IBGL.L vs. USTY.L
IBGL.L (iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist)) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both exchange-traded funds - IBGL.L is a Long-Term Bond fund tracking the Bloomberg Euro Government Bond 30 Year Term Index, while USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, IBGL.L returned -2.51%/yr vs 0.52%/yr for USTY.L. At a 0.46 correlation, their price movements are largely independent. IBGL.L charges 0.15%/yr vs 0.05%/yr for USTY.L.
Performance
IBGL.L vs. USTY.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBGL.L achieves a -3.67% return, which is significantly lower than USTY.L's -0.10% return. Over the past 10 years, IBGL.L has underperformed USTY.L with an annualized return of -2.51%, while USTY.L has yielded a comparatively higher 0.52% annualized return.
IBGL.L
- 1D
- 0.54%
- 1M
- -4.50%
- 6M
- -4.09%
- YTD
- -3.67%
- 1Y
- -3.59%
- 3Y*
- -1.16%
- 5Y*
- -8.28%
- 10Y*
- -2.51%
USTY.L
- 1D
- 0.47%
- 1M
- -0.69%
- 6M
- -0.39%
- YTD
- -0.10%
- 1Y
- 3.38%
- 3Y*
- 1.94%
- 5Y*
- -0.20%
- 10Y*
- 0.52%
IBGL.L vs. USTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBGL.L iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) | -3.67% | -0.80% | -5.06% | 7.50% | -30.45% | -13.04% | 18.01% | 9.96% | 3.80% | 2.19% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | -0.10% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | 3.61% | 6.57% | -6.86% |
Correlation
The correlation between IBGL.L and USTY.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2011 | 0.46 |
Over the past year, the correlation between IBGL.L and USTY.L has dropped to 0.26 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
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Return for Risk
IBGL.L vs. USTY.L — Risk / Return Rank
IBGL.L
USTY.L
IBGL.L vs. USTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) (IBGL.L) and SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.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.
| IBGL.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.10 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 0.65 | -1.06 |
| Martin ratioReturn relative to average drawdown | -0.89 | 1.49 | -2.38 |
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Drawdowns
IBGL.L vs. USTY.L - Drawdown Comparison
The maximum IBGL.L drawdown since its inception was -46.77%, which is greater than USTY.L's maximum drawdown of -36.73%. Use the drawdown chart below to compare losses from any high point for IBGL.L and USTY.L.
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Drawdown Indicators
| IBGL.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.77% | -36.73% | -10.04% |
Max Drawdown (1Y)Largest decline over 1 year | -8.65% | -5.20% | -3.45% |
Max Drawdown (3Y)Largest decline over 3 years | -12.99% | -8.14% | -4.85% |
Max Drawdown (5Y)Largest decline over 5 years | -41.54% | -16.24% | -25.30% |
Max Drawdown (10Y)Largest decline over 10 years | -46.77% | -23.92% | -22.85% |
Current DrawdownCurrent decline from peak | -42.57% | -18.99% | -23.58% |
Average DrawdownAverage peak-to-trough decline | -14.73% | -14.80% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.02% | 2.27% | +1.75% |
Volatility
IBGL.L vs. USTY.L - Volatility Comparison
iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) (IBGL.L) has a higher volatility of 2.86% compared to SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) at 1.51%. This indicates that IBGL.L's price experiences larger fluctuations and is considered to be riskier than USTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBGL.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 1.51% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 7.57% | 4.76% | +2.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.45% | 6.29% | +3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.80% | 8.69% | +5.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.87% | 9.26% | +3.61% |
IBGL.L vs. USTY.L - Expense Ratio Comparison
IBGL.L has a 0.15% expense ratio, which is higher than USTY.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
IBGL.L vs. USTY.L - Dividend Comparison
IBGL.L's dividend yield for the trailing twelve months is around 3.81%, more than USTY.L's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGL.L iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) | 3.81% | 3.48% | 3.23% | 2.65% | 1.28% | 0.55% | 0.73% | 1.28% | 1.48% | 1.32% | 1.41% | 1.78% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.62% | 3.58% | 2.98% | 2.23% | 1.24% | 0.95% | 1.91% | 2.22% | 1.56% | 1.63% | 1.20% | 1.90% |
Frequently Asked Questions
IBGL.L and USTY.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L is cheaper with a 0.05% expense ratio, compared with 0.15% for IBGL.L.
IBGL.L is categorized as Long-Term Bond, while USTY.L is Government Bonds. IBGL.L tracks Bloomberg Euro Government Bond 30 Year Term Index, while USTY.L tracks Bloomberg US Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IBGL.L and 0.05% for USTY.L.
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