USTY.L vs. LEML.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and LEML.L (Lyxor MSCI Emerging Markets UCITS ETF - Acc USD) are both exchange-traded funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while LEML.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, USTY.L returned 2.28%/yr vs 10.54%/yr for LEML.L. At a 0.02 correlation, their price movements are largely independent. USTY.L charges 0.05%/yr vs 0.55%/yr for LEML.L.
Performance
USTY.L vs. LEML.L - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while LEML.L is traded in GBp. To make them comparable, the LEML.L 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 LEML.L's 25.85% return. Over the past 10 years, USTY.L has underperformed LEML.L with an annualized return of 2.28%, while LEML.L has yielded a comparatively higher 10.54% 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%
LEML.L
- 1D
- -1.66%
- 1M
- 6.29%
- YTD
- 25.85%
- 6M
- 27.98%
- 1Y
- 53.27%
- 3Y*
- 20.41%
- 5Y*
- 8.13%
- 10Y*
- 10.54%
USTY.L vs. LEML.L - 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% |
LEML.L Lyxor MSCI Emerging Markets UCITS ETF - Acc USD | 25.85% | 24.60% | 8.72% | 2.68% | -10.69% | -1.92% | 13.57% | 13.03% | -9.98% | 24.60% |
Correlation
The correlation between USTY.L and LEML.L is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.02 |
The correlation between USTY.L and LEML.L shifts across timeframes, from -0.12 (1 year) to 0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
USTY.L vs. LEML.L — Risk / Return Rank
USTY.L
LEML.L
USTY.L vs. LEML.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 Lyxor MSCI Emerging Markets UCITS ETF - Acc USD (LEML.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.
| USTY.L | LEML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.58 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 4.87 | -3.72 |
| Martin ratioReturn relative to average drawdown | 3.15 | 16.96 | -13.80 |
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 | LEML.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 3.14 | -2.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.50 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.59 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.42 | -0.10 |
Drawdowns
USTY.L vs. LEML.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum LEML.L drawdown of -31.91%. Use the drawdown chart below to compare losses from any high point for USTY.L and LEML.L.
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Drawdown Indicators
| USTY.L | LEML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.02% | -31.91% | +8.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -10.89% | +5.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -15.34% | +7.59% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -24.14% | +8.10% |
Max Drawdown (10Y)Largest decline over 10 years | -23.02% | -27.59% | +4.57% |
Current DrawdownCurrent decline from peak | -15.58% | -2.51% | -13.07% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -10.48% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 3.13% | -1.23% |
Volatility
USTY.L vs. LEML.L - Volatility Comparison
The current volatility for SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) is 2.21%, while Lyxor MSCI Emerging Markets UCITS ETF - Acc USD (LEML.L) has a volatility of 7.42%. This indicates that USTY.L experiences smaller price fluctuations and is considered to be less risky than LEML.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 | LEML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 7.42% | -5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 14.42% | -9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 16.89% | -10.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.77% | 16.15% | -7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 17.94% | -7.92% |
USTY.L vs. LEML.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than LEML.L's 0.55% expense ratio.
Dividends
USTY.L vs. LEML.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 4.87%, while LEML.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LEML.L Lyxor MSCI Emerging Markets UCITS ETF - Acc USD | 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 | 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
USTY.L and LEML.L have a correlation of -0.12, 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 0.55% for LEML.L.
USTY.L is categorized as Government Bonds, while LEML.L is Emerging Markets Equities. USTY.L tracks Bloomberg US Treasury Index, while LEML.L tracks MSCI EM NR USD. They also come from different issuers: State Street and Amundi. Their fees differ too: 0.05% for USTY.L and 0.55% for LEML.L.
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