TSY3.L vs. XT01.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) are both Government Bonds funds - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while XT01.L tracks the FTSE US Treasury Short Duration Index. Both are passively managed. Over the past 5 years, TSY3.L returned 2.87%/yr vs 4.47%/yr for XT01.L. With a 0.98 correlation, they move nearly in lockstep. TSY3.L charges 0.05%/yr vs 0.06%/yr for XT01.L.
Performance
TSY3.L vs. XT01.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 lower than XT01.L's 1.60% 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%
XT01.L
- 1D
- 0.10%
- 1M
- 1.28%
- YTD
- 1.60%
- 6M
- 1.14%
- 1Y
- 4.98%
- 3Y*
- 2.01%
- 5Y*
- 4.47%
- 10Y*
- —
TSY3.L vs. XT01.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.72% | -2.00% | 5.79% | -1.65% | 7.59% | 0.51% | -5.69% |
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C | 1.60% | -2.80% | 6.91% | -0.75% | 12.89% | 1.36% | -5.72% |
Correlation
The correlation between TSY3.L and XT01.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020 | 0.98 |
The correlation between TSY3.L and XT01.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
TSY3.L vs. XT01.L — Risk / Return Rank
TSY3.L
XT01.L
TSY3.L vs. XT01.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 Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.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 | XT01.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.11 | -0.13 |
| Martin ratioReturn relative to average drawdown | 2.50 | 2.77 | -0.27 |
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 | XT01.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.77 | -0.05 |
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 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.26 | +0.05 |
Drawdowns
TSY3.L vs. XT01.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -18.75%, which is greater than XT01.L's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TSY3.L and XT01.L.
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Drawdown Indicators
| TSY3.L | XT01.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -15.31% | -3.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -4.48% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -8.92% | -9.75% | +0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -15.31% | -1.07% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | — | — |
Current DrawdownCurrent decline from peak | -7.69% | -5.62% | -2.07% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -7.30% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.80% | -0.03% |
Volatility
TSY3.L vs. XT01.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) is 1.67%, while Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) has a volatility of 1.90%. This indicates that TSY3.L experiences smaller price fluctuations and is considered to be less risky than XT01.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 | XT01.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.90% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.68% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.14% | 6.44% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.21% | 8.37% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 8.34% | +0.95% |
TSY3.L vs. XT01.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than XT01.L's 0.06% 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. XT01.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.92%, while XT01.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% |
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C | 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
With a correlation of 0.98, TSY3.L and XT01.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.06% for XT01.L.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while XT01.L tracks FTSE US Treasury Short Duration Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.05% for TSY3.L and 0.06% for XT01.L.
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