SPEH.L vs. IBTU.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both Government Bonds funds from iShares - SPEH.L tracks the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) while IBTU.L tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.14%/yr vs 3.46%/yr for IBTU.L. At a 0.02 correlation, their price movements are largely independent. SPEH.L charges 0.22%/yr vs 0.07%/yr for IBTU.L.
Performance
SPEH.L vs. IBTU.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPEH.L achieves a 0.87% return, which is significantly lower than IBTU.L's 1.76% return.
SPEH.L
- 1D
- -0.17%
- 1M
- -0.68%
- 6M
- 0.34%
- YTD
- 0.87%
- 1Y
- 3.37%
- 3Y*
- 5.12%
- 5Y*
- -0.14%
- 10Y*
- —
IBTU.L
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 1.76%
- YTD
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.63%
- 5Y*
- 3.46%
- 10Y*
- —
SPEH.L vs. IBTU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.87% | 3.59% | 4.70% | 9.02% | -16.01% | -2.52% | 5.30% | 9.90% |
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.76% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.88% | 2.02% |
Correlation
The correlation between SPEH.L and IBTU.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019 | 0.02 |
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Return for Risk
SPEH.L vs. IBTU.L — Risk / Return Rank
SPEH.L
IBTU.L
SPEH.L vs. IBTU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPEH.L | IBTU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -6.50 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 3.84 | -2.68 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 19.33 | -18.29 |
| Martin ratioReturn relative to average drawdown | 3.13 | 94.97 | -91.84 |
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Drawdowns
SPEH.L vs. IBTU.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, which is greater than IBTU.L's maximum drawdown of -0.72%. Use the drawdown chart below to compare losses from any high point for SPEH.L and IBTU.L.
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Drawdown Indicators
| SPEH.L | IBTU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -0.72% | -18.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -0.20% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -0.20% | -3.34% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -0.40% | -17.81% |
Current DrawdownCurrent decline from peak | -2.84% | 0.00% | -2.84% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -0.06% | -6.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.04% | +1.03% |
Volatility
SPEH.L vs. IBTU.L - Volatility Comparison
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) has a higher volatility of 1.16% compared to iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) at 0.28%. This indicates that SPEH.L's price experiences larger fluctuations and is considered to be riskier than IBTU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEH.L | IBTU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.28% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 0.77% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 1.11% | +3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 1.02% | +5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 0.95% | +4.87% |
SPEH.L vs. IBTU.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is higher than IBTU.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
SPEH.L vs. IBTU.L - Dividend Comparison
SPEH.L has not paid dividends to shareholders, while IBTU.L's dividend yield for the trailing twelve months is around 4.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.05% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% |
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPEH.L and IBTU.L have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.22% for SPEH.L.
SPEH.L tracks iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while IBTU.L tracks ICE U.S. Treasury Short Bond Index. Their fees differ too: 0.22% for SPEH.L and 0.07% for IBTU.L.
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