SWLD.L vs. IBTL.L
SWLD.L (SPDR MSCI World UCITS ETF) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both exchange-traded funds - SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD, while IBTL.L is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, SWLD.L returned 12.74%/yr vs -5.44%/yr for IBTL.L. At a correlation of -0.04, they often move in opposite directions. SWLD.L charges 0.12%/yr vs 0.07%/yr for IBTL.L.
Performance
SWLD.L vs. IBTL.L - Performance Comparison
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Different Trading Currencies
SWLD.L is traded in GBP, while IBTL.L is traded in GBp. To make them comparable, the IBTL.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SWLD.L achieves a 8.85% return, which is significantly higher than IBTL.L's -0.34% return.
SWLD.L
- 1D
- 1.57%
- 1M
- 0.34%
- YTD
- 8.85%
- 6M
- 9.40%
- 1Y
- 25.61%
- 3Y*
- 17.17%
- 5Y*
- 12.74%
- 10Y*
- —
IBTL.L
- 1D
- -0.17%
- 1M
- 1.43%
- YTD
- -0.34%
- 6M
- 0.20%
- 1Y
- 5.42%
- 3Y*
- -3.32%
- 5Y*
- -5.44%
- 10Y*
- -1.26%
SWLD.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SWLD.L SPDR MSCI World UCITS ETF | 8.85% | 12.84% | 21.21% | 17.69% | -8.06% | 23.66% | 12.00% | -13.14% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.34% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 14.32% |
Correlation
The correlation between SWLD.L and IBTL.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 | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2019 | -0.04 |
The correlation between SWLD.L and IBTL.L shifts across timeframes, from -0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SWLD.L vs. IBTL.L — Risk / Return Rank
SWLD.L
IBTL.L
SWLD.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World UCITS ETF (SWLD.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| SWLD.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.09 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 0.58 | +3.22 |
| Martin ratioReturn relative to average drawdown | 14.98 | 1.23 | +13.75 |
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Drawdowns
SWLD.L vs. IBTL.L - Drawdown Comparison
The maximum SWLD.L drawdown since its inception was -32.06%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for SWLD.L and IBTL.L.
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Drawdown Indicators
| SWLD.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.06% | -48.85% | +16.79% |
Max Drawdown (1Y)Largest decline over 1 year | -6.56% | -8.26% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -19.94% | -17.10% | -2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -19.94% | -39.34% | +19.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.85% | — |
Current DrawdownCurrent decline from peak | -1.30% | -45.09% | +43.79% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -22.69% | +15.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 3.91% | -2.24% |
Volatility
SWLD.L vs. IBTL.L - Volatility Comparison
SPDR MSCI World UCITS ETF (SWLD.L) has a higher volatility of 3.35% compared to iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) at 2.35%. This indicates that SWLD.L's price experiences larger fluctuations and is considered to be riskier than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SWLD.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 2.35% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 7.59% | 6.40% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.33% | 9.51% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 15.47% | +3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.05% | 16.31% | +4.74% |
SWLD.L vs. IBTL.L - Expense Ratio Comparison
SWLD.L has a 0.12% expense ratio, which is higher than IBTL.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
SWLD.L vs. IBTL.L - Dividend Comparison
SWLD.L has not paid dividends to shareholders, while IBTL.L's dividend yield for the trailing twelve months is around 2.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 2.27% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
SWLD.L SPDR MSCI World UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SWLD.L and IBTL.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, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.12% for SWLD.L.
SWLD.L is categorized as Global Equities, while IBTL.L is Government Bonds. SWLD.L tracks MSCI ACWI NR USD, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SWLD.L and 0.07% for IBTL.L.
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