IBTA.L vs. U03A.L
IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) are both exchange-traded funds - IBTA.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while U03A.L is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Bill Index. Both are passively managed. Over the past year, IBTA.L returned 3.43% vs 4.02% for U03A.L. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.
Performance
IBTA.L vs. U03A.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTA.L achieves a 0.46% return, which is significantly lower than U03A.L's 1.51% return.
IBTA.L
- 1D
- 0.13%
- 1M
- 0.13%
- YTD
- 0.46%
- 6M
- 0.92%
- 1Y
- 3.43%
- 3Y*
- 4.23%
- 5Y*
- 1.87%
- 10Y*
- —
U03A.L
- 1D
- 0.03%
- 1M
- 0.29%
- YTD
- 1.51%
- 6M
- 1.81%
- 1Y
- 4.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBTA.L vs. U03A.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.46% | 5.30% | -0.12% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.51% | 4.22% | 1.33% |
Correlation
The correlation between IBTA.L and U03A.L is 0.03, 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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.10 |
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Return for Risk
IBTA.L vs. U03A.L — Risk / Return Rank
IBTA.L
U03A.L
IBTA.L vs. U03A.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) (IBTA.L) and iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.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.
| IBTA.L | U03A.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.05 | ||
| Sortino ratioReturn per unit of downside risk | -15.79 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 5.03 | -3.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.62 | 41.98 | -37.36 |
| Martin ratioReturn relative to average drawdown | 17.47 | 274.18 | -256.72 |
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
| IBTA.L | U03A.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 8.85 | -6.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.93 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 4.99 | -3.90 |
Drawdowns
IBTA.L vs. U03A.L - Drawdown Comparison
The maximum IBTA.L drawdown since its inception was -5.80%, which is greater than U03A.L's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for IBTA.L and U03A.L.
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Drawdown Indicators
| IBTA.L | U03A.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.80% | -0.83% | -4.97% |
Max Drawdown (1Y)Largest decline over 1 year | -0.74% | -0.10% | -0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -0.89% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.70% | — | — |
Current DrawdownCurrent decline from peak | -0.13% | 0.00% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -0.01% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.01% | +0.19% |
Volatility
IBTA.L vs. U03A.L - Volatility Comparison
iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) has a higher volatility of 0.43% compared to iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) at 0.13%. This indicates that IBTA.L's price experiences larger fluctuations and is considered to be riskier than U03A.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTA.L | U03A.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.13% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 0.26% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.23% | 0.45% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 0.88% | +1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 0.88% | +0.88% |
IBTA.L vs. U03A.L - Expense Ratio Comparison
Both IBTA.L and U03A.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IBTA.L vs. U03A.L - Dividend Comparison
Neither IBTA.L nor U03A.L has paid dividends to shareholders.
Frequently Asked Questions
IBTA.L and U03A.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IBTA.L and U03A.L have the same expense ratio: 0.07% per year.
IBTA.L is categorized as Government Bonds, while U03A.L is Ultrashort Bond. IBTA.L tracks ICE US Treasury 1-3 Year Index, while U03A.L tracks ICE 0-3 Month US Treasury Bill Index.
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