IBTU.L vs. CBND.L
IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both Government Bonds funds - IBTU.L tracks the ICE U.S. Treasury Short Bond Index while CBND.L tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, IBTU.L returned 3.46%/yr vs 2.85%/yr for CBND.L. At a 0.04 correlation, their price movements are largely independent. IBTU.L charges 0.07%/yr vs 0.24%/yr for CBND.L.
Performance
IBTU.L vs. CBND.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTU.L achieves a 1.76% return, which is significantly lower than CBND.L's 4.87% return.
IBTU.L
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 1.76%
- YTD
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.63%
- 5Y*
- 3.46%
- 10Y*
- —
CBND.L
- 1D
- 0.05%
- 1M
- 0.02%
- 6M
- 4.64%
- YTD
- 4.87%
- 1Y
- 7.44%
- 3Y*
- 5.57%
- 5Y*
- 2.85%
- 10Y*
- —
IBTU.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.76% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.88% | 0.20% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 4.87% | 5.04% | 4.67% | 1.28% | -5.17% | 7.61% | 8.70% | 3.08% |
Correlation
The correlation between IBTU.L and CBND.L is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.04 |
The correlation between IBTU.L and CBND.L shifts across timeframes, from -0.06 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTU.L vs. CBND.L — Risk / Return Rank
IBTU.L
CBND.L
IBTU.L vs. CBND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.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.
| IBTU.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +4.07 | ||
| Omega ratioGain probability vs. loss probability | 3.84 | 1.47 | +2.37 |
| Calmar ratioReturn relative to maximum drawdown | 19.33 | 7.45 | +11.89 |
| Martin ratioReturn relative to average drawdown | 94.97 | 18.48 | +76.49 |
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Drawdowns
IBTU.L vs. CBND.L - Drawdown Comparison
The maximum IBTU.L drawdown since its inception was -0.72%, smaller than the maximum CBND.L drawdown of -11.48%. Use the drawdown chart below to compare losses from any high point for IBTU.L and CBND.L.
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Drawdown Indicators
| IBTU.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.72% | -11.48% | +10.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.99% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -3.66% | +3.46% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -11.48% | +11.08% |
Current DrawdownCurrent decline from peak | 0.00% | -0.21% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -2.80% | +2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.40% | -0.36% |
Volatility
IBTU.L vs. CBND.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) is 0.28%, while Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) has a volatility of 0.89%. This indicates that IBTU.L experiences smaller price fluctuations and is considered to be less risky than CBND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTU.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 0.89% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.77% | 2.58% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.11% | 3.11% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.02% | 5.02% | -4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.95% | 4.94% | -3.99% |
IBTU.L vs. CBND.L - Expense Ratio Comparison
IBTU.L has a 0.07% expense ratio, which is lower than CBND.L's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBTU.L vs. CBND.L - Dividend Comparison
IBTU.L's dividend yield for the trailing twelve months is around 4.05%, more than CBND.L's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 2.04% | 2.20% | 2.45% | 2.54% | 2.72% | 2.52% | 1.87% | 0.00% |
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.05% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% |
Frequently Asked Questions
IBTU.L and CBND.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.24% for CBND.L.
IBTU.L tracks ICE U.S. Treasury Short Bond Index, while CBND.L tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.07% for IBTU.L and 0.24% for CBND.L.
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