SPY vs. IBTM.L
SPY (State Street SPDR S&P 500 ETF) and IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, SPY returned 15.27%/yr vs 0.71%/yr for IBTM.L. At a correlation of -0.07, they often move in opposite directions. SPY charges 0.09%/yr vs 0.07%/yr for IBTM.L.
Performance
SPY vs. IBTM.L - Performance Comparison
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Different Trading Currencies
SPY is traded in USD, while IBTM.L is traded in GBP. To make them comparable, the IBTM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPY achieves a 8.70% return, which is significantly higher than IBTM.L's -1.33% return. Over the past 10 years, SPY has outperformed IBTM.L with an annualized return of 15.27%, while IBTM.L has yielded a comparatively lower 0.71% annualized return.
SPY
- 1D
- 0.23%
- 1M
- 0.22%
- YTD
- 8.70%
- 6M
- 8.75%
- 1Y
- 24.79%
- 3Y*
- 21.35%
- 5Y*
- 13.42%
- 10Y*
- 15.27%
IBTM.L
- 1D
- 0.23%
- 1M
- -1.12%
- YTD
- -1.33%
- 6M
- -0.69%
- 1Y
- 3.94%
- 3Y*
- 2.61%
- 5Y*
- -1.15%
- 10Y*
- 0.71%
SPY vs. IBTM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 8.70% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -1.33% | 8.50% | -0.23% | 2.90% | -14.92% | -2.66% | 9.27% | 9.73% | 0.47% | 2.43% |
Correlation
The correlation between SPY and IBTM.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007 | -0.07 |
The correlation between SPY and IBTM.L shifts across timeframes, from -0.07 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPY vs. IBTM.L — Risk / Return Rank
SPY
IBTM.L
SPY vs. IBTM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.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.
| SPY | IBTM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.12 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 0.94 | +1.86 |
| Martin ratioReturn relative to average drawdown | 12.93 | 2.78 | +10.15 |
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
| SPY | IBTM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 0.69 | +1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | -0.14 | +0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.09 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.02 | +0.56 |
Drawdowns
SPY vs. IBTM.L - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum IBTM.L drawdown of -53.26%. Use the drawdown chart below to compare losses from any high point for SPY and IBTM.L.
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Drawdown Indicators
| SPY | IBTM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -53.26% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -4.18% | -4.70% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -7.61% | -11.15% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -21.13% | -3.37% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -23.64% | -10.08% |
Current DrawdownCurrent decline from peak | -2.68% | -21.09% | +18.41% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -29.36% | +20.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 1.41% | +0.51% |
Volatility
SPY vs. IBTM.L - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 3.72% compared to iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) at 1.91%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than IBTM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | IBTM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.72% | 1.91% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 4.14% | +5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 5.71% | +6.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.09% | 8.51% | +8.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 7.83% | +10.13% |
SPY vs. IBTM.L - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is higher than IBTM.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
SPY vs. IBTM.L - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, less than IBTM.L's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and IBTM.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY.
SPY is categorized as S&P 500, while IBTM.L is Government Bonds. SPY tracks S&P 500 Index, while IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPY and 0.07% for IBTM.L.
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