IBTM.L vs. TRSX.L
IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) and TRSX.L (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - IBTM.L tracks the ICE U.S. Treasury 7-10 Year Bond Index while TRSX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, IBTM.L returned 1.05%/yr vs 0.91%/yr for TRSX.L. Their correlation of 0.86 suggests significant overlap in exposure. IBTM.L charges 0.07%/yr vs 0.05%/yr for TRSX.L.
Performance
IBTM.L vs. TRSX.L - Performance Comparison
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Different Trading Currencies
IBTM.L is traded in GBP, while TRSX.L is traded in USD. To make them comparable, the TRSX.L 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 2.03% return, which is significantly higher than TRSX.L's 1.19% return. Over the past 10 years, IBTM.L has outperformed TRSX.L with an annualized return of 1.05%, while TRSX.L has yielded a comparatively lower 0.91% annualized return.
IBTM.L
- 1D
- 0.76%
- 1M
- 3.58%
- YTD
- 2.03%
- 6M
- 2.99%
- 1Y
- 7.11%
- 3Y*
- 1.77%
- 5Y*
- 0.23%
- 10Y*
- 1.05%
TRSX.L
- 1D
- 0.52%
- 1M
- 2.66%
- YTD
- 1.19%
- 6M
- 2.02%
- 1Y
- 6.16%
- 3Y*
- 1.48%
- 5Y*
- -0.03%
- 10Y*
- 0.91%
IBTM.L vs. TRSX.L - 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) | 2.03% | 0.89% | 1.46% | -2.26% | -4.74% | -1.77% | 6.02% | 5.50% | 6.50% | -6.47% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 1.19% | 0.68% | 1.47% | -1.80% | -4.92% | -2.22% | 6.33% | 4.66% | 6.58% | -6.17% |
Correlation
The correlation between IBTM.L and TRSX.L is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2016 | 0.86 |
The correlation between IBTM.L and TRSX.L has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.
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Return for Risk
IBTM.L vs. TRSX.L — Risk / Return Rank
IBTM.L
TRSX.L
IBTM.L vs. TRSX.L - 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 SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.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.
| IBTM.L | TRSX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.15 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 0.94 | +0.33 |
| Martin ratioReturn relative to average drawdown | 2.95 | 2.33 | +0.62 |
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Drawdowns
IBTM.L vs. TRSX.L - Drawdown Comparison
The maximum IBTM.L drawdown since its inception was -52.39%, which is greater than TRSX.L's maximum drawdown of -26.61%. Use the drawdown chart below to compare losses from any high point for IBTM.L and TRSX.L.
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Drawdown Indicators
| IBTM.L | TRSX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -26.61% | -25.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.57% | -5.94% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -8.02% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -16.99% | +0.70% |
Max Drawdown (10Y)Largest decline over 10 years | -26.54% | -26.61% | +0.07% |
Current DrawdownCurrent decline from peak | -19.43% | -20.05% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -14.81% | -5.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.41% | 0.00% |
Volatility
IBTM.L vs. TRSX.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) is 1.70%, while SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) has a volatility of 1.79%. This indicates that IBTM.L experiences smaller price fluctuations and is considered to be less risky than TRSX.L 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 | TRSX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.79% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 5.51% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.31% | 6.83% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.46% | 9.80% | -0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.03% | 10.16% | -0.13% |
IBTM.L vs. TRSX.L - Expense Ratio Comparison
IBTM.L has a 0.07% expense ratio, which is higher than TRSX.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
IBTM.L vs. TRSX.L - Dividend Comparison
IBTM.L's dividend yield for the trailing twelve months is around 4.25%, more than TRSX.L's 4.09% 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) | 4.25% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 4.09% | 3.90% | 3.57% | 2.71% | 1.65% | 1.02% | 1.56% | 2.34% | 2.07% | 1.88% | 0.74% | 0.00% |
Frequently Asked Questions
IBTM.L and TRSX.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRSX.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRSX.L is cheaper with a 0.05% expense ratio, compared with 0.07% for IBTM.L.
IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index, while TRSX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTM.L and 0.05% for TRSX.L.
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