TSY3.L vs. ACWD.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and ACWD.L (SPDR MSCI All Country World UCITS ETF) are both exchange-traded funds - TSY3.L is a Government Bonds fund tracking the Bloomberg US 1-3 Year Treasury Bond Index, while ACWD.L is a Global Equities fund tracking the MSCI ACWI Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.44%/yr vs 13.49%/yr for ACWD.L. At a 0.10 correlation, their price movements are largely independent. TSY3.L charges 0.05%/yr vs 0.12%/yr for ACWD.L.
Performance
TSY3.L vs. ACWD.L - Performance Comparison
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Different Trading Currencies
TSY3.L is traded in GBP, while ACWD.L is traded in USD. To make them comparable, the ACWD.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, TSY3.L achieves a 0.72% return, which is significantly lower than ACWD.L's 11.99% return. Over the past 10 years, TSY3.L has underperformed ACWD.L with an annualized return of 2.44%, while ACWD.L has yielded a comparatively higher 13.49% annualized return.
TSY3.L
- 1D
- 0.10%
- 1M
- 1.10%
- YTD
- 0.72%
- 6M
- 0.32%
- 1Y
- 4.44%
- 3Y*
- 1.49%
- 5Y*
- 2.87%
- 10Y*
- 2.44%
ACWD.L
- 1D
- -0.03%
- 1M
- 5.27%
- YTD
- 11.99%
- 6M
- 12.23%
- 1Y
- 30.23%
- 3Y*
- 18.19%
- 5Y*
- 12.52%
- 10Y*
- 13.49%
TSY3.L vs. ACWD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.72% | -2.00% | 5.79% | -1.65% | 7.59% | 0.51% | -0.46% | 0.22% | 7.27% | -8.65% |
ACWD.L SPDR MSCI All Country World UCITS ETF | 11.99% | 14.08% | 19.81% | 16.16% | -8.66% | 19.89% | 12.50% | 21.02% | -4.51% | 13.36% |
Correlation
The correlation between TSY3.L and ACWD.L is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2013 | 0.10 |
The correlation between TSY3.L and ACWD.L shifts across timeframes, from -0.11 (5 years) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSY3.L vs. ACWD.L — Risk / Return Rank
TSY3.L
ACWD.L
TSY3.L vs. ACWD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) and SPDR MSCI All Country World UCITS ETF (ACWD.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.
| TSY3.L | ACWD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.47 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 4.38 | -3.40 |
| Martin ratioReturn relative to average drawdown | 2.50 | 16.69 | -14.19 |
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
| TSY3.L | ACWD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 2.50 | -1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.88 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.87 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.84 | -0.53 |
Drawdowns
TSY3.L vs. ACWD.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, smaller than the maximum ACWD.L drawdown of -25.57%. Use the drawdown chart below to compare losses from any high point for TSY3.L and ACWD.L.
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Drawdown Indicators
| TSY3.L | ACWD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -25.57% | +6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -6.87% | +2.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -18.26% | +9.34% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -18.26% | +1.88% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -25.57% | +6.82% |
Current DrawdownCurrent decline from peak | -7.69% | -0.33% | -7.36% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -3.56% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.81% | -0.04% |
Volatility
TSY3.L vs. ACWD.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) is 1.67%, while SPDR MSCI All Country World UCITS ETF (ACWD.L) has a volatility of 3.71%. This indicates that TSY3.L experiences smaller price fluctuations and is considered to be less risky than ACWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSY3.L | ACWD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 3.71% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 9.35% | -4.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 12.02% | -5.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 14.27% | -6.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 15.40% | -6.11% |
TSY3.L vs. ACWD.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than ACWD.L's 0.12% 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
TSY3.L vs. ACWD.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, while ACWD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWD.L SPDR MSCI All Country 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% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.92% | 4.25% | 4.07% | 3.02% | 0.60% | 0.56% | 1.84% | 2.14% | 1.31% | 1.04% | 0.63% | 0.52% |
Frequently Asked Questions
TSY3.L and ACWD.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TSY3.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TSY3.L is cheaper with a 0.05% expense ratio, compared with 0.12% for ACWD.L.
TSY3.L is categorized as Government Bonds, while ACWD.L is Global Equities. TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while ACWD.L tracks MSCI ACWI Index. Their fees differ too: 0.05% for TSY3.L and 0.12% for ACWD.L.
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