USTY.L vs. CYGB.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while CYGB.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 5.42%/yr for CYGB.L. At a 0.04 correlation, their price movements are largely independent. USTY.L charges 0.05%/yr vs 0.40%/yr for CYGB.L.
Performance
USTY.L vs. CYGB.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 CYGB.L's 3.44% 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%
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
USTY.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | -0.10% | -0.90% | 2.50% | -1.93% | -1.98% | 4.66% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
Correlation
The correlation between USTY.L and CYGB.L is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.04 |
The correlation between USTY.L and CYGB.L shifts across timeframes, from -0.09 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USTY.L vs. CYGB.L — Risk / Return Rank
USTY.L
CYGB.L
USTY.L vs. CYGB.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 GBP Hedged (Dist) (CYGB.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 | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.28 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 5.28 | -4.63 |
| Martin ratioReturn relative to average drawdown | 1.49 | 12.15 | -10.66 |
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Drawdowns
USTY.L vs. CYGB.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -36.73%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for USTY.L and CYGB.L.
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Drawdown Indicators
| USTY.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.73% | -1.56% | -35.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -0.69% | -4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -1.56% | -6.58% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -1.56% | -14.68% |
Max Drawdown (10Y)Largest decline over 10 years | -23.92% | — | — |
Current DrawdownCurrent decline from peak | -18.99% | -0.17% | -18.82% |
Average DrawdownAverage peak-to-trough decline | -14.80% | -0.24% | -14.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 0.29% | +1.98% |
Volatility
USTY.L vs. CYGB.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 GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than CYGB.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 | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 0.59% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 2.24% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 2.72% | +3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 2.38% | +6.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 2.33% | +6.93% |
USTY.L vs. CYGB.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than CYGB.L's 0.40% expense ratio.
Dividends
USTY.L vs. CYGB.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 3.62%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% | 0.00% | 0.00% | 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 CYGB.L have a correlation of -0.09, 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 0.40% for CYGB.L.
USTY.L is categorized as Government Bonds, while CYGB.L is Emerging Markets Bonds. USTY.L tracks Bloomberg US Treasury Index, while CYGB.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 0.40% for CYGB.L.
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