IBTL.L vs. SWLD.L

Last updated Jun 14, 2026

IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, IBTL.L returned -5.44%/yr vs 12.74%/yr for SWLD.L. At a correlation of -0.04, they often move in opposite directions. IBTL.L charges 0.07%/yr vs 0.12%/yr for SWLD.L.

Performance

IBTL.L vs. SWLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IBTL.L is traded in GBp, while SWLD.L is traded in GBP. To make them comparable, the SWLD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBTL.L achieves a -0.34% return, which is significantly lower than SWLD.L's 8.85% 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%

SWLD.L

• 1D: 1.57%
• 1M: 0.34%
• YTD: 8.85%
• 6M: 9.40%
• 1Y: 25.61%
• 3Y*: 17.17%
• 5Y*: 12.74%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBTL.L vs. SWLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%	14.32%
SWLD.L SPDR MSCI World UCITS ETF	8.85%	12.84%	21.21%	17.69%	-8.06%	23.66%	12.00%	-13.14%

Correlation

The correlation between IBTL.L and SWLD.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Feb 26, 2019	-0.04

The correlation between IBTL.L and SWLD.L shifts across timeframes, from -0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IBTL.L vs. SWLD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBTL.L

IBTL.L Risk / Return Rank: 17
IBTL.L Sharpe Ratio Rank: 18
IBTL.L Sortino Ratio Rank: 17
IBTL.L Omega Ratio Rank: 16
IBTL.L Calmar Ratio Rank: 17
IBTL.L Martin Ratio Rank: 16

SWLD.L

SWLD.L Risk / Return Rank: 85
SWLD.L Sharpe Ratio Rank: 86
SWLD.L Sortino Ratio Rank: 85
SWLD.L Omega Ratio Rank: 86
SWLD.L Calmar Ratio Rank: 82
SWLD.L Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IBTL.L vs. SWLD.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 SPDR MSCI World UCITS ETF (SWLD.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	SWLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.50	2.42	-1.91
Sortino ratio: Return per unit of downside risk	0.80	3.33	-2.52
Omega ratio: Gain probability vs. loss probability	1.09	1.46	-0.37
Calmar ratio: Return relative to maximum drawdown	0.58	3.80	-3.22
Martin ratio: Return relative to average drawdown	1.23	14.98	-13.75

IBTL.L vs. SWLD.L - Sharpe Ratio Comparison

The current IBTL.L Sharpe Ratio is 0.50, which is lower than the SWLD.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IBTL.L and SWLD.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBTL.L vs. SWLD.L - Drawdown Comparison

The maximum IBTL.L drawdown since its inception was -48.85%, which is greater than SWLD.L's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for IBTL.L and SWLD.L.

Drawdown Indicators

	IBTL.L	SWLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-48.85%	-32.06%	-16.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.26%	-6.56%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-17.10%	-19.94%	+2.84%
Max Drawdown (5Y) Largest decline over 5 years	-39.34%	-19.94%	-19.40%
Max Drawdown (10Y) Largest decline over 10 years	-48.85%	—	—
Current Drawdown Current decline from peak	-45.09%	-1.30%	-43.79%
Average Drawdown Average peak-to-trough decline	-22.69%	-7.02%	-15.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	1.67%	+2.24%

Volatility

IBTL.L vs. SWLD.L - Volatility Comparison

The current volatility for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) is 2.35%, while SPDR MSCI World UCITS ETF (SWLD.L) has a volatility of 3.35%. This indicates that IBTL.L experiences smaller price fluctuations and is considered to be less risky than SWLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTL.L	SWLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	3.35%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	6.40%	7.59%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	10.33%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	19.10%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	21.05%	-4.74%

IBTL.L vs. SWLD.L - Expense Ratio Comparison

IBTL.L has a 0.07% expense ratio, which is lower than SWLD.L's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBTL.L vs. SWLD.L - Dividend Comparison

IBTL.L's dividend yield for the trailing twelve months is around 2.27%, while SWLD.L has not paid dividends to shareholders.

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%
SWLD.L SPDR MSCI World UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBTL.L and SWLD.L in my portfolio?

IBTL.L and SWLD.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBTL.L or SWLD.L?

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.

Which ETF is cheaper, IBTL.L or SWLD.L?

IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.12% for SWLD.L.

What is the main difference between IBTL.L and SWLD.L?

IBTL.L is categorized as Government Bonds, while SWLD.L is Global Equities. IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while SWLD.L tracks MSCI ACWI NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTL.L and 0.12% for SWLD.L.