TSY3.L vs. USTY.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds from State Street - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.44%/yr vs 2.28%/yr for USTY.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
TSY3.L vs. USTY.L - Performance Comparison
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Returns By Period
In the year-to-date period, TSY3.L achieves a 0.72% return, which is significantly higher than USTY.L's 0.66% return. Over the past 10 years, TSY3.L has outperformed USTY.L with an annualized return of 2.44%, while USTY.L has yielded a comparatively lower 2.28% 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%
USTY.L
- 1D
- 0.21%
- 1M
- 1.14%
- YTD
- 0.66%
- 6M
- 0.16%
- 1Y
- 6.01%
- 3Y*
- 1.22%
- 5Y*
- 1.37%
- 10Y*
- 2.28%
TSY3.L vs. USTY.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% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.66% | 0.10% | 3.36% | -1.37% | -1.66% | -0.86% | 4.57% | 4.20% | 7.22% | -6.43% |
Correlation
The correlation between TSY3.L and USTY.L is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.89 |
The correlation between TSY3.L and USTY.L has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
TSY3.L vs. USTY.L — Risk / Return Rank
TSY3.L
USTY.L
TSY3.L vs. USTY.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 Bloomberg US Treasury Bond UCITS ETF (USTY.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 | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.17 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.15 | -0.17 |
| Martin ratioReturn relative to average drawdown | 2.50 | 3.15 | -0.65 |
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 | USTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.94 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.16 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.23 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.31 | -0.01 |
Drawdowns
TSY3.L vs. USTY.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, smaller than the maximum USTY.L drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for TSY3.L and USTY.L.
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Drawdown Indicators
| TSY3.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -23.02% | +4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -5.20% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -7.75% | -1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -16.04% | -0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -23.02% | +4.27% |
Current DrawdownCurrent decline from peak | -7.69% | -15.58% | +7.89% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -12.04% | +4.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.90% | -0.13% |
Volatility
TSY3.L vs. USTY.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) is 1.67%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 2.21%. This indicates that TSY3.L experiences smaller price fluctuations and is considered to be less risky than USTY.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 | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 2.21% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.79% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 6.35% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 8.77% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 10.02% | -0.73% |
TSY3.L vs. USTY.L - Expense Ratio Comparison
Both TSY3.L and USTY.L have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TSY3.L vs. USTY.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, less than USTY.L's 4.87% 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% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 4.87% | 4.61% | 3.81% | 2.81% | 1.57% | 1.31% | 2.49% | 2.79% | 2.11% | 2.11% | 1.66% | 0.00% |
Frequently Asked Questions
TSY3.L and USTY.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TSY3.L and USTY.L have the same expense ratio: 0.05% per year.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while USTY.L tracks Bloomberg US Treasury Index.
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