ISAC.L vs. U03A.L
ISAC.L (iShares MSCI ACWI UCITS ETF USD (Acc)) and U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) are both exchange-traded funds - ISAC.L is a Global Equities fund tracking the MSCI All Country World Index (Net), while U03A.L is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Bill Index. Both are passively managed. Over the past year, ISAC.L returned 24.60% vs 3.92% for U03A.L. At a correlation of -0.10, they often move in opposite directions. ISAC.L charges 0.20%/yr vs 0.07%/yr for U03A.L.
Performance
ISAC.L vs. U03A.L - Performance Comparison
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Returns By Period
In the year-to-date period, ISAC.L achieves a 9.48% return, which is significantly higher than U03A.L's 1.71% return.
ISAC.L
- 1D
- -0.11%
- 1M
- -1.08%
- YTD
- 9.48%
- 6M
- 9.39%
- 1Y
- 24.60%
- 3Y*
- 20.08%
- 5Y*
- 10.77%
- 10Y*
- 13.21%
U03A.L
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.71%
- 6M
- 1.85%
- 1Y
- 3.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISAC.L vs. U03A.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ISAC.L iShares MSCI ACWI UCITS ETF USD (Acc) | 9.48% | 20.78% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.71% | 3.60% |
Correlation
The correlation between ISAC.L and U03A.L is -0.09, 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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025 | -0.10 |
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Return for Risk
ISAC.L vs. U03A.L — Risk / Return Rank
ISAC.L
U03A.L
ISAC.L vs. U03A.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L) and iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.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.
| ISAC.L | U03A.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.60 | ||
| Sortino ratioReturn per unit of downside risk | -15.12 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 4.82 | -3.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 34.17 | -31.37 |
| Martin ratioReturn relative to average drawdown | 11.32 | 248.94 | -237.62 |
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Drawdowns
ISAC.L vs. U03A.L - Drawdown Comparison
The maximum ISAC.L drawdown since its inception was -33.82%, which is greater than U03A.L's maximum drawdown of -0.11%. Use the drawdown chart below to compare losses from any high point for ISAC.L and U03A.L.
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Drawdown Indicators
| ISAC.L | U03A.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.82% | -0.11% | -33.71% |
Max Drawdown (1Y)Largest decline over 1 year | -8.77% | -0.11% | -8.66% |
Max Drawdown (3Y)Largest decline over 3 years | -16.56% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -26.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.82% | — | — |
Current DrawdownCurrent decline from peak | -2.55% | 0.00% | -2.55% |
Average DrawdownAverage peak-to-trough decline | -4.63% | -0.01% | -4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 0.02% | +2.15% |
Volatility
ISAC.L vs. U03A.L - Volatility Comparison
iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L) has a higher volatility of 4.17% compared to iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) at 0.10%. This indicates that ISAC.L's price experiences larger fluctuations and is considered to be riskier than U03A.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISAC.L | U03A.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 0.10% | +4.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 0.25% | +10.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 0.46% | +12.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.64% | 0.49% | +15.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.88% | 0.49% | +15.39% |
ISAC.L vs. U03A.L - Expense Ratio Comparison
ISAC.L has a 0.20% expense ratio, which is higher than U03A.L's 0.07% 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
ISAC.L vs. U03A.L - Dividend Comparison
Neither ISAC.L nor U03A.L has paid dividends to shareholders.
Frequently Asked Questions
ISAC.L and U03A.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.20% for ISAC.L.
ISAC.L is categorized as Global Equities, while U03A.L is Ultrashort Bond. ISAC.L tracks MSCI All Country World Index (Net), while U03A.L tracks ICE 0-3 Month US Treasury Bill Index. Their fees differ too: 0.20% for ISAC.L and 0.07% for U03A.L.
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