USTY.L vs. IS0L.DE
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and IS0L.DE (iShares Germany Government Bond UCITS ETF (Dist)) are both exchange-traded funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while IS0L.DE is a European Government Bonds fund tracking the Bloomberg Euro Treasury Germany. Both are passively managed. Over the past 10 years, USTY.L returned 2.28%/yr vs -0.35%/yr for IS0L.DE. A 0.56 correlation means they provide meaningful diversification when combined. USTY.L charges 0.05%/yr vs 0.20%/yr for IS0L.DE.
Performance
USTY.L vs. IS0L.DE - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while IS0L.DE is traded in EUR. To make them comparable, the IS0L.DE 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 higher than IS0L.DE's -0.88% return. Over the past 10 years, USTY.L has outperformed IS0L.DE with an annualized return of 2.28%, while IS0L.DE has yielded a comparatively lower -0.35% 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%
IS0L.DE
- 1D
- 0.21%
- 1M
- 0.71%
- YTD
- -0.88%
- 6M
- -1.42%
- 1Y
- 1.25%
- 3Y*
- 0.98%
- 5Y*
- -2.93%
- 10Y*
- -0.35%
USTY.L vs. IS0L.DE - 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% |
IS0L.DE iShares Germany Government Bond UCITS ETF (Dist) | -0.88% | 3.62% | -4.23% | 3.06% | -13.36% | -9.43% | 8.48% | -2.53% | 3.76% | 2.57% |
Correlation
The correlation between USTY.L and IS0L.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.56 |
Over the past year, the correlation between USTY.L and IS0L.DE has dropped to 0.32 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
USTY.L vs. IS0L.DE — Risk / Return Rank
USTY.L
IS0L.DE
USTY.L vs. IS0L.DE - 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 Germany Government Bond UCITS ETF (Dist) (IS0L.DE). 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 | IS0L.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.04 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 0.29 | +0.86 |
| Martin ratioReturn relative to average drawdown | 3.15 | 0.61 | +2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USTY.L | IS0L.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 0.24 | +0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.39 | +0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | -0.04 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.07 | +0.25 |
Drawdowns
USTY.L vs. IS0L.DE - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum IS0L.DE drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for USTY.L and IS0L.DE.
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Drawdown Indicators
| USTY.L | IS0L.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.02% | -27.61% | +4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -4.24% | -0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -6.81% | -0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -20.62% | +4.58% |
Max Drawdown (10Y)Largest decline over 10 years | -23.02% | -27.61% | +4.59% |
Current DrawdownCurrent decline from peak | -15.58% | -23.38% | +7.80% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -11.26% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 2.04% | -0.14% |
Volatility
USTY.L vs. IS0L.DE - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a higher volatility of 2.21% compared to iShares Germany Government Bond UCITS ETF (Dist) (IS0L.DE) at 1.58%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than IS0L.DE 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 | IS0L.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 1.58% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 3.75% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 5.19% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.77% | 7.36% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 8.62% | +1.40% |
USTY.L vs. IS0L.DE - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than IS0L.DE's 0.20% 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. IS0L.DE - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 4.87%, more than IS0L.DE's 2.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS0L.DE iShares Germany Government Bond UCITS ETF (Dist) | 2.19% | 2.19% | 2.13% | 0.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.35% |
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% | 0.00% |
Frequently Asked Questions
USTY.L and IS0L.DE have a correlation of 0.32, 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 0.20% for IS0L.DE.
USTY.L is categorized as Government Bonds, while IS0L.DE is European Government Bonds. USTY.L tracks Bloomberg US Treasury Index, while IS0L.DE tracks Bloomberg Euro Treasury Germany. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for USTY.L and 0.20% for IS0L.DE.
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