TSY3.L vs. XUT3.L
TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) and XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) are both Government Bonds funds - TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while XUT3.L tracks the iBoxx USD Treasuries 1-3 Index. Both are passively managed. Over the past 10 years, TSY3.L returned 2.12%/yr vs 2.08%/yr for XUT3.L. Their correlation of 0.81 suggests significant overlap in exposure. TSY3.L charges 0.05%/yr vs 0.06%/yr for XUT3.L.
Performance
TSY3.L vs. XUT3.L - Performance Comparison
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Different Trading Currencies
TSY3.L is traded in GBP, while XUT3.L is traded in USD. To make them comparable, the XUT3.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with TSY3.L having a 2.85% return and XUT3.L slightly lower at 2.81%. Both investments have delivered pretty close results over the past 10 years, with TSY3.L having a 2.12% annualized return and XUT3.L not far behind at 2.08%.
TSY3.L
- 1D
- 0.36%
- 1M
- 2.43%
- YTD
- 2.85%
- 6M
- 3.45%
- 1Y
- 6.72%
- 3Y*
- 3.06%
- 5Y*
- 2.96%
- 10Y*
- 2.12%
XUT3.L
- 1D
- 0.27%
- 1M
- 2.17%
- YTD
- 2.81%
- 6M
- 3.25%
- 1Y
- 6.36%
- 3Y*
- 3.02%
- 5Y*
- 2.96%
- 10Y*
- 2.08%
TSY3.L vs. XUT3.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 | 2.85% | -2.01% | 5.77% | -1.64% | 7.59% | 0.49% | -0.43% | 0.21% | 7.82% | -8.39% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.81% | -2.42% | 5.95% | -1.10% | 7.87% | 0.32% | -0.08% | -0.38% | 7.45% | -8.40% |
Correlation
The correlation between TSY3.L and XUT3.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 | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 2013 | 0.81 |
The correlation between TSY3.L and XUT3.L has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
TSY3.L vs. XUT3.L — Risk / Return Rank
TSY3.L
XUT3.L
TSY3.L vs. XUT3.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 II US Treasuries 1-3 UCITS ETF 1D (XUT3.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TSY3.L | XUT3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 1.22 | +0.28 |
| Martin ratioReturn relative to average drawdown | 3.83 | 3.32 | +0.51 |
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Drawdowns
TSY3.L vs. XUT3.L - Drawdown Comparison
The maximum TSY3.L drawdown since its inception was -41.41%, which is greater than XUT3.L's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for TSY3.L and XUT3.L.
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Drawdown Indicators
| TSY3.L | XUT3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.41% | -18.58% | -22.83% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -5.21% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -8.93% | -9.27% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -16.72% | +0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -18.58% | -0.17% |
Current DrawdownCurrent decline from peak | -6.90% | -6.32% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -19.44% | -8.04% | -11.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.91% | -0.16% |
Volatility
TSY3.L vs. XUT3.L - Volatility Comparison
SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) and Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) have volatilities of 1.51% and 1.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSY3.L | XUT3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.48% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 4.97% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.22% | 6.40% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.06% | 8.21% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 8.80% | -0.10% |
TSY3.L vs. XUT3.L - Expense Ratio Comparison
TSY3.L has a 0.05% expense ratio, which is lower than XUT3.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. XUT3.L - Dividend Comparison
TSY3.L's dividend yield for the trailing twelve months is around 3.84%, more than XUT3.L's 2.84% 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 | 3.84% | 4.25% | 4.06% | 3.02% | 0.61% | 0.56% | 1.84% | 2.14% | 1.78% | 1.34% | 0.87% | 0.80% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.84% | 2.70% | 2.35% | 1.80% | 1.00% | 2.89% | 2.43% | 1.16% | 1.00% | 0.69% | 0.00% | 0.00% |
Frequently Asked Questions
TSY3.L and XUT3.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 0.06% for XUT3.L.
TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while XUT3.L tracks iBoxx USD Treasuries 1-3 Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.05% for TSY3.L and 0.06% for XUT3.L.
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