USTY.L vs. CNYB.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both exchange-traded funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while CNYB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, USTY.L returned -0.20%/yr vs 3.58%/yr for CNYB.L. A 0.55 correlation means they provide meaningful diversification when combined. USTY.L charges 0.05%/yr vs 0.35%/yr for CNYB.L.
Performance
USTY.L vs. CNYB.L - Performance Comparison
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Returns By Period
In the year-to-date period, USTY.L achieves a -0.10% return, which is significantly lower than CNYB.L's 5.09% return.
USTY.L
- 1D
- 0.47%
- 1M
- -0.69%
- 6M
- -0.39%
- YTD
- -0.10%
- 1Y
- 3.38%
- 3Y*
- 1.94%
- 5Y*
- -0.20%
- 10Y*
- 0.52%
CNYB.L
- 1D
- 0.24%
- 1M
- -0.35%
- 6M
- 4.32%
- YTD
- 5.09%
- 1Y
- 7.12%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
USTY.L vs. CNYB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | -0.10% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | -3.84% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.09% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
Correlation
The correlation between USTY.L and CNYB.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.55 |
The correlation between USTY.L and CNYB.L shifts across timeframes, from 0.55 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USTY.L vs. CNYB.L — Risk / Return Rank
USTY.L
CNYB.L
USTY.L vs. CNYB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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.
| USTY.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.21 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 2.58 | -1.93 |
| Martin ratioReturn relative to average drawdown | 1.49 | 6.11 | -4.63 |
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Drawdowns
USTY.L vs. CNYB.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -36.73%, which is greater than CNYB.L's maximum drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for USTY.L and CNYB.L.
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Drawdown Indicators
| USTY.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.73% | -25.82% | -10.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -2.75% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -9.03% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -15.44% | -0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -23.92% | — | — |
Current DrawdownCurrent decline from peak | -18.99% | -7.24% | -11.75% |
Average DrawdownAverage peak-to-trough decline | -14.80% | -12.52% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 1.16% | +1.11% |
Volatility
USTY.L vs. CNYB.L - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a higher volatility of 1.51% compared to iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) at 1.24%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USTY.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.24% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 4.69% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 6.29% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 7.65% | +1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 11.47% | -2.21% |
USTY.L vs. CNYB.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.
Dividends
USTY.L vs. CNYB.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 3.62%, more than CNYB.L's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.62% | 3.58% | 2.98% | 2.23% | 1.24% | 0.95% | 1.91% | 2.22% | 1.56% | 1.63% | 1.20% | 1.90% |
Frequently Asked Questions
USTY.L and CNYB.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L is cheaper with a 0.05% expense ratio, compared with 0.35% for CNYB.L.
USTY.L is categorized as Government Bonds, while CNYB.L is Emerging Markets Bonds. USTY.L tracks Bloomberg US Treasury Index, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for USTY.L and 0.35% for CNYB.L.
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