TSY3.L vs. USSC.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and USSC.L (SPDR MSCI USA Small Cap Value Weighted 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 USSC.L is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.44%/yr vs 12.72%/yr for USSC.L. At a 0.02 correlation, their price movements are largely independent. TSY3.L charges 0.05%/yr vs 0.30%/yr for USSC.L.
Performance
TSY3.L vs. USSC.L - Performance Comparison
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Different Trading Currencies
TSY3.L is traded in GBP, while USSC.L is traded in USD. To make them comparable, the USSC.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 USSC.L's 14.21% return. Over the past 10 years, TSY3.L has underperformed USSC.L with an annualized return of 2.44%, while USSC.L has yielded a comparatively higher 12.72% 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%
USSC.L
- 1D
- 0.73%
- 1M
- 2.58%
- YTD
- 14.21%
- 6M
- 13.60%
- 1Y
- 38.05%
- 3Y*
- 16.77%
- 5Y*
- 10.83%
- 10Y*
- 12.72%
TSY3.L vs. USSC.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% |
USSC.L SPDR MSCI USA Small Cap Value Weighted UCITS ETF | 14.21% | 6.56% | 10.22% | 17.02% | 0.54% | 36.50% | 5.57% | 18.50% | -10.28% | 0.29% |
Correlation
The correlation between TSY3.L and USSC.L is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2015 | 0.02 |
The correlation between TSY3.L and USSC.L shifts across timeframes, from -0.15 (5 years) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TSY3.L vs. USSC.L — Risk / Return Rank
TSY3.L
USSC.L
TSY3.L vs. USSC.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 USA Small Cap Value Weighted UCITS ETF (USSC.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 | USSC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.42 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 5.31 | -4.33 |
| Martin ratioReturn relative to average drawdown | 2.50 | 17.68 | -15.18 |
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 | USSC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 2.41 | -1.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.53 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.57 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.53 | -0.22 |
Drawdowns
TSY3.L vs. USSC.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, smaller than the maximum USSC.L drawdown of -43.40%. Use the drawdown chart below to compare losses from any high point for TSY3.L and USSC.L.
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Drawdown Indicators
| TSY3.L | USSC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -43.40% | +24.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -7.13% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -28.91% | +19.99% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -28.91% | +12.53% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -43.40% | +24.65% |
Current DrawdownCurrent decline from peak | -7.69% | 0.00% | -7.69% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -7.95% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.15% | -0.38% |
Volatility
TSY3.L vs. USSC.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 USA Small Cap Value Weighted UCITS ETF (USSC.L) has a volatility of 3.69%. This indicates that TSY3.L experiences smaller price fluctuations and is considered to be less risky than USSC.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 | USSC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 3.69% | -2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 10.24% | -5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 15.72% | -9.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 20.60% | -12.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 22.18% | -12.89% |
TSY3.L vs. USSC.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than USSC.L's 0.30% expense ratio.
Dividends
TSY3.L vs. USSC.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, while USSC.L has not paid dividends to shareholders.
| 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% |
USSC.L SPDR MSCI USA Small Cap Value Weighted 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% |
Frequently Asked Questions
TSY3.L and USSC.L have a correlation of -0.04, 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 0.30% for USSC.L.
TSY3.L is categorized as Government Bonds, while USSC.L is Small Cap Value Equities. TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while USSC.L tracks MSCI USA Small Cap Value Weighted Index. Their fees differ too: 0.05% for TSY3.L and 0.30% for USSC.L.
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