IBTS.L vs. USTY.L
IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds - IBTS.L tracks the ICE U.S. Treasury 1-3 Year Bond Index while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, IBTS.L returned 2.54%/yr vs 2.29%/yr for USTY.L. Their correlation of 0.89 suggests significant overlap in exposure. IBTS.L charges 0.07%/yr vs 0.05%/yr for USTY.L.
Performance
IBTS.L vs. USTY.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBTS.L achieves a 0.51% return, which is significantly higher than USTY.L's 0.45% return. Over the past 10 years, IBTS.L has outperformed USTY.L with an annualized return of 2.54%, while USTY.L has yielded a comparatively lower 2.29% annualized return.
IBTS.L
- 1D
- 0.19%
- 1M
- 1.36%
- YTD
- 0.51%
- 6M
- 0.07%
- 1Y
- 4.08%
- 3Y*
- 1.62%
- 5Y*
- 2.92%
- 10Y*
- 2.54%
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%
IBTS.L vs. USTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 0.51% | -1.91% | 5.79% | -1.41% | 7.61% | 0.64% | -0.34% | 0.37% | 7.21% | -8.60% |
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 IBTS.L and USTY.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.89 |
The correlation between IBTS.L and USTY.L has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBTS.L vs. USTY.L — Risk / Return Rank
IBTS.L
USTY.L
IBTS.L vs. USTY.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 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.
| IBTS.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.16 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 1.11 | -0.21 |
| Martin ratioReturn relative to average drawdown | 2.29 | 3.06 | -0.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IBTS.L | USTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.91 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.15 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.23 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.31 | +0.04 |
Drawdowns
IBTS.L vs. USTY.L - Drawdown Comparison
The maximum IBTS.L drawdown since its inception was -19.02%, smaller than the maximum USTY.L drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for IBTS.L and USTY.L.
Loading charts...
Drawdown Indicators
| IBTS.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.02% | -23.02% | +4.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -5.20% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -8.89% | -7.75% | -1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -16.28% | -16.04% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -19.02% | -23.02% | +4.00% |
Current DrawdownCurrent decline from peak | -7.64% | -15.76% | +8.12% |
Average DrawdownAverage peak-to-trough decline | -7.93% | -12.04% | +4.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.90% | -0.13% |
Volatility
IBTS.L vs. USTY.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) is 1.69%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 2.22%. This indicates that IBTS.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.
Loading charts...
Volatility by Period
| IBTS.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 2.22% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.49% | 4.79% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.10% | 6.36% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.09% | 8.77% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 10.02% | -0.78% |
IBTS.L vs. USTY.L - Expense Ratio Comparison
IBTS.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
IBTS.L vs. USTY.L - Dividend Comparison
IBTS.L's dividend yield for the trailing twelve months is around 4.00%, less than USTY.L's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 4.00% | 4.22% | 4.12% | 3.08% | 0.75% | 0.61% | 1.84% | 2.39% | 1.49% | 1.01% | 0.67% | 0.49% |
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
IBTS.L and USTY.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 IBTS.L.
IBTS.L tracks ICE U.S. Treasury 1-3 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 IBTS.L and 0.05% for USTY.L.
Find the right allocation for IBTS.L and USTY.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer