MUNI.L vs. TSY3.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) and SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L).

MUNI.L and TSY3.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUNI.L is a passively managed fund by Invesco that tracks the performance of the ICE BofA US Taxable Municipal Securities Plus Index. It was launched on Feb 10, 2021. TSY3.L is a passively managed fund by State Street that tracks the performance of the Bloomberg US Government TR USD. It was launched on Aug 27, 2013. Both MUNI.L and TSY3.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MUNI.L vs. TSY3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) and SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L). The values are adjusted to include any dividend payments, if applicable.

MUNI.L vs. TSY3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MUNI.L Invesco US Municipal Bond UCITS ETF Dist	0.35%	7.41%	1.23%	8.01%	-19.08%	2.68%
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF	0.16%	5.39%	4.03%	3.54%	-3.91%	-0.42%

Different Trading Currencies

MUNI.L is traded in USD, while TSY3.L is traded in GBP. To make them comparable, the TSY3.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MUNI.L achieves a 0.35% return, which is significantly higher than TSY3.L's 0.16% return.

MUNI.L

• 1D: 0.31%
• 1M: -2.12%
• YTD: 0.35%
• 6M: 1.68%
• 1Y: 4.74%
• 3Y*: 4.31%
• 5Y*: -0.05%
• 10Y*: —

TSY3.L

• 1D: -0.20%
• 1M: -0.64%
• YTD: 0.16%
• 6M: 1.24%
• 1Y: 3.64%
• 3Y*: 4.12%
• 5Y*: 1.72%
• 10Y*: 1.62%

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

MUNI.L vs. TSY3.L - Expense Ratio Comparison

MUNI.L has a 0.28% expense ratio, which is higher than TSY3.L's 0.15% expense ratio.

MUNI.L

Invesco US Municipal Bond UCITS ETF Dist

TSY3.L

SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF

Return for Risk

MUNI.L vs. TSY3.L — Risk / Return Rank

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

MUNI.L

MUNI.L Risk / Return Rank: 64
MUNI.L Sharpe Ratio Rank: 73
MUNI.L Sortino Ratio Rank: 78
MUNI.L Omega Ratio Rank: 67
MUNI.L Calmar Ratio Rank: 59
MUNI.L Martin Ratio Rank: 44

TSY3.L

TSY3.L Risk / Return Rank: 13
TSY3.L Sharpe Ratio Rank: 13
TSY3.L Sortino Ratio Rank: 12
TSY3.L Omega Ratio Rank: 12
TSY3.L Calmar Ratio Rank: 15
TSY3.L Martin Ratio Rank: 14

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.

MUNI.L vs. TSY3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Municipal Bond UCITS ETF Dist (MUNI.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.

	MUNI.L	TSY3.L	Difference
Sharpe ratio Return per unit of total volatility	1.39	0.87	+0.52
Sortino ratio Return per unit of downside risk	2.13	1.32	+0.81
Omega ratio Gain probability vs. loss probability	1.26	1.15	+0.11
Calmar ratio Return relative to maximum drawdown	1.73	3.12	-1.39
Martin ratio Return relative to average drawdown	4.91	9.34	-4.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUNI.L vs. TSY3.L - Sharpe Ratio Comparison

The current MUNI.L Sharpe Ratio is 1.39, which is higher than the TSY3.L Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of MUNI.L and TSY3.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MUNI.L	TSY3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.87	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.34	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.30	-0.39

Correlation

The correlation between MUNI.L and TSY3.L is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MUNI.L vs. TSY3.L - Dividend Comparison

MUNI.L's dividend yield for the trailing twelve months is around 4.56%, more than TSY3.L's 3.90% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUNI.L Invesco US Municipal Bond UCITS ETF Dist	4.56%	4.52%	4.60%	4.09%	3.19%	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF	3.90%	4.25%	4.07%	3.02%	0.60%	0.56%	1.84%	2.14%	1.31%	1.04%	0.63%	0.52%

Drawdowns

MUNI.L vs. TSY3.L - Drawdown Comparison

The maximum MUNI.L drawdown since its inception was -23.73%, which is greater than TSY3.L's maximum drawdown of -7.43%. Use the drawdown chart below to compare losses from any high point for MUNI.L and TSY3.L.

Drawdown Indicators

	MUNI.L	TSY3.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.73%	-18.75%	-4.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-6.62%	+2.65%
Max Drawdown (5Y) Largest decline over 5 years	-23.73%	-16.38%	-7.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.75%	—
Current Drawdown Current decline from peak	-5.98%	-7.16%	+1.18%
Average Drawdown Average peak-to-trough decline	-11.78%	-7.80%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	3.67%	-0.87%

Volatility

MUNI.L vs. TSY3.L - Volatility Comparison

Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) has a higher volatility of 1.81% compared to SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) at 1.59%. This indicates that MUNI.L's price experiences larger fluctuations and is considered to be riskier than TSY3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUNI.L	TSY3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.59%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	—	2.99%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.99%	4.16%	+4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	5.10%	+9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	5.13%	+9.78%