SPEH.L vs. TRSX.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and TRSX.L (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - SPEH.L tracks the Bloomberg Spain Treasury Bond Index while TRSX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.27%/yr vs -1.52%/yr for TRSX.L. A 0.63 correlation means they provide meaningful diversification when combined. SPEH.L charges 0.22%/yr vs 0.05%/yr for TRSX.L.
Performance
SPEH.L vs. TRSX.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPEH.L achieves a 0.69% return, which is significantly higher than TRSX.L's -1.15% return.
SPEH.L
- 1D
- 0.00%
- 1M
- -0.68%
- 6M
- 0.35%
- YTD
- 0.69%
- 1Y
- 2.47%
- 3Y*
- 4.85%
- 5Y*
- -0.27%
- 10Y*
- —
- ALL TIME*
- 1.87%
TRSX.L
- 1D
- -0.35%
- 1M
- -0.23%
- 6M
- -0.10%
- YTD
- -1.15%
- 1Y
- 2.77%
- 3Y*
- 2.76%
- 5Y*
- -1.52%
- 10Y*
- 0.51%
- ALL TIME*
- 0.75%
SPEH.L vs. TRSX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.69% | 3.59% | 4.70% | 9.02% | -16.01% | -2.52% | 5.30% | 11.64% | 1.72% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | -1.15% | 8.40% | -0.27% | 3.37% | -15.02% | -3.14% | 9.54% | 8.79% | 3.12% |
Correlation
The correlation between SPEH.L and TRSX.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.63 |
The correlation between SPEH.L and TRSX.L shifts across timeframes, from 0.63 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPEH.L vs. TRSX.L — Risk / Return Rank
SPEH.L
TRSX.L
SPEH.L vs. TRSX.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 SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.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 | TRSX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.12 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 0.79 | -0.02 |
| Martin ratioReturn relative to average drawdown | 2.26 | 2.05 | +0.21 |
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Drawdowns
SPEH.L vs. TRSX.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, smaller than the maximum TRSX.L drawdown of -23.62%. Use the drawdown chart below to compare losses from any high point for SPEH.L and TRSX.L.
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Drawdown Indicators
| SPEH.L | TRSX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -23.62% | +4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -4.05% | +0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -6.89% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -21.08% | +2.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.62% | — |
Current DrawdownCurrent decline from peak | -3.01% | -11.11% | +8.10% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -8.81% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.56% | -0.47% |
Volatility
SPEH.L vs. TRSX.L - Volatility Comparison
The current volatility for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) is 1.11%, while SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) has a volatility of 1.25%. This indicates that SPEH.L experiences smaller price fluctuations and is considered to be less risky than TRSX.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 | TRSX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.25% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 3.41% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 4.54% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 7.43% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 6.31% | -0.50% |
SPEH.L vs. TRSX.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is higher than TRSX.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
SPEH.L vs. TRSX.L - Dividend Comparison
SPEH.L has not paid dividends to shareholders, while TRSX.L's dividend yield for the trailing twelve months is around 4.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 4.10% | 3.90% | 3.57% | 2.71% | 1.65% | 1.02% | 1.56% | 2.34% | 2.07% | 1.88% | 0.74% |
Frequently Asked Questions
SPEH.L and TRSX.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRSX.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRSX.L is cheaper with a 0.05% expense ratio, compared with 0.22% for SPEH.L.
SPEH.L tracks Bloomberg Spain Treasury Bond Index, while TRSX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.22% for SPEH.L and 0.05% for TRSX.L.
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