IBTS.L vs. PHAU.AS

Last updated Jun 13, 2026

IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) and PHAU.AS (WisdomTree Physical Gold UCITS ETC) are both exchange-traded funds - IBTS.L is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index, while PHAU.AS is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, IBTS.L returned 4.68% vs 25.83% for PHAU.AS. At a correlation of -0.06, they often move in opposite directions. IBTS.L charges 0.07%/yr vs 0.39%/yr for PHAU.AS.

Performance

IBTS.L vs. PHAU.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) and WisdomTree Physical Gold UCITS ETC (PHAU.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IBTS.L is traded in GBP, while PHAU.AS is traded in EUR. To make them comparable, the PHAU.AS 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 0.78% return, which is significantly higher than PHAU.AS's -1.96% return.

IBTS.L

• 1D: -0.49%
• 1M: 0.97%
• YTD: 0.78%
• 6M: 0.39%
• 1Y: 4.68%
• 3Y*: 2.11%
• 5Y*: 2.90%
• 10Y*: 2.25%

PHAU.AS

• 1D: 2.87%
• 1M: -9.41%
• YTD: -1.96%
• 6M: -2.24%
• 1Y: 25.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTS.L vs. PHAU.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	0.78%	-1.91%	5.13%
PHAU.AS WisdomTree Physical Gold UCITS ETC	-1.96%	53.32%	12.75%

Correlation

The correlation between IBTS.L and PHAU.AS is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since May 30, 2024	-0.06

Return for Risk

IBTS.L vs. PHAU.AS — Risk / Return Rank

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

IBTS.L

IBTS.L Risk / Return Rank: 23
IBTS.L Sharpe Ratio Rank: 24
IBTS.L Sortino Ratio Rank: 23
IBTS.L Omega Ratio Rank: 22
IBTS.L Calmar Ratio Rank: 25
IBTS.L Martin Ratio Rank: 23

PHAU.AS

PHAU.AS Risk / Return Rank: 29
PHAU.AS Sharpe Ratio Rank: 31
PHAU.AS Sortino Ratio Rank: 28
PHAU.AS Omega Ratio Rank: 33
PHAU.AS Calmar Ratio Rank: 25
PHAU.AS Martin Ratio Rank: 27

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.

IBTS.L vs. PHAU.AS - 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 WisdomTree Physical Gold UCITS ETC (PHAU.AS). 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	PHAU.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.08	-0.31
Sortino ratio: Return per unit of downside risk	1.14	1.47	-0.33
Omega ratio: Gain probability vs. loss probability	1.13	1.22	-0.08
Calmar ratio: Return relative to maximum drawdown	1.03	1.12	-0.08
Martin ratio: Return relative to average drawdown	2.62	3.47	-0.86

IBTS.L vs. PHAU.AS - Sharpe Ratio Comparison

The current IBTS.L Sharpe Ratio is 0.76, which is comparable to the PHAU.AS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of IBTS.L and PHAU.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBTS.L vs. PHAU.AS - Drawdown Comparison

The maximum IBTS.L drawdown since its inception was -45.91%, which is greater than PHAU.AS's maximum drawdown of -22.82%. Use the drawdown chart below to compare losses from any high point for IBTS.L and PHAU.AS.

Drawdown Indicators

	IBTS.L	PHAU.AS	Difference
Max Drawdown Largest peak-to-trough decline	-45.91%	-22.82%	-23.09%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-22.82%	+18.31%
Max Drawdown (3Y) Largest decline over 3 years	-8.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.02%	—	—
Current Drawdown Current decline from peak	-7.40%	-20.61%	+13.21%
Average Drawdown Average peak-to-trough decline	-11.02%	-3.35%	-7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	7.38%	-5.59%

Volatility

IBTS.L vs. PHAU.AS - Volatility Comparison

The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) is 1.63%, while WisdomTree Physical Gold UCITS ETC (PHAU.AS) has a volatility of 6.99%. This indicates that IBTS.L experiences smaller price fluctuations and is considered to be less risky than PHAU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTS.L	PHAU.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	6.99%	-5.36%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	20.73%	-16.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.11%	23.70%	-17.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.09%	20.06%	-11.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	20.06%	-10.82%

IBTS.L vs. PHAU.AS - Expense Ratio Comparison

IBTS.L has a 0.07% expense ratio, which is lower than PHAU.AS's 0.39% expense ratio.

Dividends

IBTS.L vs. PHAU.AS - Dividend Comparison

IBTS.L's dividend yield for the trailing twelve months is around 3.99%, while PHAU.AS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	3.99%	4.22%	4.12%	3.08%	0.75%	0.61%	1.84%	2.39%	1.49%	1.01%	0.67%	0.49%
PHAU.AS WisdomTree Physical Gold UCITS ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

IBTS.L and PHAU.AS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBTS.L or PHAU.AS?

On fees, IBTS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBTS.L or PHAU.AS?

IBTS.L is cheaper with a 0.07% expense ratio, compared with 0.39% for PHAU.AS.

What is the main difference between IBTS.L and PHAU.AS?

IBTS.L is categorized as Government Bonds, while PHAU.AS is Gold. IBTS.L tracks ICE U.S. Treasury 1-3 Year Bond Index, while PHAU.AS tracks LBMA Gold Price PM. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.07% for IBTS.L and 0.39% for PHAU.AS.