USTY.L vs. INDEX

Last updated Jun 5, 2026

USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and INDEX (Index Funds S&P 500 Equal Weight) are both funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while INDEX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, USTY.L returned 2.28%/yr vs 13.94%/yr for INDEX. At a 0.17 correlation, their price movements are largely independent. USTY.L charges 0.05%/yr vs 0.25%/yr for INDEX.

Performance

USTY.L vs. INDEX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) and Index Funds S&P 500 Equal Weight (INDEX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USTY.L is traded in GBP, while INDEX is traded in USD. To make them comparable, the INDEX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, USTY.L achieves a 0.66% return, which is significantly lower than INDEX's 11.17% return. Over the past 10 years, USTY.L has underperformed INDEX with an annualized return of 2.28%, while INDEX has yielded a comparatively higher 13.94% annualized return.

USTY.L

• 1D: 0.21%
• 1M: 1.14%
• YTD: 0.66%
• 6M: 0.16%
• 1Y: 6.01%
• 3Y*: 1.22%
• 5Y*: 1.37%
• 10Y*: 2.28%

INDEX

• 1D: -0.38%
• 1M: 5.11%
• YTD: 11.17%
• 6M: 9.89%
• 1Y: 29.14%
• 3Y*: 17.74%
• 5Y*: 12.54%
• 10Y*: 13.94%

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

USTY.L vs. INDEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF	0.66%	0.10%	3.36%	-1.37%	-1.66%	-0.86%	4.57%	4.20%	7.22%	-6.43%
INDEX Index Funds S&P 500 Equal Weight	11.17%	9.38%	26.91%	5.05%	-1.36%	30.32%	9.44%	24.07%	-2.36%	8.44%

Correlation

The correlation between USTY.L and INDEX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015	0.17

The correlation between USTY.L and INDEX shifts across timeframes, from 0.09 (5 years) to 0.20 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

USTY.L vs. INDEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USTY.L

USTY.L Risk / Return Rank: 25
USTY.L Sharpe Ratio Rank: 27
USTY.L Sortino Ratio Rank: 26
USTY.L Omega Ratio Rank: 26
USTY.L Calmar Ratio Rank: 24
USTY.L Martin Ratio Rank: 24

INDEX

INDEX Risk / Return Rank: 66
INDEX Sharpe Ratio Rank: 65
INDEX Sortino Ratio Rank: 59
INDEX Omega Ratio Rank: 60
INDEX Calmar Ratio Rank: 66
INDEX Martin Ratio Rank: 79

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.

USTY.L vs. INDEX - 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 Index Funds S&P 500 Equal Weight (INDEX). 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.

	USTY.L	INDEX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.53	-1.59
Sortino ratio: Return per unit of downside risk	1.40	3.29	-1.89
Omega ratio: Gain probability vs. loss probability	1.17	1.47	-0.30
Calmar ratio: Return relative to maximum drawdown	1.15	3.83	-2.68
Martin ratio: Return relative to average drawdown	3.15	14.88	-11.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USTY.L vs. INDEX - Sharpe Ratio Comparison

The current USTY.L Sharpe Ratio is 0.94, which is lower than the INDEX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of USTY.L and INDEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USTY.L	INDEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.53	-1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.80	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.76	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.71	-0.39

Drawdowns

USTY.L vs. INDEX - Drawdown Comparison

The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum INDEX drawdown of -31.64%. Use the drawdown chart below to compare losses from any high point for USTY.L and INDEX.

Drawdown Indicators

	USTY.L	INDEX	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	-31.64%	+8.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.20%	-7.56%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-7.75%	-21.90%	+14.15%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-21.90%	+5.86%
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	-31.64%	+8.62%
Current Drawdown Current decline from peak	-15.58%	-0.38%	-15.20%
Average Drawdown Average peak-to-trough decline	-12.04%	-4.02%	-8.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.94%	-0.04%

Volatility

USTY.L vs. INDEX - Volatility Comparison

The current volatility for SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) is 2.21%, while Index Funds S&P 500 Equal Weight (INDEX) has a volatility of 2.64%. This indicates that USTY.L experiences smaller price fluctuations and is considered to be less risky than INDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTY.L	INDEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	2.64%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	8.18%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	11.48%	-5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.77%	15.69%	-6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	18.47%	-8.45%

USTY.L vs. INDEX - Expense Ratio Comparison

USTY.L has a 0.05% expense ratio, which is lower than INDEX's 0.25% 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. INDEX - Dividend Comparison

USTY.L's dividend yield for the trailing twelve months is around 4.87%, more than INDEX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
INDEX Index Funds S&P 500 Equal Weight	0.94%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF	4.87%	4.61%	3.81%	2.81%	1.57%	1.31%	2.49%	2.79%	2.11%	2.11%	1.66%

Frequently Asked Questions

Can I hold both USTY.L and INDEX in my portfolio?

USTY.L and INDEX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.