GSPX.L vs. IBTM.L
GSPX.L (iShares Core S&P 500 UCITS ETF) and IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) are both exchange-traded funds - GSPX.L is a S&P 500 fund tracking the S&P 500 Index, while IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 5 years, GSPX.L returned 12.13%/yr vs -0.07%/yr for IBTM.L. At a correlation of -0.34, they often move in opposite directions. GSPX.L charges 0.10%/yr vs 0.07%/yr for IBTM.L.
Performance
GSPX.L vs. IBTM.L - Performance Comparison
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Returns By Period
In the year-to-date period, GSPX.L achieves a 8.24% return, which is significantly higher than IBTM.L's -0.44% return.
GSPX.L
- 1D
- 2.38%
- 1M
- 0.64%
- YTD
- 8.24%
- 6M
- 9.38%
- 1Y
- 24.05%
- 3Y*
- 20.06%
- 5Y*
- 12.13%
- 10Y*
- —
IBTM.L
- 1D
- -0.27%
- 1M
- 1.13%
- YTD
- -0.44%
- 6M
- -0.61%
- 1Y
- 4.98%
- 3Y*
- 0.81%
- 5Y*
- -0.07%
- 10Y*
- 1.18%
GSPX.L vs. IBTM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GSPX.L iShares Core S&P 500 UCITS ETF | 8.24% | 17.16% | 24.72% | 24.87% | -20.64% | 28.96% | 15.11% | 27.76% | -7.71% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -0.44% | 0.89% | 1.46% | -2.26% | -4.74% | -1.77% | 6.02% | 5.50% | 5.10% |
Correlation
The correlation between GSPX.L and IBTM.L is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | -0.34 |
The correlation between GSPX.L and IBTM.L shifts across timeframes, from -0.34 (all time) to -0.19 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GSPX.L vs. IBTM.L — Risk / Return Rank
GSPX.L
IBTM.L
GSPX.L vs. IBTM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF (GSPX.L) and iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.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.
| GSPX.L | IBTM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.14 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 0.89 | +1.97 |
| Martin ratioReturn relative to average drawdown | 12.14 | 2.08 | +10.06 |
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Drawdowns
GSPX.L vs. IBTM.L - Drawdown Comparison
The maximum GSPX.L drawdown since its inception was -34.98%, smaller than the maximum IBTM.L drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for GSPX.L and IBTM.L.
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Drawdown Indicators
| GSPX.L | IBTM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.98% | -52.39% | +17.41% |
Max Drawdown (1Y)Largest decline over 1 year | -8.37% | -5.57% | -2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -18.97% | -7.57% | -11.40% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -16.29% | -9.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.54% | — |
Current DrawdownCurrent decline from peak | -2.12% | -21.38% | +19.26% |
Average DrawdownAverage peak-to-trough decline | -5.61% | -20.63% | +15.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.38% | -0.40% |
Volatility
GSPX.L vs. IBTM.L - Volatility Comparison
iShares Core S&P 500 UCITS ETF (GSPX.L) has a higher volatility of 4.22% compared to iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) at 1.55%. This indicates that GSPX.L's price experiences larger fluctuations and is considered to be riskier than IBTM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSPX.L | IBTM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 1.55% | +2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 9.03% | 4.49% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.98% | 6.25% | +5.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 9.47% | +6.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 10.58% | +7.11% |
GSPX.L vs. IBTM.L - Expense Ratio Comparison
GSPX.L has a 0.10% expense ratio, which is higher than IBTM.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
GSPX.L vs. IBTM.L - Dividend Comparison
GSPX.L's dividend yield for the trailing twelve months is around 0.82%, less than IBTM.L's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSPX.L iShares Core S&P 500 UCITS ETF | 0.82% | 0.89% | 0.99% | 1.15% | 1.40% | 0.96% | 1.31% | 1.50% | 0.11% | 0.00% | 0.00% | 0.00% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
Frequently Asked Questions
GSPX.L and IBTM.L have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.10% for GSPX.L.
GSPX.L is categorized as S&P 500, while IBTM.L is Government Bonds. GSPX.L tracks S&P 500 Index, while IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index. Their fees differ too: 0.10% for GSPX.L and 0.07% for IBTM.L.
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