IBTM.L vs. USTY.L
IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds - IBTM.L tracks the ICE U.S. Treasury 7-10 Year Bond Index while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, IBTM.L returned 2.30%/yr vs 2.29%/yr for USTY.L. With a 0.97 correlation, they move nearly in lockstep. IBTM.L charges 0.07%/yr vs 0.05%/yr for USTY.L.
Performance
IBTM.L vs. USTY.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTM.L achieves a -0.03% return, which is significantly lower than USTY.L's 0.45% return. Both investments have delivered pretty close results over the past 10 years, with IBTM.L having a 2.30% annualized return and USTY.L not far behind at 2.29%.
IBTM.L
- 1D
- 0.15%
- 1M
- 1.68%
- YTD
- -0.03%
- 6M
- -0.91%
- 1Y
- 6.38%
- 3Y*
- 1.26%
- 5Y*
- 0.99%
- 10Y*
- 2.30%
USTY.L
- 1D
- 0.09%
- 1M
- 1.19%
- YTD
- 0.45%
- 6M
- -0.21%
- 1Y
- 5.82%
- 3Y*
- 1.24%
- 5Y*
- 1.33%
- 10Y*
- 2.29%
IBTM.L vs. USTY.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) | -0.03% | 2.28% | 2.56% | -1.50% | -4.38% | -1.34% | 6.45% | 6.25% | 7.34% | -5.92% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.45% | 0.10% | 3.36% | -1.37% | -1.66% | -0.86% | 4.57% | 4.20% | 7.22% | -6.43% |
Correlation
The correlation between IBTM.L and USTY.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.97 |
The correlation between IBTM.L and USTY.L has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
IBTM.L vs. USTY.L — Risk / Return Rank
IBTM.L
USTY.L
IBTM.L vs. USTY.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 US Treasury Bond UCITS ETF (USTY.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.
| IBTM.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.11 | +0.05 |
| Martin ratioReturn relative to average drawdown | 2.86 | 3.06 | -0.20 |
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 | USTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.03 | 0.91 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.15 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.23 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.31 | +0.26 |
Drawdowns
IBTM.L vs. USTY.L - Drawdown Comparison
The maximum IBTM.L drawdown since its inception was -25.39%, which is greater than USTY.L's maximum drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for IBTM.L and USTY.L.
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Drawdown Indicators
| IBTM.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.39% | -23.02% | -2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -5.58% | -5.20% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -6.93% | -7.75% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -16.04% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -25.39% | -23.02% | -2.37% |
Current DrawdownCurrent decline from peak | -17.49% | -15.76% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -10.52% | -12.04% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 1.90% | +0.38% |
Volatility
IBTM.L vs. USTY.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) is 1.86%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 2.22%. This indicates that IBTM.L experiences smaller price fluctuations and is considered to be less risky than USTY.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 | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 2.22% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 4.79% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 6.36% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.51% | 8.77% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.63% | 10.02% | +0.61% |
IBTM.L vs. USTY.L - Expense Ratio Comparison
IBTM.L has a 0.07% expense ratio, which is higher than USTY.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. USTY.L - Dividend Comparison
IBTM.L's dividend yield for the trailing twelve months is around 5.82%, more than USTY.L's 4.88% 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) | 5.82% | 5.55% | 5.00% | 3.93% | 2.34% | 1.57% | 2.13% | 3.25% | 3.07% | 2.64% | 2.40% | 3.01% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 4.88% | 4.61% | 3.81% | 2.81% | 1.57% | 1.31% | 2.49% | 2.79% | 2.11% | 2.11% | 1.66% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, IBTM.L and USTY.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.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 USTY.L tracks Bloomberg US Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTM.L and 0.05% for USTY.L.
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