CU31.L vs. VUTA.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - CU31.L tracks the ICE US Treasury 1-3 Year Index while VUTA.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, CU31.L returned 2.92%/yr vs 0.65%/yr for VUTA.L. Their correlation of 0.88 suggests significant overlap in exposure. CU31.L charges 0.07%/yr vs 0.05%/yr for VUTA.L.
Performance
CU31.L vs. VUTA.L - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while VUTA.L is traded in GBP. To make them comparable, the VUTA.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 VUTA.L's 0.03% 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%
VUTA.L
- 1D
- 0.21%
- 1M
- 1.16%
- YTD
- 0.03%
- 6M
- -0.52%
- 1Y
- 4.50%
- 3Y*
- 0.21%
- 5Y*
- 0.65%
- 10Y*
- —
CU31.L vs. VUTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.66% | -1.98% | 5.81% | -1.58% | 7.82% | 0.48% | -0.40% | 2.11% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.03% | -1.12% | 2.50% | -1.89% | -1.88% | -1.09% | 3.97% | 5.44% |
Correlation
The correlation between CU31.L and VUTA.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.88 |
The correlation between CU31.L and VUTA.L has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.
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Return for Risk
CU31.L vs. VUTA.L — Risk / Return Rank
CU31.L
VUTA.L
CU31.L vs. VUTA.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 Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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 | VUTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 0.86 | +0.11 |
| Martin ratioReturn relative to average drawdown | 2.47 | 2.08 | +0.39 |
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 | VUTA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.75 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.08 | +0.29 |
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 | 0.08 | +0.19 |
Drawdowns
CU31.L vs. VUTA.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -18.80%, smaller than the maximum VUTA.L drawdown of -23.40%. Use the drawdown chart below to compare losses from any high point for CU31.L and VUTA.L.
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Drawdown Indicators
| CU31.L | VUTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.80% | -23.40% | +4.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -5.21% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -8.91% | -8.20% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -16.17% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -18.80% | — | — |
Current DrawdownCurrent decline from peak | -7.61% | -18.49% | +10.88% |
Average DrawdownAverage peak-to-trough decline | -8.23% | -15.38% | +7.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 2.16% | -0.38% |
Volatility
CU31.L vs. VUTA.L - Volatility Comparison
iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) has a higher volatility of 1.63% compared to Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) at 1.39%. This indicates that CU31.L's price experiences larger fluctuations and is considered to be riskier than VUTA.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 | VUTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 1.39% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 4.40% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 5.98% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 8.70% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 9.39% | -0.20% |
CU31.L vs. VUTA.L - Expense Ratio Comparison
CU31.L has a 0.07% expense ratio, which is higher than VUTA.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. VUTA.L - Dividend Comparison
Neither CU31.L nor VUTA.L has paid dividends to shareholders.
Frequently Asked Questions
CU31.L and VUTA.L have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUTA.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTA.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 VUTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.07% for CU31.L and 0.05% for VUTA.L.
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