IBTL.L vs. SBEM.L
IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) are both exchange-traded funds - IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 10 years, IBTL.L returned -1.26%/yr vs 4.44%/yr for SBEM.L. A 0.58 correlation means they provide meaningful diversification when combined. IBTL.L charges 0.07%/yr vs 0.42%/yr for SBEM.L.
Performance
IBTL.L vs. SBEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTL.L achieves a -0.34% return, which is significantly lower than SBEM.L's 2.82% return. Over the past 10 years, IBTL.L has underperformed SBEM.L with an annualized return of -1.26%, while SBEM.L has yielded a comparatively higher 4.44% annualized return.
IBTL.L
- 1D
- -0.17%
- 1M
- 1.43%
- YTD
- -0.34%
- 6M
- 0.20%
- 1Y
- 5.42%
- 3Y*
- -3.32%
- 5Y*
- -5.44%
- 10Y*
- -1.26%
SBEM.L
- 1D
- 0.16%
- 1M
- 1.55%
- YTD
- 2.82%
- 6M
- 3.45%
- 1Y
- 14.87%
- 3Y*
- 9.07%
- 5Y*
- 3.36%
- 10Y*
- 4.44%
IBTL.L vs. SBEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.34% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -0.83% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 2.82% | 7.42% | 9.45% | 5.95% | -10.24% | -1.29% | 1.29% | 10.91% | 1.42% | 0.47% |
Correlation
The correlation between IBTL.L and SBEM.L is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.58 |
The correlation between IBTL.L and SBEM.L has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
IBTL.L vs. SBEM.L — Risk / Return Rank
IBTL.L
SBEM.L
IBTL.L vs. SBEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.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.
| IBTL.L | SBEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.40 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 4.05 | -3.47 |
| Martin ratioReturn relative to average drawdown | 1.23 | 11.69 | -10.46 |
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Drawdowns
IBTL.L vs. SBEM.L - Drawdown Comparison
The maximum IBTL.L drawdown since its inception was -48.85%, which is greater than SBEM.L's maximum drawdown of -21.61%. Use the drawdown chart below to compare losses from any high point for IBTL.L and SBEM.L.
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Drawdown Indicators
| IBTL.L | SBEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -21.61% | -27.24% |
Max Drawdown (1Y)Largest decline over 1 year | -8.26% | -3.53% | -4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -17.10% | -9.79% | -7.31% |
Max Drawdown (5Y)Largest decline over 5 years | -39.34% | -17.20% | -22.14% |
Max Drawdown (10Y)Largest decline over 10 years | -48.85% | -21.61% | -27.24% |
Current DrawdownCurrent decline from peak | -45.09% | 0.00% | -45.09% |
Average DrawdownAverage peak-to-trough decline | -22.69% | -7.22% | -15.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 1.23% | +2.68% |
Volatility
IBTL.L vs. SBEM.L - Volatility Comparison
iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a higher volatility of 2.35% compared to UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) at 1.48%. This indicates that IBTL.L's price experiences larger fluctuations and is considered to be riskier than SBEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTL.L | SBEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 1.48% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 4.51% | +1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.51% | 6.40% | +3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 9.13% | +6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.31% | 10.97% | +5.34% |
IBTL.L vs. SBEM.L - Expense Ratio Comparison
IBTL.L has a 0.07% expense ratio, which is lower than SBEM.L's 0.42% expense ratio.
Dividends
IBTL.L vs. SBEM.L - Dividend Comparison
IBTL.L's dividend yield for the trailing twelve months is around 2.27%, less than SBEM.L's 6.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 2.27% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.51% | 7.69% | 6.27% | 6.49% | 5.73% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% | 0.00% |
Frequently Asked Questions
IBTL.L and SBEM.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.42% for SBEM.L.
IBTL.L is categorized as Government Bonds, while SBEM.L is Emerging Markets Bonds. IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while SBEM.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.07% for IBTL.L and 0.42% for SBEM.L.
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