SMEA.L vs. IBTA.L
SMEA.L (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - SMEA.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while IBTA.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, SMEA.L returned 10.14%/yr vs 2.97%/yr for IBTA.L. At a 0.01 correlation, their price movements are largely independent. SMEA.L charges 0.12%/yr vs 0.07%/yr for IBTA.L.
Performance
SMEA.L vs. IBTA.L - Performance Comparison
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Different Trading Currencies
SMEA.L is traded in GBp, while IBTA.L is traded in USD. To make them comparable, the IBTA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMEA.L achieves a 6.71% return, which is significantly higher than IBTA.L's 0.86% return.
SMEA.L
- 1D
- 0.75%
- 1M
- 3.62%
- YTD
- 6.71%
- 6M
- 8.81%
- 1Y
- 19.31%
- 3Y*
- 13.80%
- 5Y*
- 10.14%
- 10Y*
- 10.22%
IBTA.L
- 1D
- 0.13%
- 1M
- 1.05%
- YTD
- 0.86%
- 6M
- 0.22%
- 1Y
- 4.43%
- 3Y*
- 1.61%
- 5Y*
- 2.97%
- 10Y*
- —
SMEA.L vs. IBTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMEA.L iShares Core MSCI Europe UCITS ETF EUR (Acc) | 6.71% | 25.88% | 3.68% | 13.36% | -3.48% | 16.94% | 2.44% | 19.63% | -9.48% | 9.32% |
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.86% | -2.20% | 5.93% | -1.06% | 7.69% | 0.30% | 0.11% | -0.36% | 7.45% | -7.49% |
Correlation
The correlation between SMEA.L and IBTA.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 | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2017 | 0.01 |
The correlation between SMEA.L and IBTA.L shifts across timeframes, from -0.14 (5 years) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMEA.L vs. IBTA.L — Risk / Return Rank
SMEA.L
IBTA.L
SMEA.L vs. IBTA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.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.
| SMEA.L | IBTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.12 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.85 | +0.97 |
| Martin ratioReturn relative to average drawdown | 6.51 | 2.34 | +4.17 |
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
| SMEA.L | IBTA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.60 | 0.69 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.74 | 0.36 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.13 | +0.47 |
Drawdowns
SMEA.L vs. IBTA.L - Drawdown Comparison
The maximum SMEA.L drawdown since its inception was -28.48%, which is greater than IBTA.L's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for SMEA.L and IBTA.L.
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Drawdown Indicators
| SMEA.L | IBTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.48% | -18.45% | -10.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.56% | -5.21% | -5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -12.46% | -9.27% | -3.19% |
Max Drawdown (5Y)Largest decline over 5 years | -15.76% | -16.67% | +0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -28.48% | — | — |
Current DrawdownCurrent decline from peak | -1.27% | -7.85% | +6.58% |
Average DrawdownAverage peak-to-trough decline | -4.54% | -8.99% | +4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 1.89% | +1.07% |
Volatility
SMEA.L vs. IBTA.L - Volatility Comparison
iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) has a higher volatility of 3.91% compared to iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) at 1.65%. This indicates that SMEA.L's price experiences larger fluctuations and is considered to be riskier than IBTA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMEA.L | IBTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 1.65% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.09% | 4.90% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.02% | 6.36% | +5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.64% | 8.23% | +5.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.04% | 8.51% | +6.53% |
SMEA.L vs. IBTA.L - Expense Ratio Comparison
SMEA.L has a 0.12% expense ratio, which is higher than IBTA.L's 0.07% 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
SMEA.L vs. IBTA.L - Dividend Comparison
Neither SMEA.L nor IBTA.L has paid dividends to shareholders.
Frequently Asked Questions
SMEA.L and IBTA.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, IBTA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTA.L is cheaper with a 0.07% expense ratio, compared with 0.12% for SMEA.L.
SMEA.L is categorized as Europe Equities, while IBTA.L is Government Bonds. SMEA.L tracks MSCI Europe NR EUR, while IBTA.L tracks ICE US Treasury 1-3 Year Index. Their fees differ too: 0.12% for SMEA.L and 0.07% for IBTA.L.
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