USSC.L vs. IBTL
USSC.L (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) and IBTL (iShares iBonds Dec 2031 Term Treasury ETF) are both exchange-traded funds - USSC.L is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index, while IBTL is a Government Bonds fund tracking the ICE 2031 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, USSC.L returned 18.95%/yr vs 3.11%/yr for IBTL. At a 0.07 correlation, their price movements are largely independent. USSC.L charges 0.30%/yr vs 0.07%/yr for IBTL.
Performance
USSC.L vs. IBTL - Performance Comparison
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Returns By Period
In the year-to-date period, USSC.L achieves a 16.20% return, which is significantly higher than IBTL's -0.07% return.
USSC.L
- 1D
- -0.50%
- 1M
- 6.23%
- YTD
- 16.20%
- 6M
- 15.76%
- 1Y
- 37.22%
- 3Y*
- 18.95%
- 5Y*
- 10.55%
- 10Y*
- 12.37%
IBTL
- 1D
- 0.15%
- 1M
- 0.89%
- YTD
- -0.07%
- 6M
- -0.06%
- 1Y
- 4.05%
- 3Y*
- 3.11%
- 5Y*
- —
- 10Y*
- —
USSC.L vs. IBTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USSC.L SPDR MSCI USA Small Cap Value Weighted UCITS ETF | 16.20% | 14.72% | 8.33% | 23.18% | -10.14% | 3.21% |
IBTL iShares iBonds Dec 2031 Term Treasury ETF | -0.07% | 7.85% | 0.36% | 3.60% | -15.60% | -1.22% |
Correlation
The correlation between USSC.L and IBTL is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2021 | 0.07 |
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Return for Risk
USSC.L vs. IBTL — Risk / Return Rank
USSC.L
IBTL
USSC.L vs. IBTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) and iShares iBonds Dec 2031 Term Treasury ETF (IBTL). 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.
| USSC.L | IBTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.21 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.56 | 1.44 | +3.13 |
| Martin ratioReturn relative to average drawdown | 14.72 | 3.90 | +10.82 |
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Drawdowns
USSC.L vs. IBTL - Drawdown Comparison
The maximum USSC.L drawdown since its inception was -48.99%, which is greater than IBTL's maximum drawdown of -20.93%. Use the drawdown chart below to compare losses from any high point for USSC.L and IBTL.
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Drawdown Indicators
| USSC.L | IBTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -20.93% | -28.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -2.83% | -5.29% |
Max Drawdown (3Y)Largest decline over 3 years | -27.47% | -7.38% | -20.09% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.99% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | -6.88% | +6.38% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -11.42% | +3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 1.04% | +1.48% |
Volatility
USSC.L vs. IBTL - Volatility Comparison
SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) has a higher volatility of 3.77% compared to iShares iBonds Dec 2031 Term Treasury ETF (IBTL) at 0.96%. This indicates that USSC.L's price experiences larger fluctuations and is considered to be riskier than IBTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USSC.L | IBTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 0.96% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 10.20% | 2.42% | +7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.00% | 3.49% | +12.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.63% | 7.43% | +14.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.77% | 7.43% | +15.34% |
USSC.L vs. IBTL - Expense Ratio Comparison
USSC.L has a 0.30% expense ratio, which is higher than IBTL's 0.07% expense ratio.
Dividends
USSC.L vs. IBTL - Dividend Comparison
USSC.L has not paid dividends to shareholders, while IBTL's dividend yield for the trailing twelve months is around 3.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBTL iShares iBonds Dec 2031 Term Treasury ETF | 3.96% | 3.93% | 4.07% | 3.04% | 2.36% | 0.70% |
USSC.L SPDR MSCI USA Small Cap Value Weighted UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USSC.L and IBTL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL is cheaper with a 0.07% expense ratio, compared with 0.30% for USSC.L.
USSC.L is categorized as Small Cap Value Equities, while IBTL is Government Bonds. USSC.L tracks MSCI USA Small Cap Value Weighted Index, while IBTL tracks ICE 2031 Maturity US Treasury Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for USSC.L and 0.07% for IBTL.
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