S600.L vs. USTY.L
S600.L (Invesco STOXX Europe 600 UCITS ETF) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both exchange-traded funds - S600.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, S600.L returned 10.10%/yr vs 2.28%/yr for USTY.L. At a correlation of -0.03, they often move in opposite directions. S600.L charges 0.19%/yr vs 0.05%/yr for USTY.L.
Performance
S600.L vs. USTY.L - Performance Comparison
Loading charts...
Different Trading Currencies
S600.L is traded in GBp, while USTY.L is traded in GBP. To make them comparable, the USTY.L 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 USTY.L's 0.66% return. Over the past 10 years, S600.L has outperformed USTY.L with an annualized return of 10.10%, while USTY.L has yielded a comparatively lower 2.28% 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%
USTY.L
- 1D
- 0.21%
- 1M
- 0.98%
- YTD
- 0.66%
- 6M
- 0.18%
- 1Y
- 6.23%
- 3Y*
- 1.22%
- 5Y*
- 1.37%
- 10Y*
- 2.28%
S600.L vs. USTY.L - 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% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.66% | 0.10% | 3.36% | -1.37% | -1.66% | -0.86% | 4.57% | 4.20% | 7.22% | -6.43% |
Correlation
The correlation between S600.L and USTY.L is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | -0.03 |
The correlation between S600.L and USTY.L shifts across timeframes, from -0.18 (5 years) to -0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
S600.L vs. USTY.L — Risk / Return Rank
S600.L
USTY.L
S600.L vs. USTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco STOXX Europe 600 UCITS ETF (S600.L) and SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.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.
| S600.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.15 | +0.67 |
| Martin ratioReturn relative to average drawdown | 6.60 | 3.15 | +3.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| S600.L | USTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 0.94 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.16 | +0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.23 | +0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.31 | +0.26 |
Drawdowns
S600.L vs. USTY.L - Drawdown Comparison
The maximum S600.L drawdown since its inception was -30.21%, which is greater than USTY.L's maximum drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for S600.L and USTY.L.
Loading charts...
Drawdown Indicators
| S600.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.21% | -23.02% | -7.19% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -5.20% | -5.27% |
Max Drawdown (3Y)Largest decline over 3 years | -12.53% | -7.75% | -4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -17.04% | -16.04% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -30.21% | -23.02% | -7.19% |
Current DrawdownCurrent decline from peak | -1.22% | -15.58% | +14.36% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -12.04% | +7.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 1.90% | +1.00% |
Volatility
S600.L vs. USTY.L - Volatility Comparison
Invesco STOXX Europe 600 UCITS ETF (S600.L) has a higher volatility of 4.05% compared to SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) at 2.21%. This indicates that S600.L's price experiences larger fluctuations and is considered to be riskier than USTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| S600.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 2.21% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 10.11% | 4.79% | +5.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 6.35% | +5.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 8.77% | +5.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.86% | 10.02% | +4.84% |
S600.L vs. USTY.L - Expense Ratio Comparison
S600.L has a 0.19% expense ratio, which is higher than USTY.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
S600.L vs. USTY.L - Dividend Comparison
S600.L has not paid dividends to shareholders, while USTY.L's dividend yield for the trailing twelve months is around 4.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 4.87% | 4.61% | 3.81% | 2.81% | 1.57% | 1.31% | 2.49% | 2.79% | 2.11% | 2.11% | 1.66% |
Frequently Asked Questions
S600.L and USTY.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L is cheaper with a 0.05% expense ratio, compared with 0.19% for S600.L.
S600.L is categorized as Europe Equities, while USTY.L is Government Bonds. S600.L tracks MSCI Europe NR EUR, while USTY.L tracks Bloomberg US Treasury Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.19% for S600.L and 0.05% for USTY.L.
Find the right allocation for S600.L and USTY.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer