CU31.L vs. TRSX.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and TRSX.L (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - CU31.L tracks the ICE US Treasury 1-3 Year Index while TRSX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, CU31.L returned 2.92%/yr vs 0.09%/yr for TRSX.L. At a 0.19 correlation, their price movements are largely independent. CU31.L charges 0.07%/yr vs 0.05%/yr for TRSX.L.
Performance
CU31.L vs. TRSX.L - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while TRSX.L is traded in USD. To make them comparable, the TRSX.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 0.66% return, which is significantly higher than TRSX.L's -0.40% return.
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%
TRSX.L
- 1D
- 0.23%
- 1M
- 0.92%
- YTD
- -0.40%
- 6M
- -1.27%
- 1Y
- 4.92%
- 3Y*
- 0.12%
- 5Y*
- 0.09%
- 10Y*
- —
CU31.L vs. TRSX.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) | 0.66% | -1.98% | 5.81% | -1.58% | 7.82% | 0.48% | -0.40% | 0.29% | 7.25% | -2.72% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | -0.40% | 1.27% | 0.18% | -1.46% | -5.42% | -1.98% | 4.83% | 4.02% | 3.67% | -1.93% |
Correlation
The correlation between CU31.L and TRSX.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.19 |
The correlation between CU31.L and TRSX.L shifts across timeframes, from 0.19 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CU31.L vs. TRSX.L — Risk / Return Rank
CU31.L
TRSX.L
CU31.L vs. TRSX.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 SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.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.
| CU31.L | TRSX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.17 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.40 | -0.42 |
| Martin ratioReturn relative to average drawdown | 2.47 | 3.13 | -0.66 |
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 | TRSX.L | 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 | 0.02 | +0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.06 | +0.22 |
Drawdowns
CU31.L vs. TRSX.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -18.80%, smaller than the maximum TRSX.L drawdown of -26.56%. Use the drawdown chart below to compare losses from any high point for CU31.L and TRSX.L.
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Drawdown Indicators
| CU31.L | TRSX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.80% | -26.56% | +7.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -5.90% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.91% | -7.30% | -1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -14.25% | -2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -18.80% | — | — |
Current DrawdownCurrent decline from peak | -7.61% | -21.26% | +13.65% |
Average DrawdownAverage peak-to-trough decline | -8.23% | -18.09% | +9.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 3.07% | -1.29% |
Volatility
CU31.L vs. TRSX.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.63%, while SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) has a volatility of 1.99%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than TRSX.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 | TRSX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 1.99% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 5.73% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 8.93% | -2.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 15.33% | -7.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 18.68% | -9.49% |
CU31.L vs. TRSX.L - Expense Ratio Comparison
CU31.L has a 0.07% expense ratio, which is higher than TRSX.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
CU31.L vs. TRSX.L - Dividend Comparison
CU31.L has not paid dividends to shareholders, while TRSX.L's dividend yield for the trailing twelve months is around 4.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 4.09% | 3.93% | 3.59% | 2.71% | 1.65% | 1.02% | 1.56% |
Frequently Asked Questions
CU31.L and TRSX.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRSX.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRSX.L is cheaper with a 0.05% expense ratio, compared with 0.07% for CU31.L.
CU31.L tracks ICE US Treasury 1-3 Year Index, while TRSX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for CU31.L and 0.05% for TRSX.L.
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