TSY3.L vs. VUTY.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and VUTY.L (Vanguard USD Treasury Bond UCITS ETF Distributing) are both Government Bonds funds - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while VUTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.44%/yr vs 1.68%/yr for VUTY.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
TSY3.L vs. VUTY.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 VUTY.L's -0.16% return. Over the past 10 years, TSY3.L has outperformed VUTY.L with an annualized return of 2.44%, while VUTY.L has yielded a comparatively lower 1.68% 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%
VUTY.L
- 1D
- 0.07%
- 1M
- 0.92%
- YTD
- -0.16%
- 6M
- -0.74%
- 1Y
- 4.32%
- 3Y*
- 0.23%
- 5Y*
- 0.61%
- 10Y*
- 1.68%
TSY3.L vs. VUTY.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% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | -0.16% | -1.13% | 2.55% | -1.94% | -1.87% | -1.11% | 3.99% | 3.70% | 6.64% | -6.82% |
Correlation
The correlation between TSY3.L and VUTY.L is 0.89, 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 | 0.89 |
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 Feb 26, 2016 | 0.89 |
The correlation between TSY3.L and VUTY.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. VUTY.L — Risk / Return Rank
TSY3.L
VUTY.L
TSY3.L vs. VUTY.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 Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.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 | VUTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.83 | +0.15 |
| Martin ratioReturn relative to average drawdown | 2.50 | 1.98 | +0.52 |
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 | VUTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.73 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.07 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.17 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.13 | +0.18 |
Drawdowns
TSY3.L vs. VUTY.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, smaller than the maximum VUTY.L drawdown of -22.63%. Use the drawdown chart below to compare losses from any high point for TSY3.L and VUTY.L.
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Drawdown Indicators
| TSY3.L | VUTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -22.63% | +3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -5.25% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -8.27% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -16.17% | -0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -22.63% | +3.88% |
Current DrawdownCurrent decline from peak | -7.69% | -17.85% | +10.16% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -12.63% | +4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.20% | -0.43% |
Volatility
TSY3.L vs. VUTY.L - Volatility Comparison
SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a higher volatility of 1.67% compared to Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) at 1.43%. This indicates that TSY3.L's price experiences larger fluctuations and is considered to be riskier than VUTY.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 | VUTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.43% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.36% | +0.14% |
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% | 8.71% | -0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 10.00% | -0.71% |
TSY3.L vs. VUTY.L - Expense Ratio Comparison
Both TSY3.L and VUTY.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. VUTY.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, less than VUTY.L's 4.27% 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% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 4.27% | 4.40% | 4.00% | 3.47% | 2.06% | 1.19% | 1.64% | 2.42% | 2.24% | 1.64% | 0.92% | 0.00% |
Frequently Asked Questions
TSY3.L and VUTY.L have a correlation of 0.89, 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 VUTY.L have the same expense ratio: 0.05% per year.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while VUTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: State Street and Vanguard.
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