LUTR.L vs. TRSX.L

Last updated Jun 5, 2026

LUTR.L (SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF) and TRSX.L (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) are both Government Bonds funds from State Street - LUTR.L tracks the Bloomberg US Treasury 10+ Year Index while TRSX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, LUTR.L returned -5.20%/yr vs -0.98%/yr for TRSX.L. At a 0.27 correlation, their price movements are largely independent. LUTR.L charges 0.15%/yr vs 0.05%/yr for TRSX.L.

Performance

LUTR.L vs. TRSX.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 SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LUTR.L achieves a -0.85% return, which is significantly lower than TRSX.L's -0.05% return.

LUTR.L

• 1D: 0.35%
• 1M: 0.66%
• YTD: -0.85%
• 6M: -0.90%
• 1Y: 4.34%
• 3Y*: -0.60%
• 5Y*: -5.20%
• 10Y*: -0.95%

TRSX.L

• 1D: 0.23%
• 1M: -0.00%
• YTD: -0.05%
• 6M: -0.58%
• 1Y: 3.91%
• 3Y*: 2.70%
• 5Y*: -0.98%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LUTR.L SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF	-0.85%	5.48%	-5.76%	2.50%	-28.88%	-4.85%	16.61%	16.93%	-1.71%	0.94%
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF	-0.05%	8.02%	-0.62%	3.29%	-14.99%	-2.94%	9.77%	6.30%	-2.18%	-0.07%

Correlation

The correlation between LUTR.L and TRSX.L is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017	0.27

Over the past year, LUTR.L and TRSX.L have become more correlated (0.58) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

LUTR.L vs. TRSX.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: 17
LUTR.L Sharpe Ratio Rank: 17
LUTR.L Sortino Ratio Rank: 17
LUTR.L Omega Ratio Rank: 16
LUTR.L Calmar Ratio Rank: 17
LUTR.L Martin Ratio Rank: 17

TRSX.L

TRSX.L Risk / Return Rank: 33
TRSX.L Sharpe Ratio Rank: 32
TRSX.L Sortino Ratio Rank: 35
TRSX.L Omega Ratio Rank: 33
TRSX.L Calmar Ratio Rank: 33
TRSX.L Martin Ratio Rank: 30

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. TRSX.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 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.

	LUTR.L	TRSX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.15	-0.65
Sortino ratio: Return per unit of downside risk	0.77	1.82	-1.05
Omega ratio: Gain probability vs. loss probability	1.09	1.22	-0.13
Calmar ratio: Return relative to maximum drawdown	0.62	1.61	-0.99
Martin ratio: Return relative to average drawdown	1.65	4.19	-2.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current LUTR.L Sharpe Ratio is 0.49, which is lower than the TRSX.L Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of LUTR.L and TRSX.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.

Sharpe Ratios by Period

	LUTR.L	TRSX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	1.15	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	-0.22	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.15	-0.20

Drawdowns

LUTR.L vs. TRSX.L - Drawdown Comparison

The maximum LUTR.L drawdown since its inception was -46.52%, which is greater than TRSX.L's maximum drawdown of -23.50%. Use the drawdown chart below to compare losses from any high point for LUTR.L and TRSX.L.

Drawdown Indicators

	LUTR.L	TRSX.L	Difference
Max Drawdown Largest peak-to-trough decline	-46.52%	-23.50%	-23.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-4.05%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.06%	-7.35%	-9.71%
Max Drawdown (5Y) Largest decline over 5 years	-40.30%	-20.96%	-19.34%
Max Drawdown (10Y) Largest decline over 10 years	-46.52%	—	—
Current Drawdown Current decline from peak	-37.53%	-10.55%	-26.98%
Average Drawdown Average peak-to-trough decline	-20.79%	-11.02%	-9.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.25%	+0.38%

Volatility

LUTR.L vs. TRSX.L - Volatility Comparison

SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF (LUTR.L) has a higher volatility of 3.27% compared to SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) at 1.87%. This indicates that LUTR.L's price experiences larger fluctuations and is considered to be riskier than TRSX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUTR.L	TRSX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	1.87%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	3.46%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	8.84%	5.73%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	13.52%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	13.53%	-0.26%

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

LUTR.L has a 0.15% 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

LUTR.L vs. TRSX.L - Dividend Comparison

LUTR.L's dividend yield for the trailing twelve months is around 4.63%, more than TRSX.L's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
LUTR.L SPDR Bloomberg 10+ Year US Treasury Bond UCITS ETF	4.63%	4.40%	4.22%	3.13%	2.56%	1.72%	1.91%	3.60%	2.49%	2.61%	1.14%
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF	4.09%	3.93%	3.59%	2.71%	1.65%	1.02%	1.56%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

LUTR.L and TRSX.L have a correlation of 0.58, 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 TRSX.L?

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.

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

TRSX.L is cheaper with a 0.05% expense ratio, compared with 0.15% for LUTR.L.

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

LUTR.L tracks Bloomberg US Treasury 10+ Year Index, while TRSX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. Their fees differ too: 0.15% for LUTR.L and 0.05% for TRSX.L.