TRSX.L vs. XUTD.L
TRSX.L (SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF) and XUTD.L (Xtrackers II US Treasuries UCITS ETF 1D) are both Government Bonds funds - TRSX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index while XUTD.L tracks the iBoxx USD Treasuries Index. Both are passively managed. Over the past 10 years, TRSX.L returned 0.55%/yr vs 0.80%/yr for XUTD.L. With a 0.96 correlation, they move nearly in lockstep. TRSX.L charges 0.05%/yr vs 0.06%/yr for XUTD.L.
Performance
TRSX.L vs. XUTD.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRSX.L achieves a -0.84% return, which is significantly lower than XUTD.L's 0.46% return. Over the past 10 years, TRSX.L has underperformed XUTD.L with an annualized return of 0.55%, while XUTD.L has yielded a comparatively higher 0.80% annualized return.
TRSX.L
- 1D
- 0.12%
- 1M
- 0.39%
- YTD
- -0.84%
- 6M
- -0.28%
- 1Y
- 3.05%
- 3Y*
- 2.76%
- 5Y*
- -1.09%
- 10Y*
- 0.55%
XUTD.L
- 1D
- 0.14%
- 1M
- 1.11%
- YTD
- 0.46%
- 6M
- 0.84%
- 1Y
- 3.75%
- 3Y*
- 3.06%
- 5Y*
- -0.36%
- 10Y*
- 0.80%
TRSX.L vs. XUTD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | -0.84% | 8.40% | -0.27% | 3.37% | -15.02% | -3.14% | 9.54% | 8.79% | 0.61% | 2.71% |
XUTD.L Xtrackers II US Treasuries UCITS ETF 1D | 0.46% | 6.38% | 0.77% | 3.90% | -12.78% | -2.45% | 7.94% | 7.21% | 0.66% | 2.22% |
Correlation
The correlation between TRSX.L and XUTD.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2016 | 0.96 |
The correlation between TRSX.L and XUTD.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
TRSX.L vs. XUTD.L — Risk / Return Rank
TRSX.L
XUTD.L
TRSX.L vs. XUTD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) and Xtrackers II US Treasuries UCITS ETF 1D (XUTD.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.
| TRSX.L | XUTD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.18 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.22 | -0.45 |
| Martin ratioReturn relative to average drawdown | 2.19 | 3.46 | -1.28 |
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Drawdowns
TRSX.L vs. XUTD.L - Drawdown Comparison
The maximum TRSX.L drawdown since its inception was -23.62%, which is greater than XUTD.L's maximum drawdown of -19.61%. Use the drawdown chart below to compare losses from any high point for TRSX.L and XUTD.L.
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Drawdown Indicators
| TRSX.L | XUTD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.62% | -19.61% | -4.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -3.05% | -1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -5.34% | -1.88% |
Max Drawdown (5Y)Largest decline over 5 years | -21.08% | -17.01% | -4.07% |
Max Drawdown (10Y)Largest decline over 10 years | -23.62% | -19.61% | -4.01% |
Current DrawdownCurrent decline from peak | -10.84% | -6.90% | -3.94% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -4.86% | -3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 1.08% | +0.35% |
Volatility
TRSX.L vs. XUTD.L - Volatility Comparison
SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF (TRSX.L) has a higher volatility of 1.29% compared to Xtrackers II US Treasuries UCITS ETF 1D (XUTD.L) at 1.00%. This indicates that TRSX.L's price experiences larger fluctuations and is considered to be riskier than XUTD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRSX.L | XUTD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.00% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.36% | 2.62% | +0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 3.60% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 5.77% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.32% | 5.04% | +1.28% |
TRSX.L vs. XUTD.L - Expense Ratio Comparison
TRSX.L has a 0.05% expense ratio, which is lower than XUTD.L's 0.06% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TRSX.L vs. XUTD.L - Dividend Comparison
TRSX.L's dividend yield for the trailing twelve months is around 4.09%, more than XUTD.L's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TRSX.L SPDR Bloomberg 7-10 Year US Treasury Bond UCITS ETF | 4.09% | 3.90% | 3.57% | 2.71% | 1.65% | 1.02% | 1.56% | 2.34% | 2.07% | 1.88% | 0.74% |
XUTD.L Xtrackers II US Treasuries UCITS ETF 1D | 3.45% | 3.27% | 3.65% | 2.39% | 1.95% | 3.42% | 1.08% | 1.47% | 1.35% | 1.34% | 2.12% |
Frequently Asked Questions
With a correlation of 0.96, TRSX.L and XUTD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, TRSX.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRSX.L is cheaper with a 0.05% expense ratio, compared with 0.06% for XUTD.L.
TRSX.L tracks Bloomberg US 7-10 Year Treasury Bond Index, while XUTD.L tracks iBoxx USD Treasuries Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.05% for TRSX.L and 0.06% for XUTD.L.
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