LUTR.L vs. DRGG.L

Last updated Jul 18, 2026

LUTR.L (SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF) and DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) are both Government Bonds funds - LUTR.L tracks the Bloomberg US Treasury 10+ Year Index while DRGG.L tracks the J.P. Morgan China Custom Liquid ESG Capped Index. Both are passively managed. Over the past 5 years, LUTR.L returned -6.38%/yr vs 2.15%/yr for DRGG.L. At a 0.07 correlation, their price movements are largely independent. LUTR.L charges 0.15%/yr vs 0.30%/yr for DRGG.L.

Performance

LUTR.L vs. DRGG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF (LUTR.L) and L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LUTR.L is traded in USD, while DRGG.L is traded in GBp. To make them comparable, the DRGG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, LUTR.L achieves a -1.40% return, which is significantly lower than DRGG.L's 3.01% return.

LUTR.L

• 1D: 0.65%
• 1M: -1.45%
• 6M: -1.35%
• YTD: -1.40%
• 1Y: 4.34%
• 3Y*: -0.82%
• 5Y*: -6.38%
• 10Y*: -1.60%

DRGG.L

• 1D: 0.04%
• 1M: -0.21%
• 6M: 3.57%
• YTD: 3.01%
• 1Y: 6.22%
• 3Y*: 4.74%
• 5Y*: 2.15%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

LUTR.L vs. DRGG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LUTR.L SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF	-1.40%	5.45%	-5.75%	2.50%	-28.87%	-4.84%	0.50%
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	3.01%	5.68%	3.04%	0.01%	-5.38%	7.53%	-24.68%

Correlation

The correlation between LUTR.L and DRGG.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 (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.07

Return for Risk

LUTR.L vs. DRGG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LUTR.L

LUTR.L Risk / Return Rank: 19
LUTR.L Sharpe Ratio Rank: 20
LUTR.L Sortino Ratio Rank: 18
LUTR.L Omega Ratio Rank: 18
LUTR.L Calmar Ratio Rank: 20
LUTR.L Martin Ratio Rank: 19

DRGG.L

DRGG.L Risk / Return Rank: 39
DRGG.L Sharpe Ratio Rank: 37
DRGG.L Sortino Ratio Rank: 38
DRGG.L Omega Ratio Rank: 35
DRGG.L Calmar Ratio Rank: 44
DRGG.L Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LUTR.L vs. DRGG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF (LUTR.L) and L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.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.

	LUTR.L	DRGG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.20	-0.70
Sortino ratio: Return per unit of downside risk	0.77	1.71	-0.93
Omega ratio: Gain probability vs. loss probability	1.09	1.23	-0.14
Calmar ratio: Return relative to maximum drawdown	0.62	3.76	-3.15
Martin ratio: Return relative to average drawdown	1.49	13.54	-12.06

LUTR.L vs. DRGG.L - Sharpe Ratio Comparison

The current LUTR.L Sharpe Ratio is 0.50, which is lower than the DRGG.L Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of LUTR.L and DRGG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LUTR.L vs. DRGG.L - Drawdown Comparison

The maximum LUTR.L drawdown since its inception was -46.52%, which is greater than DRGG.L's maximum drawdown of -27.95%. Use the drawdown chart below to compare losses from any high point for LUTR.L and DRGG.L.

Drawdown Indicators

	LUTR.L	DRGG.L	Difference
Max Drawdown Largest peak-to-trough decline	-46.52%	-27.95%	-18.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-1.65%	-5.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-3.61%	-12.53%
Max Drawdown (5Y) Largest decline over 5 years	-40.30%	-12.16%	-28.14%
Max Drawdown (10Y) Largest decline over 10 years	-46.52%	—	—
Current Drawdown Current decline from peak	-37.87%	-14.02%	-23.85%
Average Drawdown Average peak-to-trough decline	-20.90%	-21.38%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	0.46%	+2.46%

Volatility

LUTR.L vs. DRGG.L - Volatility Comparison

SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF (LUTR.L) has a higher volatility of 2.36% compared to L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) at 1.35%. This indicates that LUTR.L's price experiences larger fluctuations and is considered to be riskier than DRGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUTR.L	DRGG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	1.35%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	6.11%	4.49%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	8.70%	5.16%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	6.53%	+7.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	12.45%	+0.71%

LUTR.L vs. DRGG.L - Expense Ratio Comparison

LUTR.L has a 0.15% expense ratio, which is lower than DRGG.L's 0.30% expense ratio.

Dividends

LUTR.L vs. DRGG.L - Dividend Comparison

LUTR.L's dividend yield for the trailing twelve months is around 4.65%, more than DRGG.L's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	0.01%	2.04%	2.27%	2.48%	2.61%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%
LUTR.L SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF	4.65%	4.40%	4.22%	3.13%	2.56%	1.72%	1.91%	2.42%	2.49%	2.61%	1.14%

Frequently Asked Questions

Can I hold both LUTR.L and DRGG.L in my portfolio?

LUTR.L and DRGG.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.

Which ETF is better, LUTR.L or DRGG.L?

On fees, LUTR.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LUTR.L or DRGG.L?

LUTR.L is cheaper with a 0.15% expense ratio, compared with 0.30% for DRGG.L.

What is the main difference between LUTR.L and DRGG.L?

LUTR.L tracks Bloomberg US Treasury 10+ Year Index, while DRGG.L tracks J.P. Morgan China Custom Liquid ESG Capped Index. They also come from different issuers: State Street and L&G. Their fees differ too: 0.15% for LUTR.L and 0.30% for DRGG.L.