CU31.L vs. IBTL.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both Government Bonds funds from iShares - CU31.L tracks the ICE US Treasury 1-3 Year Index while IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, CU31.L returned 2.05%/yr vs -1.20%/yr for IBTL.L. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
CU31.L vs. IBTL.L - Performance Comparison
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Returns By Period
In the year-to-date period, CU31.L achieves a 2.73% return, which is significantly lower than IBTL.L's 3.59% return. Over the past 10 years, CU31.L has outperformed IBTL.L with an annualized return of 2.05%, while IBTL.L has yielded a comparatively lower -1.20% 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%
IBTL.L
- 1D
- 1.52%
- 1M
- 6.32%
- YTD
- 3.59%
- 6M
- 4.54%
- 1Y
- 8.59%
- 3Y*
- -2.39%
- 5Y*
- -5.02%
- 10Y*
- -1.20%
CU31.L vs. IBTL.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% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 3.59% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -0.83% |
Correlation
The correlation between CU31.L and IBTL.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2015 | 0.54 |
The correlation between CU31.L and IBTL.L shifts across timeframes, from 0.34 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CU31.L vs. IBTL.L — Risk / Return Rank
CU31.L
IBTL.L
CU31.L vs. IBTL.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 USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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 | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 1.04 | +0.43 |
| Martin ratioReturn relative to average drawdown | 3.74 | 2.17 | +1.57 |
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Drawdowns
CU31.L vs. IBTL.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -21.14%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for CU31.L and IBTL.L.
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Drawdown Indicators
| CU31.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.14% | -48.85% | +27.71% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -8.26% | +3.75% |
Max Drawdown (3Y)Largest decline over 3 years | -21.14% | -17.10% | -4.04% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -39.34% | +18.20% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | -48.85% | +27.71% |
Current DrawdownCurrent decline from peak | -15.14% | -42.92% | +27.78% |
Average DrawdownAverage peak-to-trough decline | -8.18% | -22.75% | +14.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 3.94% | -2.17% |
Volatility
CU31.L vs. IBTL.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.51%, while iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a volatility of 2.83%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than IBTL.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 | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 2.83% | -1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 6.80% | -2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.19% | 9.68% | -3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 15.42% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.20% | 15.86% | -2.66% |
CU31.L vs. IBTL.L - Expense Ratio Comparison
Both CU31.L and IBTL.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. IBTL.L - Dividend Comparison
CU31.L has not paid dividends to shareholders, while IBTL.L's dividend yield for the trailing twelve months is around 4.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.55% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
Frequently Asked Questions
CU31.L and IBTL.L have a correlation of 0.42, 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 IBTL.L have the same expense ratio: 0.07% per year.
CU31.L tracks ICE US Treasury 1-3 Year Index, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index.
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