TSY3.L vs. USFR.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both Government Bonds funds - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while USFR.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, TSY3.L returned 2.87%/yr vs 4.71%/yr for USFR.L. A 0.78 correlation means they provide meaningful diversification when combined. TSY3.L charges 0.05%/yr vs 0.15%/yr for USFR.L.
Performance
TSY3.L vs. USFR.L - Performance Comparison
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Different Trading Currencies
TSY3.L is traded in GBP, while USFR.L is traded in USD. To make them comparable, the USFR.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 USFR.L's 2.01% 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%
USFR.L
- 1D
- 0.01%
- 1M
- 1.25%
- YTD
- 2.01%
- 6M
- 1.19%
- 1Y
- 4.97%
- 3Y*
- 2.06%
- 5Y*
- 4.71%
- 10Y*
- —
TSY3.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 2.67% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 2.01% | -3.29% | 7.25% | -0.31% | 14.18% | 0.79% | -2.38% | 1.04% |
Correlation
The correlation between TSY3.L and USFR.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2019 | 0.78 |
The correlation between TSY3.L and USFR.L has been stable across timeframes, ranging from 0.77 to 0.78 - a consistent structural relationship.
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Return for Risk
TSY3.L vs. USFR.L — Risk / Return Rank
TSY3.L
USFR.L
TSY3.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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 | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.97 | +0.01 |
| Martin ratioReturn relative to average drawdown | 2.50 | 2.60 | -0.10 |
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 | USFR.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.75 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.55 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.29 | +0.02 |
Drawdowns
TSY3.L vs. USFR.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, roughly equal to the maximum USFR.L drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for TSY3.L and USFR.L.
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Drawdown Indicators
| TSY3.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -18.16% | -0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -5.09% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -9.80% | +0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -15.70% | -0.68% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | — | — |
Current DrawdownCurrent decline from peak | -7.69% | -5.90% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -8.93% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.91% | -0.14% |
Volatility
TSY3.L vs. USFR.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) is 1.67%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) has a volatility of 1.89%. This indicates that TSY3.L experiences smaller price fluctuations and is considered to be less risky than USFR.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 | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.89% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 5.05% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 6.63% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 8.60% | -0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 8.90% | +0.39% |
TSY3.L vs. USFR.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than USFR.L's 0.15% 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. USFR.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, less than USFR.L's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.99% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSY3.L and USFR.L have a correlation of 0.77, 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 0.15% for USFR.L.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.05% for TSY3.L and 0.15% for USFR.L.
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