S600.L vs. TLH
S600.L (Invesco STOXX Europe 600 UCITS ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - S600.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, S600.L returned 10.10%/yr vs -0.01%/yr for TLH. At a 0.00 correlation, their price movements are largely independent. S600.L charges 0.19%/yr vs 0.15%/yr for TLH.
Performance
S600.L vs. TLH - Performance Comparison
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Different Trading Currencies
S600.L is traded in GBp, while TLH is traded in USD. To make them comparable, the TLH values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, S600.L achieves a 6.62% return, which is significantly higher than TLH's 0.05% return. Over the past 10 years, S600.L has outperformed TLH with an annualized return of 10.10%, while TLH has yielded a comparatively lower -0.01% annualized return.
S600.L
- 1D
- 0.63%
- 1M
- 0.83%
- YTD
- 6.62%
- 6M
- 8.86%
- 1Y
- 19.13%
- 3Y*
- 13.88%
- 5Y*
- 9.71%
- 10Y*
- 10.10%
TLH
- 1D
- 0.00%
- 1M
- 0.86%
- YTD
- 0.05%
- 6M
- -1.10%
- 1Y
- 5.35%
- 3Y*
- -2.00%
- 5Y*
- -2.74%
- 10Y*
- -0.01%
S600.L vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
S600.L Invesco STOXX Europe 600 UCITS ETF | 6.62% | 26.17% | 3.70% | 13.14% | -4.95% | 16.44% | 3.69% | 20.15% | -9.75% | 15.24% |
TLH iShares 10-20 Year Treasury Bond ETF | 0.05% | -1.12% | -2.54% | -1.17% | -16.35% | -4.48% | 10.43% | 5.92% | 6.32% | -4.80% |
Correlation
The correlation between S600.L and TLH is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.00 |
The correlation between S600.L and TLH shifts across timeframes, from -0.00 (5 years) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
S600.L vs. TLH — Risk / Return Rank
S600.L
TLH
S600.L vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco STOXX Europe 600 UCITS ETF (S600.L) and iShares 10-20 Year Treasury Bond ETF (TLH). 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.
| S600.L | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.11 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.79 | +1.04 |
| Martin ratioReturn relative to average drawdown | 6.60 | 1.70 | +4.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| S600.L | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 0.63 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | -0.20 | +0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | -0.00 | +0.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.37 | +0.21 |
Drawdowns
S600.L vs. TLH - Drawdown Comparison
The maximum S600.L drawdown since its inception was -30.21%, smaller than the maximum TLH drawdown of -42.25%. Use the drawdown chart below to compare losses from any high point for S600.L and TLH.
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Drawdown Indicators
| S600.L | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.21% | -42.25% | +12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -6.82% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -12.53% | -12.85% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -17.04% | -29.52% | +12.48% |
Max Drawdown (10Y)Largest decline over 10 years | -30.21% | -42.25% | +12.04% |
Current DrawdownCurrent decline from peak | -1.22% | -37.59% | +36.37% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -14.94% | +10.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 3.16% | -0.26% |
Volatility
S600.L vs. TLH - Volatility Comparison
Invesco STOXX Europe 600 UCITS ETF (S600.L) has a higher volatility of 4.05% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 1.97%. This indicates that S600.L's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| S600.L | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 1.97% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.11% | 6.34% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 8.57% | +3.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 13.58% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.86% | 13.80% | +1.06% |
S600.L vs. TLH - Expense Ratio Comparison
S600.L has a 0.19% expense ratio, which is higher than TLH's 0.15% 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
S600.L vs. TLH - Dividend Comparison
S600.L has not paid dividends to shareholders, while TLH's dividend yield for the trailing twelve months is around 4.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
S600.L Invesco STOXX Europe 600 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.50% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
S600.L and TLH have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TLH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TLH is cheaper with a 0.15% expense ratio, compared with 0.19% for S600.L.
S600.L is categorized as Europe Equities, while TLH is Government Bonds. S600.L tracks MSCI Europe NR EUR, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for S600.L and 0.15% for TLH.
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