IBTS.L vs. IBTL.L
IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both Government Bonds funds from iShares - IBTS.L tracks the ICE U.S. Treasury 1-3 Year Bond Index while IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, IBTS.L returned 2.09%/yr vs -1.20%/yr for IBTL.L. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
IBTS.L vs. IBTL.L - Performance Comparison
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Different Trading Currencies
IBTS.L is traded in GBP, while IBTL.L is traded in GBp. To make them comparable, the IBTL.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTS.L achieves a 2.73% return, which is significantly lower than IBTL.L's 3.59% return. Over the past 10 years, IBTS.L has outperformed IBTL.L with an annualized return of 2.09%, while IBTL.L has yielded a comparatively lower -1.20% annualized return.
IBTS.L
- 1D
- 0.32%
- 1M
- 2.39%
- YTD
- 2.73%
- 6M
- 3.46%
- 1Y
- 6.67%
- 3Y*
- 3.08%
- 5Y*
- 3.03%
- 10Y*
- 2.09%
IBTL.L
- 1D
- 1.52%
- 1M
- 6.32%
- YTD
- 3.59%
- 6M
- 4.54%
- 1Y
- 8.59%
- 3Y*
- -2.39%
- 5Y*
- -5.02%
- 10Y*
- -1.20%
IBTS.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 2.73% | -1.91% | 5.79% | -1.41% | 7.61% | 0.64% | -0.34% | 0.37% | 7.21% | -8.60% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 3.59% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 12.05% | 3.88% | -0.83% |
Correlation
The correlation between IBTS.L and IBTL.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2015 | 0.55 |
The correlation between IBTS.L and IBTL.L shifts across timeframes, from 0.33 (3 years) to 0.55 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTS.L vs. IBTL.L — Risk / Return Rank
IBTS.L
IBTL.L
IBTS.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| IBTS.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.04 | +0.45 |
| Martin ratioReturn relative to average drawdown | 3.77 | 2.17 | +1.60 |
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Drawdowns
IBTS.L vs. IBTL.L - Drawdown Comparison
The maximum IBTS.L drawdown since its inception was -23.85%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for IBTS.L and IBTL.L.
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Drawdown Indicators
| IBTS.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.85% | -48.85% | +25.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -8.26% | +3.75% |
Max Drawdown (3Y)Largest decline over 3 years | -8.89% | -17.10% | +8.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -39.34% | +23.05% |
Max Drawdown (10Y)Largest decline over 10 years | -19.02% | -48.85% | +29.83% |
Current DrawdownCurrent decline from peak | -5.60% | -42.92% | +37.32% |
Average DrawdownAverage peak-to-trough decline | -11.16% | -22.75% | +11.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 3.94% | -2.17% |
Volatility
IBTS.L vs. IBTL.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) is 1.49%, while iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a volatility of 2.83%. This indicates that IBTS.L experiences smaller price fluctuations and is considered to be less risky than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTS.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 2.83% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 6.80% | -2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 9.68% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.09% | 15.42% | -7.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.75% | 15.86% | -7.11% |
IBTS.L vs. IBTL.L - Expense Ratio Comparison
Both IBTS.L and IBTL.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
IBTS.L vs. IBTL.L - Dividend Comparison
IBTS.L's dividend yield for the trailing twelve months is around 3.91%, less than IBTL.L's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.55% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 3.91% | 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
IBTS.L and IBTL.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IBTS.L and IBTL.L have the same expense ratio: 0.07% per year.
IBTS.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index.
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