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TLH vs. UC15.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLH vs. UC15.L

Last updated Jun 6, 2026

TLH (iShares 10-20 Year Treasury Bond ETF) and UC15.L (UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc) are both exchange-traded funds - TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index, while UC15.L is a Commodities fund tracking the UBS CMCI. Both are passively managed. Over the past 10 years, TLH returned -0.87%/yr vs 8.88%/yr for UC15.L. At a correlation of -0.12, they often move in opposite directions. TLH charges 0.15%/yr vs 0.34%/yr for UC15.L.

Performance

TLH vs. UC15.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 10-20 Year Treasury Bond ETF (TLH) and UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc (UC15.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

TLH is traded in USD, while UC15.L is traded in GBp. To make them comparable, the UC15.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TLH achieves a -0.95% return, which is significantly lower than UC15.L's 21.20% return. Over the past 10 years, TLH has underperformed UC15.L with an annualized return of -0.87%, while UC15.L has yielded a comparatively higher 8.88% annualized return.

TLH

1D
-0.62%
1M
-1.02%
YTD
-0.95%
6M
-1.04%
1Y
3.54%
3Y*
0.36%
5Y*
-3.89%
10Y*
-0.87%

UC15.L

1D
-1.26%
1M
-0.42%
YTD
21.20%
6M
21.79%
1Y
29.95%
3Y*
13.16%
5Y*
11.58%
10Y*
8.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLH vs. UC15.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLH
iShares 10-20 Year Treasury Bond ETF		-0.95%6.47%-4.21%4.03%-25.24%-5.38%13.78%10.11%0.37%4.21%
UC15.L
UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc		21.20%10.31%4.66%-1.58%16.07%34.87%0.50%9.54%-10.61%6.45%

Correlation

The correlation between TLH and UC15.L is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.15

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.11

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2013

-0.12

Compare stocks, funds, or ETFs

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iShares 10-20 Year Treasury Bond ETF

UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc

Often compared with TLH:
TLH vs. TLTTLH vs. VGLTTLH vs. IEITLH vs. SPTLTLH vs. SCHQTLH vs. PLWTLH vs. XTLH.TO
Often compared with UC15.L:
UC15.L vs. SGLN.LUC15.L vs. CMFP.LUC15.L vs. VUSA.LUC15.L vs. ENCG.LUC15.L vs. COMTUC15.L vs. XBCU.LUC15.L vs. GDIG.L

Return for Risk

TLH vs. UC15.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLH
TLH Risk / Return Rank: 1616
Overall Rank
TLH Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLH Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLH Omega Ratio Rank: 1515
Omega Ratio Rank
TLH Calmar Ratio Rank: 1616
Calmar Ratio Rank
TLH Martin Ratio Rank: 1616
Martin Ratio Rank
UC15.L
UC15.L Risk / Return Rank: 7171
Overall Rank
UC15.L Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
UC15.L Sortino Ratio Rank: 6060
Sortino Ratio Rank
UC15.L Omega Ratio Rank: 6565
Omega Ratio Rank
UC15.L Calmar Ratio Rank: 8989
Calmar Ratio Rank
UC15.L Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLH vs. UC15.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 10-20 Year Treasury Bond ETF (TLH) and UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc (UC15.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.

TLHUC15.LDifference
Sharpe ratioReturn per unit of total volatility
0.45
2.17

-1.72

Sortino ratioReturn per unit of downside risk
0.69
2.86

-2.17

Omega ratioGain probability vs. loss probability

1.08

1.40

-0.32

Calmar ratioReturn relative to maximum drawdown

0.55

6.36

-5.81

Martin ratioReturn relative to average drawdown

1.50

14.17

-12.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLH vs. UC15.L - Sharpe Ratio Comparison

The current TLH Sharpe Ratio is 0.45, which is lower than the UC15.L Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of TLH and UC15.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TLHUC15.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.45

2.17

-1.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.31

0.77

-1.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.08

0.61

-0.69

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.26

+0.01

Drawdowns

TLH vs. UC15.L - Drawdown Comparison

The maximum TLH drawdown since its inception was -41.14%, smaller than the maximum UC15.L drawdown of -51.79%. Use the drawdown chart below to compare losses from any high point for TLH and UC15.L.

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Drawdown Indicators

TLHUC15.LDifference

Max Drawdown

Largest peak-to-trough decline

-41.14%

-51.79%

+10.65%

Max Drawdown (1Y)

Largest decline over 1 year

-6.50%

-4.88%

-1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-15.35%

-11.19%

-4.16%

Max Drawdown (5Y)

Largest decline over 5 years

-35.41%

-18.05%

-17.36%

Max Drawdown (10Y)

Largest decline over 10 years

-41.14%

-35.40%

-5.74%

Current Drawdown

Current decline from peak

-30.13%

-3.98%

-26.15%

Average Drawdown

Average peak-to-trough decline

-10.76%

-20.55%

+9.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.37%

2.20%

+0.17%

Volatility

TLH vs. UC15.L - Volatility Comparison

The current volatility for iShares 10-20 Year Treasury Bond ETF (TLH) is 2.37%, while UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc (UC15.L) has a volatility of 4.83%. This indicates that TLH experiences smaller price fluctuations and is considered to be less risky than UC15.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLHUC15.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.37%

4.83%

-2.46%

Volatility (6M)

Calculated over the trailing 6-month period

5.52%

11.92%

-6.40%

Volatility (1Y)

Calculated over the trailing 1-year period

7.92%

14.32%

-6.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.69%

15.02%

-2.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.19%

14.62%

-3.43%

TLH vs. UC15.L - Expense Ratio Comparison

TLH has a 0.15% expense ratio, which is lower than UC15.L's 0.34% expense ratio.

Dividends

TLH vs. UC15.L - Dividend Comparison

TLH's dividend yield for the trailing twelve months is around 4.50%, while UC15.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
TLH
iShares 10-20 Year Treasury Bond ETF		4.50%4.17%4.28%3.83%2.78%1.50%2.65%2.31%2.17%1.83%1.91%2.13%
UC15.L
UBS ETF (IE) CMCI Composite SF UCITS ETF (USD) A-acc		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

TLH and UC15.L have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TLH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TLH is cheaper with a 0.15% expense ratio, compared with 0.34% for UC15.L.

TLH is categorized as Government Bonds, while UC15.L is Commodities. TLH tracks ICE U.S. Treasury 10-20 Year Bond Index, while UC15.L tracks UBS CMCI. They also come from different issuers: iShares and UBS. Their fees differ too: 0.15% for TLH and 0.34% for UC15.L.

Portfolio Optimizer

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