IBTE.L vs. XUT3.L
IBTE.L (iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc)) and XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) are both exchange-traded funds - IBTE.L is a Short-Term Bond fund tracking the ICE U.S. Treasury 1-3 Year Bond Index, while XUT3.L is a Government Bonds fund tracking the iBoxx USD Treasuries 1-3 Index. Both are passively managed. Over the past 5 years, IBTE.L returned 0.05%/yr vs 2.61%/yr for XUT3.L. At a correlation of -0.01, they often move in opposite directions. IBTE.L charges 0.10%/yr vs 0.06%/yr for XUT3.L.
Performance
IBTE.L vs. XUT3.L - Performance Comparison
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Different Trading Currencies
IBTE.L is traded in EUR, while XUT3.L is traded in USD. To make them comparable, the XUT3.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTE.L achieves a -0.20% return, which is significantly lower than XUT3.L's 3.58% return.
IBTE.L
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- -0.20%
- 1Y
- 1.20%
- 3Y*
- 2.34%
- 5Y*
- 0.05%
- 10Y*
- —
XUT3.L
- 1D
- -0.21%
- 1M
- 0.76%
- 6M
- 2.35%
- YTD
- 3.58%
- 1Y
- 4.67%
- 3Y*
- 3.62%
- 5Y*
- 2.61%
- 10Y*
- 1.38%
IBTE.L vs. XUT3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IBTE.L iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) | -0.20% | 3.04% | 2.49% | 1.87% | -5.75% | -1.46% | 1.84% | 0.50% | -0.40% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 3.58% | -7.40% | 11.01% | 0.98% | 2.38% | 6.82% | -5.54% | 5.90% | 9.22% |
Correlation
The correlation between IBTE.L and XUT3.L is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | -0.01 |
The correlation between IBTE.L and XUT3.L shifts across timeframes, from -0.14 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTE.L vs. XUT3.L — Risk / Return Rank
IBTE.L
XUT3.L
IBTE.L vs. XUT3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) (IBTE.L) and Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.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.
| IBTE.L | XUT3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 1.36 | -0.15 |
| Martin ratioReturn relative to average drawdown | 3.01 | 3.63 | -0.62 |
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Drawdowns
IBTE.L vs. XUT3.L - Drawdown Comparison
The maximum IBTE.L drawdown since its inception was -8.51%, smaller than the maximum XUT3.L drawdown of -18.69%. Use the drawdown chart below to compare losses from any high point for IBTE.L and XUT3.L.
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Drawdown Indicators
| IBTE.L | XUT3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.51% | -18.69% | +10.18% |
Max Drawdown (1Y)Largest decline over 1 year | -0.98% | -3.91% | +2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -1.03% | -10.83% | +9.80% |
Max Drawdown (5Y)Largest decline over 5 years | -7.66% | -12.63% | +4.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.95% | — |
Current DrawdownCurrent decline from peak | -0.84% | -4.99% | +4.15% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -6.91% | +4.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 1.47% | -1.07% |
Volatility
IBTE.L vs. XUT3.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) (IBTE.L) is 0.45%, while Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) has a volatility of 1.41%. This indicates that IBTE.L experiences smaller price fluctuations and is considered to be less risky than XUT3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTE.L | XUT3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 1.41% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 1.37% | 4.28% | -2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.74% | 5.87% | -4.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 7.39% | -5.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.97% | 7.17% | -5.20% |
IBTE.L vs. XUT3.L - Expense Ratio Comparison
IBTE.L has a 0.10% expense ratio, which is higher than XUT3.L's 0.06% 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
IBTE.L vs. XUT3.L - Dividend Comparison
IBTE.L has not paid dividends to shareholders, while XUT3.L's dividend yield for the trailing twelve months is around 2.83%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBTE.L iShares $ Treasury Bond 1-3yr UCITS ETF EUR Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.83% | 2.70% | 2.35% | 1.80% | 1.00% | 2.89% | 2.43% | 1.16% | 1.00% | 0.69% |
Frequently Asked Questions
IBTE.L and XUT3.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUT3.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUT3.L is cheaper with a 0.06% expense ratio, compared with 0.10% for IBTE.L.
IBTE.L is categorized as Short-Term Bond, while XUT3.L is Government Bonds. IBTE.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while XUT3.L tracks iBoxx USD Treasuries 1-3 Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.10% for IBTE.L and 0.06% for XUT3.L.
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