TSY3.L vs. CYGB.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - TSY3.L is a Government Bonds fund tracking the Bloomberg US 1-3 Year Treasury Bond Index, while CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, TSY3.L returned 2.37%/yr vs 5.42%/yr for CYGB.L. At a 0.01 correlation, their price movements are largely independent. TSY3.L charges 0.05%/yr vs 0.40%/yr for CYGB.L.
Performance
TSY3.L vs. CYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, TSY3.L achieves a 0.90% return, which is significantly lower than CYGB.L's 3.44% return.
TSY3.L
- 1D
- 0.29%
- 1M
- -0.24%
- 6M
- 0.49%
- YTD
- 0.90%
- 1Y
- 2.97%
- 3Y*
- 3.27%
- 5Y*
- 2.37%
- 10Y*
- 1.54%
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
TSY3.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.90% | -2.01% | 5.77% | -1.64% | 7.59% | 3.79% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
Correlation
The correlation between TSY3.L and CYGB.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.01 |
The correlation between TSY3.L and CYGB.L shifts across timeframes, from -0.13 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TSY3.L vs. CYGB.L — Risk / Return Rank
TSY3.L
CYGB.L
TSY3.L vs. CYGB.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 China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.
| TSY3.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.28 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 5.28 | -4.62 |
| Martin ratioReturn relative to average drawdown | 1.66 | 12.15 | -10.49 |
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Drawdowns
TSY3.L vs. CYGB.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -41.41%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for TSY3.L and CYGB.L.
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Drawdown Indicators
| TSY3.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.41% | -1.56% | -39.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -0.69% | -3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -8.93% | -1.56% | -7.37% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -1.56% | -14.82% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | — | — |
Current DrawdownCurrent decline from peak | -8.67% | -0.17% | -8.50% |
Average DrawdownAverage peak-to-trough decline | -19.38% | -0.24% | -19.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 0.29% | +1.50% |
Volatility
TSY3.L vs. CYGB.L - Volatility Comparison
SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a higher volatility of 1.23% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that TSY3.L's price experiences larger fluctuations and is considered to be riskier than CYGB.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 | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.59% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 2.24% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 2.72% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 2.38% | +5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.53% | 2.33% | +6.20% |
TSY3.L vs. CYGB.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than CYGB.L's 0.40% expense ratio.
Dividends
TSY3.L vs. CYGB.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.91%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.91% | 4.25% | 4.06% | 3.02% | 0.61% | 0.56% | 1.84% | 2.14% | 1.78% | 1.34% | 0.87% | 0.80% |
Frequently Asked Questions
TSY3.L and CYGB.L have a correlation of -0.13, 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 0.40% for CYGB.L.
TSY3.L is categorized as Government Bonds, while CYGB.L is Emerging Markets Bonds. TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for TSY3.L and 0.40% for CYGB.L.
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