U03A.L vs. SHV

Last updated Jun 26, 2026

U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - U03A.L is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Bill Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past year, U03A.L returned 3.92% vs 3.84% for SHV. At a correlation of -0.08, they often move in opposite directions. U03A.L charges 0.07%/yr vs 0.15%/yr for SHV.

Performance

U03A.L vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with U03A.L having a 1.71% return and SHV slightly lower at 1.63%.

U03A.L

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.71%
• 6M: 1.85%
• 1Y: 3.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHV

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.63%
• 6M: 1.71%
• 1Y: 3.84%
• 3Y*: 4.61%
• 5Y*: 3.36%
• 10Y*: 2.24%

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

U03A.L vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)	1.71%	3.60%
SHV iShares 0-1 Year Treasury Bond ETF	1.63%	3.51%

Correlation

The correlation between U03A.L and SHV is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	-0.08

Return for Risk

U03A.L vs. SHV — 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

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV Martin Ratio Rank: 100

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. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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.

	U03A.L	SHV	Difference
Sharpe ratio: Return per unit of total volatility	8.52	18.61	-10.08
Sortino ratio: Return per unit of downside risk	17.99	98.25	-80.26
Omega ratio: Gain probability vs. loss probability	4.82	35.67	-30.85
Calmar ratio: Return relative to maximum drawdown	34.17	141.83	-107.66
Martin ratio: Return relative to average drawdown	248.94	1,589.31	-1,340.37

U03A.L vs. SHV - Sharpe Ratio Comparison

The current U03A.L Sharpe Ratio is 8.52, which is lower than the SHV Sharpe Ratio of 18.61. The chart below compares the historical Sharpe Ratios of U03A.L and SHV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

U03A.L vs. SHV - Drawdown Comparison

The maximum U03A.L drawdown since its inception was -0.11%, smaller than the maximum SHV drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for U03A.L and SHV.

Drawdown Indicators

	U03A.L	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-0.11%	-0.45%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-0.11%	-0.03%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
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	0.02%	0.00%	+0.02%

Volatility

U03A.L vs. SHV - Volatility Comparison

iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) has a higher volatility of 0.10% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that U03A.L's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	U03A.L	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.07%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	0.13%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.46%	0.21%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.49%	0.29%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.49%	0.28%	+0.21%

U03A.L vs. SHV - Expense Ratio Comparison

U03A.L has a 0.07% expense ratio, which is lower than SHV's 0.15% 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

U03A.L vs. SHV - Dividend Comparison

U03A.L has not paid dividends to shareholders, while SHV's dividend yield for the trailing twelve months is around 3.82%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHV iShares 0-1 Year Treasury Bond ETF	3.82%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

U03A.L and SHV have a correlation of -0.06, 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 SHV?

On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, U03A.L or SHV?

U03A.L is cheaper with a 0.07% expense ratio, compared with 0.15% for SHV.

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

U03A.L is categorized as Ultrashort Bond, while SHV is Government Bonds. U03A.L tracks ICE 0-3 Month US Treasury Bill Index, while SHV tracks ICE Short US Treasury Securities Index. Their fees differ too: 0.07% for U03A.L and 0.15% for SHV.