SPEH.L vs. VUTY.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and VUTY.L (Vanguard USD Treasury Bond UCITS ETF Distributing) are both Government Bonds funds - SPEH.L tracks the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) while VUTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.14%/yr vs -0.60%/yr for VUTY.L. At a 0.43 correlation, their price movements are largely independent. SPEH.L charges 0.22%/yr vs 0.05%/yr for VUTY.L.
Performance
SPEH.L vs. VUTY.L - Performance Comparison
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Different Trading Currencies
SPEH.L is traded in USD, while VUTY.L is traded in GBP. To make them comparable, the VUTY.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPEH.L achieves a 0.87% return, which is significantly higher than VUTY.L's 0.15% 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*
- —
VUTY.L
- 1D
- 0.50%
- 1M
- 0.28%
- 6M
- 0.09%
- YTD
- 0.15%
- 1Y
- 3.98%
- 3Y*
- 3.07%
- 5Y*
- -0.60%
- 10Y*
- 0.87%
SPEH.L vs. VUTY.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) | 0.87% | 3.59% | 4.70% | 9.02% | -16.01% | -2.52% | 5.30% | 11.64% | 1.72% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 0.15% | 6.32% | 0.82% | 3.23% | -12.33% | -2.02% | 7.20% | 7.82% | 2.25% |
Correlation
The correlation between SPEH.L and VUTY.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.43 |
The correlation between SPEH.L and VUTY.L shifts across timeframes, from 0.41 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPEH.L vs. VUTY.L — Risk / Return Rank
SPEH.L
VUTY.L
SPEH.L vs. VUTY.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 Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.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 | VUTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.30 | -0.25 |
| Martin ratioReturn relative to average drawdown | 3.13 | 3.37 | -0.23 |
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Drawdowns
SPEH.L vs. VUTY.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, roughly equal to the maximum VUTY.L drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for SPEH.L and VUTY.L.
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Drawdown Indicators
| SPEH.L | VUTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -19.26% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -3.06% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -5.48% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -16.64% | -1.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.26% | — |
Current DrawdownCurrent decline from peak | -2.84% | -7.14% | +4.30% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -6.93% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.18% | -0.11% |
Volatility
SPEH.L vs. VUTY.L - Volatility Comparison
The current volatility for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) is 1.16%, while Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) has a volatility of 1.53%. This indicates that SPEH.L experiences smaller price fluctuations and is considered to be less risky than VUTY.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 | VUTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.53% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 3.82% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 4.88% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 7.02% | -0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 6.76% | -0.94% |
SPEH.L vs. VUTY.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is higher than VUTY.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. VUTY.L - Dividend Comparison
SPEH.L has not paid dividends to shareholders, while VUTY.L's dividend yield for the trailing twelve months is around 4.30%.
| 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% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 4.30% | 4.40% | 4.00% | 3.47% | 2.06% | 1.19% | 1.64% | 2.42% | 2.24% | 1.64% | 0.92% |
Frequently Asked Questions
SPEH.L and VUTY.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTY.L is cheaper with a 0.05% expense ratio, compared with 0.22% for SPEH.L.
SPEH.L tracks iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while VUTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.22% for SPEH.L and 0.05% for VUTY.L.
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