IGLT.L vs. USTY.L
IGLT.L (iShares Core UK Gilts UCITS ETF) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds - IGLT.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks Index while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, IGLT.L returned -1.35%/yr vs 0.39%/yr for USTY.L. At a 0.41 correlation, their price movements are largely independent. IGLT.L charges 0.07%/yr vs 0.05%/yr for USTY.L.
Performance
IGLT.L vs. USTY.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGLT.L achieves a 0.24% return, which is significantly lower than USTY.L's 0.74% return. Over the past 10 years, IGLT.L has underperformed USTY.L with an annualized return of -1.35%, while USTY.L has yielded a comparatively higher 0.39% annualized return.
IGLT.L
- 1D
- -0.21%
- 1M
- 0.94%
- 6M
- 0.14%
- YTD
- 0.24%
- 1Y
- 2.75%
- 3Y*
- 3.63%
- 5Y*
- -4.48%
- 10Y*
- -1.35%
USTY.L
- 1D
- -0.03%
- 1M
- 0.71%
- 6M
- 1.44%
- YTD
- 0.74%
- 1Y
- 5.40%
- 3Y*
- 2.11%
- 5Y*
- -0.05%
- 10Y*
- 0.39%
IGLT.L vs. USTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGLT.L iShares Core UK Gilts UCITS ETF | 0.24% | 4.70% | -3.34% | 3.61% | -23.74% | -5.00% | 8.06% | 6.68% | 0.57% | 1.38% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.74% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | 3.61% | 6.57% | -6.86% |
Correlation
The correlation between IGLT.L and USTY.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 | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2011 | 0.41 |
Over the past year, the correlation between IGLT.L and USTY.L has dropped to 0.06 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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Return for Risk
IGLT.L vs. USTY.L — Risk / Return Rank
IGLT.L
USTY.L
IGLT.L vs. USTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core UK Gilts UCITS ETF (IGLT.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.
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.
| IGLT.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.15 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 1.04 | -0.58 |
| Martin ratioReturn relative to average drawdown | 1.33 | 2.44 | -1.10 |
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Drawdowns
IGLT.L vs. USTY.L - Drawdown Comparison
The maximum IGLT.L drawdown since its inception was -35.56%, roughly equal to the maximum USTY.L drawdown of -36.73%. Use the drawdown chart below to compare losses from any high point for IGLT.L and USTY.L.
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Drawdown Indicators
| IGLT.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.56% | -36.73% | +1.17% |
Max Drawdown (1Y)Largest decline over 1 year | -6.00% | -5.20% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -8.14% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -33.53% | -16.24% | -17.29% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | -23.92% | -11.64% |
Current DrawdownCurrent decline from peak | -25.14% | -18.30% | -6.84% |
Average DrawdownAverage peak-to-trough decline | -8.46% | -14.79% | +6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 2.21% | -0.16% |
Volatility
IGLT.L vs. USTY.L - Volatility Comparison
The current volatility for iShares Core UK Gilts UCITS ETF (IGLT.L) is 1.26%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 1.92%. This indicates that IGLT.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.
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Volatility by Period
| IGLT.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.92% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 5.99% | 4.77% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.83% | 6.29% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.32% | 8.70% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 9.31% | -0.18% |
IGLT.L vs. USTY.L - Expense Ratio Comparison
IGLT.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
IGLT.L vs. USTY.L - Dividend Comparison
IGLT.L's dividend yield for the trailing twelve months is around 4.45%, more than USTY.L's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGLT.L iShares Core UK Gilts UCITS ETF | 4.45% | 4.26% | 3.69% | 2.40% | 1.32% | 0.79% | 0.95% | 1.24% | 1.31% | 1.30% | 1.88% | 2.05% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.59% | 3.58% | 2.98% | 2.23% | 1.24% | 0.95% | 1.91% | 2.22% | 1.56% | 1.63% | 1.20% | 1.90% |
Frequently Asked Questions
IGLT.L and USTY.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, 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 IGLT.L.
IGLT.L tracks FTSE Actuaries UK Conventional Gilts All Stocks 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 IGLT.L and 0.05% for USTY.L.
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