TSY3.L vs. CU71.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and CU71.L (iShares USD Treasury Bond 3-7yr UCITS ETF (Acc)) are both Government Bonds funds - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while CU71.L tracks the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.44%/yr vs 2.15%/yr for CU71.L. Their correlation of 0.94 suggests significant overlap in exposure. TSY3.L charges 0.05%/yr vs 0.07%/yr for CU71.L.
Performance
TSY3.L vs. CU71.L - Performance Comparison
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Different Trading Currencies
TSY3.L is traded in GBP, while CU71.L is traded in GBp. To make them comparable, the CU71.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 CU71.L's -0.14% return. Over the past 10 years, TSY3.L has outperformed CU71.L with an annualized return of 2.44%, while CU71.L has yielded a comparatively lower 2.15% 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%
CU71.L
- 1D
- 0.25%
- 1M
- 0.93%
- YTD
- -0.14%
- 6M
- -0.64%
- 1Y
- 4.29%
- 3Y*
- 1.05%
- 5Y*
- 1.47%
- 10Y*
- 2.15%
TSY3.L vs. CU71.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% |
CU71.L iShares USD Treasury Bond 3-7yr UCITS ETF (Acc) | -0.14% | -0.08% | 3.77% | -1.43% | 1.45% | -1.10% | 3.33% | 2.76% | 7.03% | -7.76% |
Correlation
The correlation between TSY3.L and CU71.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2013 | 0.94 |
The correlation between TSY3.L and CU71.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
TSY3.L vs. CU71.L — Risk / Return Rank
TSY3.L
CU71.L
TSY3.L vs. CU71.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 3-7yr UCITS ETF (Acc) (CU71.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 | CU71.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.85 | +0.13 |
| Martin ratioReturn relative to average drawdown | 2.50 | 2.09 | +0.41 |
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 | CU71.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 | 0.18 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.22 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.27 | +0.04 |
Drawdowns
TSY3.L vs. CU71.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, smaller than the maximum CU71.L drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for TSY3.L and CU71.L.
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Drawdown Indicators
| TSY3.L | CU71.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -20.50% | +1.75% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -5.02% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -7.33% | -1.59% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -15.69% | -0.69% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -20.50% | +1.75% |
Current DrawdownCurrent decline from peak | -7.69% | -13.12% | +5.43% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -10.11% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.05% | -0.28% |
Volatility
TSY3.L vs. CU71.L - Volatility Comparison
SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a higher volatility of 1.67% compared to iShares USD Treasury Bond 3-7yr UCITS ETF (Acc) (CU71.L) at 1.45%. This indicates that TSY3.L's price experiences larger fluctuations and is considered to be riskier than CU71.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 | CU71.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.45% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.33% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 5.96% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 8.27% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 9.55% | -0.26% |
TSY3.L vs. CU71.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than CU71.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. CU71.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, while CU71.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CU71.L iShares USD Treasury Bond 3-7yr 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 0.94, TSY3.L and CU71.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 CU71.L.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while CU71.L tracks ICE U.S. Treasury 3-7 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for TSY3.L and 0.07% for CU71.L.
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