TSY3.L vs. CU31.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while CU31.L tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.44%/yr vs 2.48%/yr for CU31.L. With a 0.99 correlation, they move nearly in lockstep. TSY3.L charges 0.05%/yr vs 0.07%/yr for CU31.L.
Performance
TSY3.L vs. CU31.L - Performance Comparison
Loading charts...
Different Trading Currencies
TSY3.L is traded in GBP, while CU31.L is traded in GBp. To make them comparable, the CU31.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 higher than CU31.L's 0.66% return. Both investments have delivered pretty close results over the past 10 years, with TSY3.L having a 2.44% annualized return and CU31.L not far ahead at 2.48%.
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%
CU31.L
- 1D
- 0.11%
- 1M
- 1.13%
- YTD
- 0.66%
- 6M
- 0.30%
- 1Y
- 4.42%
- 3Y*
- 1.49%
- 5Y*
- 2.92%
- 10Y*
- 2.48%
TSY3.L vs. CU31.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% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.66% | -1.98% | 5.81% | -1.58% | 7.82% | 0.48% | -0.40% | 0.29% | 7.25% | -8.69% |
Correlation
The correlation between TSY3.L and CU31.L is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2013 | 0.99 |
The correlation between TSY3.L and CU31.L has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TSY3.L vs. CU31.L — Risk / Return Rank
TSY3.L
CU31.L
TSY3.L vs. CU31.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 iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.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 | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.97 | +0.01 |
| Martin ratioReturn relative to average drawdown | 2.50 | 2.47 | +0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TSY3.L | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.72 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.36 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.27 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.28 | +0.03 |
Drawdowns
TSY3.L vs. CU31.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, roughly equal to the maximum CU31.L drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for TSY3.L and CU31.L.
Loading charts...
Drawdown Indicators
| TSY3.L | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -18.80% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -4.51% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -8.91% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -16.29% | -0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -18.80% | +0.05% |
Current DrawdownCurrent decline from peak | -7.69% | -7.61% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -8.23% | +0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.78% | -0.01% |
Volatility
TSY3.L vs. CU31.L - Volatility Comparison
SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) have volatilities of 1.67% and 1.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TSY3.L | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.63% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.46% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 6.11% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 8.05% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 9.19% | +0.10% |
TSY3.L vs. CU31.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than CU31.L's 0.07% 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. CU31.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, while CU31.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (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% |
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
With a correlation of 1.00, TSY3.L and CU31.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, 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 0.07% for CU31.L.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while CU31.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for TSY3.L and 0.07% for CU31.L.
Find the right allocation for TSY3.L and CU31.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer