U03A.L vs. IBTU.L

Last updated Jun 5, 2026

U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both exchange-traded funds - U03A.L is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Bill Index, while IBTU.L is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past year, U03A.L returned 3.93% vs 3.95% for IBTU.L. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.

Performance

U03A.L vs. IBTU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, U03A.L achieves a 1.51% return, which is significantly higher than IBTU.L's 1.39% return.

U03A.L

• 1D: 0.03%
• 1M: 0.33%
• YTD: 1.51%
• 6M: 1.79%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTU.L

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.39%
• 6M: 1.77%
• 1Y: 3.95%
• 3Y*: 4.74%
• 5Y*: 3.38%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

U03A.L vs. IBTU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)	1.51%	4.22%	1.33%
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)	1.39%	4.36%	1.16%

Correlation

The correlation between U03A.L and IBTU.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024	0.19

Return for Risk

U03A.L vs. IBTU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

U03A.L

U03A.L Risk / Return Rank: 99
U03A.L Sharpe Ratio Rank: 99
U03A.L Sortino Ratio Rank: 99
U03A.L Omega Ratio Rank: 99
U03A.L Calmar Ratio Rank: 99
U03A.L Martin Ratio Rank: 99

IBTU.L

IBTU.L Risk / Return Rank: 99
IBTU.L Sharpe Ratio Rank: 99
IBTU.L Sortino Ratio Rank: 99
IBTU.L Omega Ratio Rank: 99
IBTU.L Calmar Ratio Rank: 99
IBTU.L Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

U03A.L vs. IBTU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.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.

	U03A.L	IBTU.L	Difference
Sharpe ratio: Return per unit of total volatility	8.85	8.12	+0.73
Sortino ratio: Return per unit of downside risk	20.41	17.26	+3.15
Omega ratio: Gain probability vs. loss probability	5.03	3.95	+1.07
Calmar ratio: Return relative to maximum drawdown	41.98	24.79	+17.20
Martin ratio: Return relative to average drawdown	274.18	183.92	+90.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

U03A.L vs. IBTU.L - Sharpe Ratio Comparison

The current U03A.L Sharpe Ratio is 8.85, which is comparable to the IBTU.L Sharpe Ratio of 8.12. The chart below compares the historical Sharpe Ratios of U03A.L and IBTU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	U03A.L	IBTU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.85	8.12	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	6.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.99	5.05	-0.07

Drawdowns

U03A.L vs. IBTU.L - Drawdown Comparison

The maximum U03A.L drawdown since its inception was -0.83%, which is greater than IBTU.L's maximum drawdown of -0.62%. Use the drawdown chart below to compare losses from any high point for U03A.L and IBTU.L.

Drawdown Indicators

	U03A.L	IBTU.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.83%	-0.62%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.16%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.29%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.03%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.02%	-0.01%

Volatility

U03A.L vs. IBTU.L - Volatility Comparison

iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) has a higher volatility of 0.13% compared to iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) at 0.08%. This indicates that U03A.L's price experiences larger fluctuations and is considered to be riskier than IBTU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	U03A.L	IBTU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.08%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	0.31%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.45%	0.49%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.88%	0.50%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.88%	0.54%	+0.34%

U03A.L vs. IBTU.L - Expense Ratio Comparison

Both U03A.L and IBTU.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

U03A.L vs. IBTU.L - Dividend Comparison

U03A.L has not paid dividends to shareholders, while IBTU.L's dividend yield for the trailing twelve months is around 4.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)	4.07%	4.43%	6.82%	3.99%	0.44%	0.10%	1.28%	1.21%
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both U03A.L and IBTU.L in my portfolio?

U03A.L and IBTU.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, U03A.L or IBTU.L?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, U03A.L or IBTU.L?

U03A.L and IBTU.L have the same expense ratio: 0.07% per year.

What is the main difference between U03A.L and IBTU.L?

U03A.L is categorized as Ultrashort Bond, while IBTU.L is Government Bonds. U03A.L tracks ICE 0-3 Month US Treasury Bill Index, while IBTU.L tracks ICE U.S. Treasury Short Bond Index.