IBTM.L vs. SPY
IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IBTM.L returned 1.38%/yr vs 16.02%/yr for SPY. At a 0.09 correlation, their price movements are largely independent. IBTM.L charges 0.07%/yr vs 0.09%/yr for SPY.
Performance
IBTM.L vs. SPY - Performance Comparison
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Different Trading Currencies
IBTM.L is traded in GBP, while SPY is traded in USD. To make them comparable, the SPY values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTM.L achieves a -0.45% return, which is significantly lower than SPY's 9.54% return. Over the past 10 years, IBTM.L has underperformed SPY with an annualized return of 1.38%, while SPY has yielded a comparatively higher 16.02% annualized return.
IBTM.L
- 1D
- 0.18%
- 1M
- 1.03%
- YTD
- -0.45%
- 6M
- -0.81%
- 1Y
- 5.41%
- 3Y*
- 0.62%
- 5Y*
- -0.02%
- 10Y*
- 1.38%
SPY
- 1D
- 0.00%
- 1M
- 2.19%
- YTD
- 9.54%
- 6M
- 8.36%
- 1Y
- 26.26%
- 3Y*
- 18.89%
- 5Y*
- 14.66%
- 10Y*
- 16.02%
IBTM.L vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -0.45% | 0.89% | 1.46% | -2.26% | -4.74% | -1.77% | 6.02% | 5.50% | 6.50% | -6.47% |
SPY State Street SPDR S&P 500 ETF | 9.76% | 9.33% | 27.07% | 19.87% | -8.45% | 29.95% | 14.86% | 26.23% | 1.09% | 11.18% |
Correlation
The correlation between IBTM.L and SPY is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007 | 0.09 |
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Return for Risk
IBTM.L vs. SPY — Risk / Return Rank
IBTM.L
SPY
IBTM.L vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) and State Street SPDR S&P 500 ETF (SPY). 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.
| IBTM.L | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.43 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 3.43 | -2.46 |
| Martin ratioReturn relative to average drawdown | 2.30 | 13.08 | -10.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBTM.L | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 2.28 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.92 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 0.89 | -0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.68 | -0.65 |
Drawdowns
IBTM.L vs. SPY - Drawdown Comparison
The maximum IBTM.L drawdown since its inception was -52.39%, which is greater than SPY's maximum drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for IBTM.L and SPY.
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Drawdown Indicators
| IBTM.L | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -34.68% | -17.71% |
Max Drawdown (1Y)Largest decline over 1 year | -5.57% | -7.69% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -21.94% | +14.37% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -21.94% | +5.65% |
Max Drawdown (10Y)Largest decline over 10 years | -26.54% | -25.78% | -0.76% |
Current DrawdownCurrent decline from peak | -21.39% | -1.97% | -19.42% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -4.78% | -15.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 2.01% | +0.34% |
Volatility
IBTM.L vs. SPY - Volatility Comparison
The current volatility for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) is 1.59%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.28%. This indicates that IBTM.L experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTM.L | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 3.28% | -1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 8.37% | -3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 11.58% | -5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.47% | 16.04% | -6.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 18.03% | -7.44% |
IBTM.L vs. SPY - Expense Ratio Comparison
IBTM.L has a 0.07% expense ratio, which is lower than SPY's 0.09% 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
IBTM.L vs. SPY - Dividend Comparison
IBTM.L's dividend yield for the trailing twelve months is around 4.36%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
IBTM.L and SPY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY.
IBTM.L is categorized as Government Bonds, while SPY is S&P 500. IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTM.L and 0.09% for SPY.
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