IBTG.L vs. TSY3.L
IBTG.L (iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist)) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both exchange-traded funds - IBTG.L is a Short-Term Bond fund tracking the ICE U.S. Treasury 1-3 Year Bond Index, while TSY3.L is a Government Bonds fund tracking the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, IBTG.L returned 1.57%/yr vs 2.37%/yr for TSY3.L. At a correlation of -0.01, they often move in opposite directions. IBTG.L charges 0.10%/yr vs 0.05%/yr for TSY3.L.
Performance
IBTG.L vs. TSY3.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTG.L achieves a 0.83% return, which is significantly lower than TSY3.L's 0.90% return.
IBTG.L
- 1D
- 0.00%
- 1M
- 0.21%
- 6M
- 1.04%
- YTD
- 0.83%
- 1Y
- 3.25%
- 3Y*
- 4.10%
- 5Y*
- 1.57%
- 10Y*
- —
TSY3.L
- 1D
- 0.29%
- 1M
- -0.24%
- 6M
- 0.49%
- YTD
- 0.90%
- 1Y
- 2.97%
- 3Y*
- 3.27%
- 5Y*
- 2.37%
- 10Y*
- 1.54%
IBTG.L vs. TSY3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IBTG.L iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) | 0.83% | 5.08% | 3.75% | 3.65% | -4.56% | -0.82% | 2.70% | 1.75% | 0.38% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.90% | -2.01% | 5.77% | -1.64% | 7.59% | 0.49% | -0.43% | 0.21% | 12.70% |
Correlation
The correlation between IBTG.L and TSY3.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 | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | -0.01 |
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Return for Risk
IBTG.L vs. TSY3.L — Risk / Return Rank
IBTG.L
TSY3.L
IBTG.L vs. TSY3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) (IBTG.L) and SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.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.
| IBTG.L | TSY3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.09 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 0.66 | +4.18 |
| Martin ratioReturn relative to average drawdown | 15.08 | 1.66 | +13.42 |
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Drawdowns
IBTG.L vs. TSY3.L - Drawdown Comparison
The maximum IBTG.L drawdown since its inception was -6.15%, smaller than the maximum TSY3.L drawdown of -41.41%. Use the drawdown chart below to compare losses from any high point for IBTG.L and TSY3.L.
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Drawdown Indicators
| IBTG.L | TSY3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.15% | -41.41% | +35.26% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -4.48% | +3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -0.85% | -8.93% | +8.08% |
Max Drawdown (5Y)Largest decline over 5 years | -6.13% | -16.38% | +10.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.75% | — |
Current DrawdownCurrent decline from peak | 0.00% | -8.67% | +8.67% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -19.38% | +18.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 1.79% | -1.57% |
Volatility
IBTG.L vs. TSY3.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) (IBTG.L) is 0.43%, while SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a volatility of 1.23%. This indicates that IBTG.L experiences smaller price fluctuations and is considered to be less risky than TSY3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTG.L | TSY3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 1.23% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 4.51% | -3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.74% | 6.08% | -4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.43% | 8.05% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.07% | 8.53% | -6.46% |
IBTG.L vs. TSY3.L - Expense Ratio Comparison
IBTG.L has a 0.10% expense ratio, which is higher than TSY3.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
IBTG.L vs. TSY3.L - Dividend Comparison
IBTG.L's dividend yield for the trailing twelve months is around 3.86%, less than TSY3.L's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTG.L iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) | 3.86% | 4.08% | 4.12% | 2.92% | 0.76% | 0.59% | 1.66% | 2.35% | 0.78% | 0.00% | 0.00% | 0.00% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.91% | 4.25% | 4.06% | 3.02% | 0.61% | 0.56% | 1.84% | 2.14% | 1.78% | 1.34% | 0.87% | 0.80% |
Frequently Asked Questions
IBTG.L and TSY3.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.
On fees, TSY3.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TSY3.L is cheaper with a 0.05% expense ratio, compared with 0.10% for IBTG.L.
IBTG.L is categorized as Short-Term Bond, while TSY3.L is Government Bonds. IBTG.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.10% for IBTG.L and 0.05% for TSY3.L.
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