IBTL vs. IBTS.L

Last updated Jun 4, 2026

IBTL (iShares iBonds Dec 2031 Term Treasury ETF) and IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) are both Government Bonds funds from iShares - IBTL tracks the ICE 2031 Maturity US Treasury Index while IBTS.L tracks the ICE U.S. Treasury 1-3 Year Bond Index. Both are passively managed. Over the past 3 years, IBTL returned 2.83%/yr vs 4.21%/yr for IBTS.L. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.

Performance

IBTL vs. IBTS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2031 Term Treasury ETF (IBTL) and iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IBTL achieves a -0.47% return, which is significantly lower than IBTS.L's 0.28% return.

IBTL

• 1D: -0.15%
• 1M: -0.21%
• YTD: -0.47%
• 6M: -0.69%
• 1Y: 3.77%
• 3Y*: 2.83%
• 5Y*: —
• 10Y*: —

IBTS.L

• 1D: -0.08%
• 1M: 0.29%
• YTD: 0.28%
• 6M: 0.60%
• 1Y: 3.38%
• 3Y*: 4.21%
• 5Y*: 1.84%
• 10Y*: 1.75%

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

IBTL vs. IBTS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBTL iShares iBonds Dec 2031 Term Treasury ETF	-0.47%	7.85%	0.36%	3.60%	-15.60%	-1.37%
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	0.28%	5.49%	4.03%	3.79%	-3.90%	-0.35%

Correlation

The correlation between IBTL and IBTS.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Aug 31, 2021	0.32

Return for Risk

IBTL vs. IBTS.L — Risk / Return Rank

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

IBTL

IBTL Risk / Return Rank: 28
IBTL Sharpe Ratio Rank: 28
IBTL Sortino Ratio Rank: 29
IBTL Omega Ratio Rank: 27
IBTL Calmar Ratio Rank: 27
IBTL Martin Ratio Rank: 28

IBTS.L

IBTS.L Risk / Return Rank: 19
IBTS.L Sharpe Ratio Rank: 20
IBTS.L Sortino Ratio Rank: 19
IBTS.L Omega Ratio Rank: 18
IBTS.L Calmar Ratio Rank: 21
IBTS.L Martin Ratio Rank: 20

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 vs. IBTS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) and iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.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.

	IBTL	IBTS.L	Difference
Sharpe ratio Return per unit of total volatility	1.05	0.83	+0.22
Sortino ratio Return per unit of downside risk	1.60	1.24	+0.36
Omega ratio Gain probability vs. loss probability	1.18	1.14	+0.04
Calmar ratio Return relative to maximum drawdown	1.34	3.15	-1.82
Martin ratio Return relative to average drawdown	3.90	9.14	-5.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTL vs. IBTS.L - Sharpe Ratio Comparison

The current IBTL Sharpe Ratio is 1.05, which is comparable to the IBTS.L Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of IBTL and IBTS.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.

Sharpe Ratios by Period

	IBTL	IBTS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	0.83	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.37	-0.57

Drawdowns

IBTL vs. IBTS.L - Drawdown Comparison

The maximum IBTL drawdown since its inception was -20.93%, which is greater than IBTS.L's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for IBTL and IBTS.L.

Drawdown Indicators

	IBTL	IBTS.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.93%	-7.24%	-13.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-1.07%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-7.38%	-1.44%	-5.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-7.24%	—
Current Drawdown Current decline from peak	-7.25%	-0.51%	-6.74%
Average Drawdown Average peak-to-trough decline	-11.47%	-1.16%	-10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.37%	+0.60%

Volatility

IBTL vs. IBTS.L - Volatility Comparison

The current volatility for iShares iBonds Dec 2031 Term Treasury ETF (IBTL) is 1.08%, while iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) has a volatility of 1.38%. This indicates that IBTL experiences smaller price fluctuations and is considered to be less risky than IBTS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTL	IBTS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.38%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	3.30%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	4.09%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	5.03%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	5.07%	+2.39%

IBTL vs. IBTS.L - Expense Ratio Comparison

Both IBTL and IBTS.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

IBTL vs. IBTS.L - Dividend Comparison

IBTL's dividend yield for the trailing twelve months is around 3.97%, which matches IBTS.L's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBTL iShares iBonds Dec 2031 Term Treasury ETF	3.97%	3.93%	4.07%	3.04%	2.36%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	4.00%	4.22%	4.12%	3.08%	0.75%	0.61%	1.84%	2.39%	1.49%	1.01%	0.67%	0.49%

Frequently Asked Questions

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

IBTL and IBTS.L have a correlation of 0.30, 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 or IBTS.L?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBTL or IBTS.L?

IBTL and IBTS.L have the same expense ratio: 0.07% per year.

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

IBTL tracks ICE 2031 Maturity US Treasury Index, while IBTS.L tracks ICE U.S. Treasury 1-3 Year Bond Index.