FUSD.L vs. IBTU.L

Last updated Jun 10, 2026

FUSD.L (Fidelity US Quality Income ETF Inc) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both exchange-traded funds - FUSD.L is a Large Cap Blend Equities fund tracking the Fidelity US Quality Income Index NR, while IBTU.L is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, FUSD.L returned 10.15%/yr vs 3.38%/yr for IBTU.L. At a 0.02 correlation, their price movements are largely independent. FUSD.L charges 0.25%/yr vs 0.07%/yr for IBTU.L.

Performance

FUSD.L vs. IBTU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity US Quality Income ETF Inc (FUSD.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUSD.L achieves a 5.71% return, which is significantly higher than IBTU.L's 1.35% return.

FUSD.L

• 1D: -1.14%
• 1M: 0.15%
• YTD: 5.71%
• 6M: 6.40%
• 1Y: 20.45%
• 3Y*: 16.05%
• 5Y*: 10.15%
• 10Y*: —

IBTU.L

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.35%
• 6M: 1.76%
• 1Y: 3.93%
• 3Y*: 4.69%
• 5Y*: 3.38%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FUSD.L vs. IBTU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FUSD.L Fidelity US Quality Income ETF Inc	5.71%	16.47%	15.86%	17.14%	-12.08%	24.36%	10.46%	16.72%
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)	1.35%	4.33%	5.31%	4.92%	1.05%	0.10%	0.88%	2.02%

Correlation

The correlation between FUSD.L and IBTU.L is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019	0.02

Return for Risk

FUSD.L vs. IBTU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FUSD.L

FUSD.L Risk / Return Rank: 68
FUSD.L Sharpe Ratio Rank: 68
FUSD.L Sortino Ratio Rank: 78
FUSD.L Omega Ratio Rank: 67
FUSD.L Calmar Ratio Rank: 58
FUSD.L Martin Ratio Rank: 68

IBTU.L

IBTU.L Risk / Return Rank: 98
IBTU.L Sharpe Ratio Rank: 95
IBTU.L Sortino Ratio Rank: 98
IBTU.L Omega Ratio Rank: 99
IBTU.L Calmar Ratio Rank: 99
IBTU.L Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FUSD.L vs. IBTU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity US Quality Income ETF Inc (FUSD.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.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.

	FUSD.L	IBTU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.41	-1.45
Sortino ratio: Return per unit of downside risk	3.05	7.10	-4.05
Omega ratio: Gain probability vs. loss probability	1.35	3.47	-2.12
Calmar ratio: Return relative to maximum drawdown	2.57	19.33	-16.76
Martin ratio: Return relative to average drawdown	11.20	83.95	-72.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUSD.L vs. IBTU.L - Sharpe Ratio Comparison

The current FUSD.L Sharpe Ratio is 1.96, which is lower than the IBTU.L Sharpe Ratio of 3.41. The chart below compares the historical Sharpe Ratios of FUSD.L and IBTU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FUSD.L	IBTU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.41	-1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	3.34	-2.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	2.86	-2.11

Drawdowns

FUSD.L vs. IBTU.L - Drawdown Comparison

The maximum FUSD.L drawdown since its inception was -35.98%, which is greater than IBTU.L's maximum drawdown of -0.72%. Use the drawdown chart below to compare losses from any high point for FUSD.L and IBTU.L.

Drawdown Indicators

	FUSD.L	IBTU.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.98%	-0.72%	-35.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-0.20%	-7.74%
Max Drawdown (3Y) Largest decline over 3 years	-17.60%	-0.20%	-17.40%
Max Drawdown (5Y) Largest decline over 5 years	-20.25%	-0.40%	-19.85%
Current Drawdown Current decline from peak	-2.33%	0.00%	-2.33%
Average Drawdown Average peak-to-trough decline	-4.19%	-0.06%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	0.05%	+1.77%

Volatility

FUSD.L vs. IBTU.L - Volatility Comparison

Fidelity US Quality Income ETF Inc (FUSD.L) has a higher volatility of 2.96% compared to iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) at 0.35%. This indicates that FUSD.L's price experiences larger fluctuations and is considered to be riskier than IBTU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUSD.L	IBTU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	0.35%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	0.82%	+7.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	1.15%	+9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	1.01%	+13.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	0.95%	+14.85%

FUSD.L vs. IBTU.L - Expense Ratio Comparison

FUSD.L has a 0.25% expense ratio, which is higher than IBTU.L's 0.07% 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

FUSD.L vs. IBTU.L - Dividend Comparison

FUSD.L's dividend yield for the trailing twelve months is around 1.45%, less than IBTU.L's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FUSD.L Fidelity US Quality Income ETF Inc	1.45%	1.47%	0.47%	1.04%	0.56%	0.94%	1.26%	0.00%
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)	4.07%	4.43%	6.82%	3.99%	0.44%	0.10%	1.28%	1.21%

Frequently Asked Questions

Can I hold both FUSD.L and IBTU.L in my portfolio?

FUSD.L and IBTU.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FUSD.L or IBTU.L?

On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FUSD.L or IBTU.L?

IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.25% for FUSD.L.

What is the main difference between FUSD.L and IBTU.L?

FUSD.L is categorized as Large Cap Blend Equities, while IBTU.L is Government Bonds. FUSD.L tracks Fidelity US Quality Income Index NR, while IBTU.L tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.25% for FUSD.L and 0.07% for IBTU.L.