Asked Questions
CU31.L and CSPX.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L and CSPX.L have the same expense ratio: 0.07% per year.
CU31.L is categorized as Government Bonds, while CSPX.L is S&P 500. CU31.L tracks ICE US Treasury 1-3 Year Index, while CSPX.L tracks S&P 500 Index. They also come from different issuers: iShares and BlackRock.
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