SMBS.L vs. USTY.L
SMBS.L (iShares US Mortgage Backed Securities UCITS ETF) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both exchange-traded funds - SMBS.L is a Mortgage Backed Securities fund tracking the Bloomberg US Mortgage Backed Securities Index, while USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, SMBS.L returned 1.85%/yr vs 2.28%/yr for USTY.L. Their correlation of 0.93 suggests significant overlap in exposure. SMBS.L charges 0.28%/yr vs 0.05%/yr for USTY.L.
Performance
SMBS.L vs. USTY.L - Performance Comparison
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Different Trading Currencies
SMBS.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, SMBS.L achieves a 0.37% return, which is significantly lower than USTY.L's 0.66% return. Over the past 10 years, SMBS.L has underperformed USTY.L with an annualized return of 1.85%, while USTY.L has yielded a comparatively higher 2.28% annualized return.
SMBS.L
- 1D
- 0.17%
- 1M
- 1.23%
- YTD
- 0.37%
- 6M
- 0.34%
- 1Y
- 7.14%
- 3Y*
- 1.47%
- 5Y*
- 1.21%
- 10Y*
- 1.85%
USTY.L
- 1D
- 0.21%
- 1M
- 1.14%
- YTD
- 0.66%
- 6M
- 0.16%
- 1Y
- 6.01%
- 3Y*
- 1.22%
- 5Y*
- 1.37%
- 10Y*
- 2.28%
SMBS.L vs. USTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 0.37% | 1.02% | 3.07% | -1.87% | -0.85% | -0.38% | 0.15% | 3.04% | 6.19% | -6.73% |
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 SMBS.L and USTY.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 26, 2016 | 0.93 |
The correlation between SMBS.L and USTY.L has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
SMBS.L vs. USTY.L — Risk / Return Rank
SMBS.L
USTY.L
SMBS.L vs. USTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Mortgage Backed Securities UCITS ETF (SMBS.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.
| SMBS.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.15 | +0.51 |
| Martin ratioReturn relative to average drawdown | 4.26 | 3.15 | +1.10 |
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
| SMBS.L | USTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.94 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.16 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.23 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.31 | -0.11 |
Drawdowns
SMBS.L vs. USTY.L - Drawdown Comparison
The maximum SMBS.L drawdown since its inception was -20.65%, smaller than the maximum USTY.L drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for SMBS.L and USTY.L.
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Drawdown Indicators
| SMBS.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.65% | -23.02% | +2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -5.20% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -8.46% | -7.75% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -15.38% | -16.04% | +0.66% |
Max Drawdown (10Y)Largest decline over 10 years | -20.65% | -23.02% | +2.37% |
Current DrawdownCurrent decline from peak | -12.50% | -15.58% | +3.08% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -12.04% | +0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.90% | -0.23% |
Volatility
SMBS.L vs. USTY.L - Volatility Comparison
The current volatility for iShares US Mortgage Backed Securities UCITS ETF (SMBS.L) is 1.65%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 2.21%. This indicates that SMBS.L experiences smaller price fluctuations and is considered to be less risky than USTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMBS.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.21% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.48% | 4.79% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 6.35% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.56% | 8.77% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.03% | 10.02% | +0.01% |
SMBS.L vs. USTY.L - Expense Ratio Comparison
SMBS.L has a 0.28% expense ratio, which is higher than USTY.L's 0.05% expense ratio.
Dividends
SMBS.L vs. USTY.L - Dividend Comparison
SMBS.L's dividend yield for the trailing twelve months is around 3.56%, less than USTY.L's 4.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 3.56% | 3.57% | 3.50% | 3.23% | 2.39% | 2.22% | 2.71% | 3.06% | 2.99% | 3.00% | 1.51% |
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
With a correlation of 0.92, SMBS.L and USTY.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.28% for SMBS.L.
SMBS.L is categorized as Mortgage Backed Securities, while USTY.L is Government Bonds. SMBS.L tracks Bloomberg US Mortgage Backed Securities Index, while USTY.L tracks Bloomberg US Treasury Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.28% for SMBS.L and 0.05% for USTY.L.
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