TRS5.L vs. USTY.L
TRS5.L (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds from State Street - TRS5.L tracks the Bloomberg US 3-7 Year Treasury Bond Index while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, TRS5.L returned 0.83%/yr vs 1.54%/yr for USTY.L. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.05% expense ratio.
Performance
TRS5.L vs. USTY.L - Performance Comparison
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Different Trading Currencies
TRS5.L is traded in USD, while USTY.L is traded in GBP. To make them comparable, the USTY.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TRS5.L achieves a -0.40% return, which is significantly lower than USTY.L's 0.42% return. Over the past 10 years, TRS5.L has underperformed USTY.L with an annualized return of 0.83%, while USTY.L has yielded a comparatively higher 1.54% annualized return.
TRS5.L
- 1D
- 0.18%
- 1M
- -0.41%
- YTD
- -0.40%
- 6M
- 0.07%
- 1Y
- 3.32%
- 3Y*
- 3.66%
- 5Y*
- 0.31%
- 10Y*
- 0.83%
USTY.L
- 1D
- 0.26%
- 1M
- -0.28%
- YTD
- 0.42%
- 6M
- 0.88%
- 1Y
- 5.09%
- 3Y*
- 3.82%
- 5Y*
- 0.31%
- 10Y*
- 1.54%
TRS5.L vs. USTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | -0.40% | 7.27% | 2.02% | 4.16% | -9.49% | -2.44% | 6.80% | 4.29% | -0.46% | -0.42% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.42% | 7.65% | 1.64% | 3.84% | -12.17% | -1.76% | 7.78% | 8.38% | 1.15% | 2.48% |
Correlation
The correlation between TRS5.L and USTY.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016 | 0.59 |
The correlation between TRS5.L and USTY.L shifts across timeframes, from 0.49 (1 year) to 0.68 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRS5.L vs. USTY.L — Risk / Return Rank
TRS5.L
USTY.L
TRS5.L vs. USTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) and SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.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.
| TRS5.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.16 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.46 | -0.16 |
| Martin ratioReturn relative to average drawdown | 4.14 | 4.56 | -0.42 |
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
| TRS5.L | USTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 0.94 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | 0.04 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.22 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.26 | -0.04 |
Drawdowns
TRS5.L vs. USTY.L - Drawdown Comparison
The maximum TRS5.L drawdown since its inception was -14.35%, smaller than the maximum USTY.L drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TRS5.L and USTY.L.
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Drawdown Indicators
| TRS5.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.35% | -18.61% | +4.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -3.42% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -3.70% | -5.11% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -13.64% | -16.44% | +2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -14.35% | -18.61% | +4.26% |
Current DrawdownCurrent decline from peak | -1.60% | -3.73% | +2.13% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -5.80% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.09% | -0.31% |
Volatility
TRS5.L vs. USTY.L - Volatility Comparison
The current volatility for SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) is 1.15%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 1.73%. This indicates that TRS5.L experiences smaller price fluctuations and is considered to be less risky than USTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRS5.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.73% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.14% | 3.97% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 5.33% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.71% | 7.13% | -2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 6.86% | -3.05% |
TRS5.L vs. USTY.L - Expense Ratio Comparison
Both TRS5.L and USTY.L have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TRS5.L vs. USTY.L - Dividend Comparison
TRS5.L's dividend yield for the trailing twelve months is around 3.93%, less than USTY.L's 4.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | 3.93% | 3.68% | 3.24% | 1.97% | 1.12% | 0.98% | 1.66% | 1.09% | 0.00% | 0.00% | 0.00% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 4.87% | 4.61% | 3.81% | 2.81% | 1.57% | 1.31% | 2.49% | 2.79% | 2.11% | 2.11% | 1.66% |
Frequently Asked Questions
TRS5.L and USTY.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TRS5.L and USTY.L have the same expense ratio: 0.05% per year.
TRS5.L tracks Bloomberg US 3-7 Year Treasury Bond Index, while USTY.L tracks Bloomberg US Treasury Index.
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