IE15.L vs. TSY3.L
IE15.L (iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist)) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both exchange-traded funds - IE15.L is a Short-Term Bond fund tracking the BBG Euro Corp 1-5 Yrs (EUR), while TSY3.L is a Government Bonds fund tracking the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, IE15.L returned 0.76%/yr vs 1.42%/yr for TSY3.L. At a 0.00 correlation, their price movements are largely independent. IE15.L charges 0.20%/yr vs 0.05%/yr for TSY3.L.
Performance
IE15.L vs. TSY3.L - Performance Comparison
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Different Trading Currencies
IE15.L is traded in EUR, while TSY3.L is traded in GBP. To make them comparable, the TSY3.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IE15.L achieves a -1.15% return, which is significantly lower than TSY3.L's 3.56% return. Over the past 10 years, IE15.L has underperformed TSY3.L with an annualized return of 0.76%, while TSY3.L has yielded a comparatively higher 1.42% annualized return.
IE15.L
- 1D
- -0.04%
- 1M
- -0.18%
- 6M
- 0.17%
- YTD
- -1.15%
- 1Y
- -0.29%
- 3Y*
- 3.52%
- 5Y*
- 0.68%
- 10Y*
- 0.76%
TSY3.L
- 1D
- 0.11%
- 1M
- 1.52%
- 6M
- 2.44%
- YTD
- 3.56%
- 1Y
- 4.64%
- 3Y*
- 3.71%
- 5Y*
- 2.56%
- 10Y*
- 1.42%
IE15.L vs. TSY3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IE15.L iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) | -1.15% | 3.42% | 4.34% | 5.77% | -7.79% | -0.34% | 1.06% | 2.63% | -0.65% | 0.86% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.56% | -7.13% | 10.87% | 0.45% | 2.04% | 7.03% | -5.84% | 6.58% | 6.49% | -12.00% |
Correlation
The correlation between IE15.L and TSY3.L is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 2013 | 0.00 |
The correlation between IE15.L and TSY3.L shifts across timeframes, from -0.31 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IE15.L vs. TSY3.L — Risk / Return Rank
IE15.L
TSY3.L
IE15.L vs. TSY3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.L) and SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.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.
| IE15.L | TSY3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.14 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 1.35 | -1.45 |
| Martin ratioReturn relative to average drawdown | -0.25 | 3.33 | -3.58 |
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Drawdowns
IE15.L vs. TSY3.L - Drawdown Comparison
The maximum IE15.L drawdown since its inception was -10.14%, smaller than the maximum TSY3.L drawdown of -38.40%. Use the drawdown chart below to compare losses from any high point for IE15.L and TSY3.L.
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Drawdown Indicators
| IE15.L | TSY3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.14% | -38.40% | +28.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -3.43% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -2.86% | -10.91% | +8.05% |
Max Drawdown (5Y)Largest decline over 5 years | -10.14% | -12.89% | +2.75% |
Max Drawdown (10Y)Largest decline over 10 years | -10.14% | -16.70% | +6.56% |
Current DrawdownCurrent decline from peak | -1.40% | -8.35% | +6.95% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -18.94% | +17.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.39% | -0.23% |
Volatility
IE15.L vs. TSY3.L - Volatility Comparison
The current volatility for iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) (IE15.L) is 0.58%, while SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a volatility of 1.10%. This indicates that IE15.L experiences smaller price fluctuations and is considered to be less risky than TSY3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IE15.L | TSY3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 1.10% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 4.20% | -2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 5.80% | -3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.75% | 7.65% | -4.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 7.62% | -4.30% |
IE15.L vs. TSY3.L - Expense Ratio Comparison
IE15.L has a 0.20% expense ratio, which is higher than TSY3.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
IE15.L vs. TSY3.L - Dividend Comparison
IE15.L's dividend yield for the trailing twelve months is around 1.51%, less than TSY3.L's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IE15.L iShares € Corp Bond 1-5yr UCITS ETF EUR (Dist) | 1.51% | 2.92% | 2.50% | 1.41% | 0.51% | 0.57% | 0.59% | 0.62% | 0.62% | 0.68% | 0.90% | 0.56% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.91% | 4.25% | 4.06% | 3.02% | 0.61% | 0.56% | 1.84% | 2.14% | 1.78% | 1.34% | 0.87% | 0.80% |
Frequently Asked Questions
IE15.L and TSY3.L have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TSY3.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TSY3.L is cheaper with a 0.05% expense ratio, compared with 0.20% for IE15.L.
IE15.L is categorized as Short-Term Bond, while TSY3.L is Government Bonds. IE15.L tracks BBG Euro Corp 1-5 Yrs (EUR), while TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IE15.L and 0.05% for TSY3.L.
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