USTY.L vs. IBTA.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - USTY.L tracks the Bloomberg US Treasury Index while IBTA.L tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, USTY.L returned 0.74%/yr vs 2.95%/yr for IBTA.L. A 0.72 correlation means they provide meaningful diversification when combined. USTY.L charges 0.05%/yr vs 0.07%/yr for IBTA.L.
Performance
USTY.L vs. IBTA.L - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while IBTA.L is traded in USD. To make them comparable, the IBTA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with USTY.L having a 2.53% return and IBTA.L slightly higher at 2.61%.
USTY.L
- 1D
- 0.67%
- 1M
- 3.00%
- YTD
- 2.53%
- 6M
- 3.19%
- 1Y
- 7.12%
- 3Y*
- 1.90%
- 5Y*
- 0.74%
- 10Y*
- 1.20%
IBTA.L
- 1D
- -0.22%
- 1M
- 2.24%
- YTD
- 2.61%
- 6M
- 3.21%
- 1Y
- 6.74%
- 3Y*
- 3.03%
- 5Y*
- 2.95%
- 10Y*
- —
USTY.L vs. IBTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 2.53% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | 3.61% | 6.57% | -6.79% |
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 2.61% | -2.17% | 5.89% | -1.00% | 7.69% | 0.30% | 0.11% | -0.32% | 7.41% | -7.63% |
Correlation
The correlation between USTY.L and IBTA.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2017 | 0.72 |
The correlation between USTY.L and IBTA.L has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
USTY.L vs. IBTA.L — Risk / Return Rank
USTY.L
IBTA.L
USTY.L vs. IBTA.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 USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.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 | IBTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.26 | +0.10 |
| Martin ratioReturn relative to average drawdown | 3.21 | 3.46 | -0.25 |
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Drawdowns
USTY.L vs. IBTA.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -36.73%, which is greater than IBTA.L's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for USTY.L and IBTA.L.
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Drawdown Indicators
| USTY.L | IBTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.73% | -18.45% | -18.28% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -5.34% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -9.28% | +1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -16.66% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -23.92% | — | — |
Current DrawdownCurrent decline from peak | -16.85% | -6.21% | -10.64% |
Average DrawdownAverage peak-to-trough decline | -14.79% | -8.99% | -5.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 1.94% | +0.26% |
Volatility
USTY.L vs. IBTA.L - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) have volatilities of 1.66% and 1.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USTY.L | IBTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.59% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 5.00% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.36% | 6.51% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.71% | 8.28% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 8.54% | +0.92% |
USTY.L vs. IBTA.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than IBTA.L's 0.07% 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
USTY.L vs. IBTA.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 3.52%, while IBTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (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% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.52% | 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 IBTA.L have a correlation of 0.67, 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 0.07% for IBTA.L.
USTY.L tracks Bloomberg US Treasury Index, while IBTA.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for USTY.L and 0.07% for IBTA.L.
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