IBTU.L vs. TRSX.L
IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) and TRSX.L (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - IBTU.L tracks the ICE U.S. Treasury Short Bond Index while TRSX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, IBTU.L returned 3.42%/yr vs -1.09%/yr for TRSX.L. At a 0.05 correlation, their price movements are largely independent. IBTU.L charges 0.07%/yr vs 0.05%/yr for TRSX.L.
Performance
IBTU.L vs. TRSX.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTU.L achieves a 1.56% return, which is significantly higher than TRSX.L's -0.84% return.
IBTU.L
- 1D
- 0.00%
- 1M
- 0.40%
- YTD
- 1.56%
- 6M
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.69%
- 5Y*
- 3.42%
- 10Y*
- —
TRSX.L
- 1D
- 0.12%
- 1M
- 0.39%
- YTD
- -0.84%
- 6M
- -0.28%
- 1Y
- 3.05%
- 3Y*
- 2.76%
- 5Y*
- -1.09%
- 10Y*
- 0.55%
IBTU.L vs. TRSX.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) | 1.56% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.88% | 2.02% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | -0.84% | 8.40% | -0.27% | 3.37% | -15.02% | -3.14% | 9.54% | 7.71% |
Correlation
The correlation between IBTU.L and TRSX.L is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019 | 0.05 |
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Return for Risk
IBTU.L vs. TRSX.L — Risk / Return Rank
IBTU.L
TRSX.L
IBTU.L vs. TRSX.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 SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.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 | TRSX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.71 | ||
| Sortino ratioReturn per unit of downside risk | +6.07 | ||
| Omega ratioGain probability vs. loss probability | 3.47 | 1.12 | +2.35 |
| Calmar ratioReturn relative to maximum drawdown | 19.33 | 0.77 | +18.56 |
| Martin ratioReturn relative to average drawdown | 83.96 | 2.19 | +81.77 |
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Drawdowns
IBTU.L vs. TRSX.L - Drawdown Comparison
The maximum IBTU.L drawdown since its inception was -0.72%, smaller than the maximum TRSX.L drawdown of -23.62%. Use the drawdown chart below to compare losses from any high point for IBTU.L and TRSX.L.
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Drawdown Indicators
| IBTU.L | TRSX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.72% | -23.62% | +22.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -4.05% | +3.85% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -7.22% | +7.02% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -21.08% | +20.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.62% | — |
Current DrawdownCurrent decline from peak | 0.00% | -10.84% | +10.84% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -8.80% | +8.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 1.43% | -1.38% |
Volatility
IBTU.L vs. TRSX.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) is 0.28%, while SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) has a volatility of 1.29%. This indicates that IBTU.L experiences smaller price fluctuations and is considered to be less risky than TRSX.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 | TRSX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 1.29% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 3.36% | -2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.15% | 4.49% | -3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.02% | 7.44% | -6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.95% | 6.32% | -5.37% |
IBTU.L vs. TRSX.L - Expense Ratio Comparison
IBTU.L has a 0.07% expense ratio, which is higher than TRSX.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
IBTU.L vs. TRSX.L - Dividend Comparison
IBTU.L's dividend yield for the trailing twelve months is around 4.06%, which matches TRSX.L's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.06% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% | 0.00% | 0.00% | 0.00% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 4.09% | 3.90% | 3.57% | 2.71% | 1.65% | 1.02% | 1.56% | 2.34% | 2.07% | 1.88% | 0.74% |
Frequently Asked Questions
IBTU.L and TRSX.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRSX.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRSX.L is cheaper with a 0.05% expense ratio, compared with 0.07% for IBTU.L.
IBTU.L tracks ICE U.S. Treasury Short Bond Index, while TRSX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IBTU.L and 0.05% for TRSX.L.
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