IBTU.L vs. SPYD
IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - IBTU.L is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 5 years, IBTU.L returned 3.38%/yr vs 7.70%/yr for SPYD. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.07% expense ratio.
Performance
IBTU.L vs. SPYD - Performance Comparison
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Returns By Period
In the year-to-date period, IBTU.L achieves a 1.35% return, which is significantly lower than SPYD's 13.63% return.
IBTU.L
- 1D
- 0.00%
- 1M
- 0.20%
- YTD
- 1.35%
- 6M
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.62%
- 5Y*
- 3.38%
- 10Y*
- —
SPYD
- 1D
- -0.96%
- 1M
- 5.26%
- YTD
- 13.63%
- 6M
- 12.94%
- 1Y
- 19.77%
- 3Y*
- 14.01%
- 5Y*
- 7.70%
- 10Y*
- 8.85%
IBTU.L vs. SPYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.35% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.88% | 2.02% |
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 13.63% | 4.65% | 15.34% | 3.91% | -1.17% | 32.73% | -11.64% | 8.90% |
Correlation
The correlation between IBTU.L and SPYD is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019 | -0.02 |
The correlation between IBTU.L and SPYD shifts across timeframes, from -0.13 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBTU.L vs. SPYD — Risk / Return Rank
IBTU.L
SPYD
IBTU.L vs. SPYD - 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 State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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 | SPYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +4.55 | ||
| Omega ratioGain probability vs. loss probability | 3.47 | 1.29 | +2.18 |
| Calmar ratioReturn relative to maximum drawdown | 19.33 | 2.82 | +16.51 |
| Martin ratioReturn relative to average drawdown | 83.95 | 8.20 | +75.75 |
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Drawdowns
IBTU.L vs. SPYD - Drawdown Comparison
The maximum IBTU.L drawdown since its inception was -0.72%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for IBTU.L and SPYD.
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Drawdown Indicators
| IBTU.L | SPYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.72% | -46.42% | +45.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -7.05% | +6.85% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -16.13% | +15.93% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -22.25% | +21.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.42% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.96% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -6.15% | +6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 2.42% | -2.37% |
Volatility
IBTU.L vs. SPYD - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) is 0.35%, while State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a volatility of 3.16%. This indicates that IBTU.L experiences smaller price fluctuations and is considered to be less risky than SPYD 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 | SPYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 3.16% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 7.79% | -6.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.15% | 11.71% | -10.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.01% | 16.15% | -15.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.95% | 19.79% | -18.84% |
IBTU.L vs. SPYD - Expense Ratio Comparison
Both IBTU.L and SPYD 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
IBTU.L vs. SPYD - Dividend Comparison
IBTU.L's dividend yield for the trailing twelve months is around 4.07%, which matches SPYD's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.07% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% | 0.00% | 0.00% | 0.00% | 0.00% |
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 4.09% | 4.52% | 4.31% | 4.66% | 5.01% | 3.68% | 4.95% | 4.42% | 4.75% | 4.63% | 4.34% | 1.13% |
Frequently Asked Questions
IBTU.L and SPYD have a correlation of -0.13, 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.
IBTU.L and SPYD have the same expense ratio: 0.07% per year.
IBTU.L is categorized as Government Bonds, while SPYD is S&P 500. IBTU.L tracks ICE U.S. Treasury Short Bond Index, while SPYD tracks S&P 500 High Dividend Index. They also come from different issuers: iShares and State Street.
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