SMBS.L vs. XT01.L
SMBS.L (iShares US Mortgage Backed Securities UCITS ETF) and XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) are both exchange-traded funds - SMBS.L is a Mortgage Backed Securities fund tracking the Bloomberg US Mortgage Backed Securities Index, while XT01.L is a Government Bonds fund tracking the FTSE US Treasury Short Duration Index. Both are passively managed. Over the past 5 years, SMBS.L returned 1.21%/yr vs 4.47%/yr for XT01.L. A 0.71 correlation means they provide meaningful diversification when combined. SMBS.L charges 0.28%/yr vs 0.06%/yr for XT01.L.
Performance
SMBS.L vs. XT01.L - Performance Comparison
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Different Trading Currencies
SMBS.L is traded in GBp, while XT01.L is traded in GBP. To make them comparable, the XT01.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 XT01.L's 1.60% 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%
XT01.L
- 1D
- 0.10%
- 1M
- 1.28%
- YTD
- 1.60%
- 6M
- 1.14%
- 1Y
- 4.98%
- 3Y*
- 2.01%
- 5Y*
- 4.47%
- 10Y*
- —
SMBS.L vs. XT01.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SMBS.L iShares US Mortgage Backed Securities UCITS ETF | 0.37% | 1.02% | 3.07% | -1.87% | -0.85% | -0.38% | -5.64% |
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C | 1.60% | -2.80% | 6.91% | -0.75% | 12.89% | 1.36% | -5.72% |
Correlation
The correlation between SMBS.L and XT01.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020 | 0.71 |
The correlation between SMBS.L and XT01.L shifts across timeframes, from 0.62 (3 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMBS.L vs. XT01.L — Risk / Return Rank
SMBS.L
XT01.L
SMBS.L vs. XT01.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 Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.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 | XT01.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.13 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.11 | +0.55 |
| Martin ratioReturn relative to average drawdown | 4.26 | 2.77 | +1.49 |
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 | XT01.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.77 | +0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.53 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.26 | -0.06 |
Drawdowns
SMBS.L vs. XT01.L - Drawdown Comparison
The maximum SMBS.L drawdown since its inception was -20.65%, which is greater than XT01.L's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for SMBS.L and XT01.L.
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Drawdown Indicators
| SMBS.L | XT01.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.65% | -15.31% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -4.48% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.46% | -9.75% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.38% | -15.31% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -20.65% | — | — |
Current DrawdownCurrent decline from peak | -12.50% | -5.62% | -6.88% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -7.30% | -3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.80% | -0.13% |
Volatility
SMBS.L vs. XT01.L - Volatility Comparison
The current volatility for iShares US Mortgage Backed Securities UCITS ETF (SMBS.L) is 1.65%, while Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) has a volatility of 1.90%. This indicates that SMBS.L experiences smaller price fluctuations and is considered to be less risky than XT01.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 | XT01.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.90% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.48% | 4.68% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 6.44% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.56% | 8.37% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.03% | 8.34% | +1.69% |
SMBS.L vs. XT01.L - Expense Ratio Comparison
SMBS.L has a 0.28% expense ratio, which is higher than XT01.L's 0.06% expense ratio.
Dividends
SMBS.L vs. XT01.L - Dividend Comparison
SMBS.L's dividend yield for the trailing twelve months is around 3.56%, while XT01.L has not paid dividends to shareholders.
| 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% |
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMBS.L and XT01.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XT01.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XT01.L is cheaper with a 0.06% expense ratio, compared with 0.28% for SMBS.L.
SMBS.L is categorized as Mortgage Backed Securities, while XT01.L is Government Bonds. SMBS.L tracks Bloomberg US Mortgage Backed Securities Index, while XT01.L tracks FTSE US Treasury Short Duration Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.28% for SMBS.L and 0.06% for XT01.L.
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