USTY.L vs. SPY5.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and SPY5.L (State Street SPDR S&P 500 UCITS ETF) are both exchange-traded funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while SPY5.L is a S&P 500 fund tracking the S&P 500. Both are passively managed. Over the past 10 years, USTY.L returned 2.28%/yr vs 16.22%/yr for SPY5.L. At a 0.09 correlation, their price movements are largely independent. USTY.L charges 0.05%/yr vs 0.09%/yr for SPY5.L.
Performance
USTY.L vs. SPY5.L - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while SPY5.L is traded in USD. To make them comparable, the SPY5.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 SPY5.L's 10.76% return. Over the past 10 years, USTY.L has underperformed SPY5.L with an annualized return of 2.28%, while SPY5.L has yielded a comparatively higher 16.22% 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%
SPY5.L
- 1D
- 0.01%
- 1M
- 5.45%
- YTD
- 10.76%
- 6M
- 10.39%
- 1Y
- 29.07%
- 3Y*
- 19.09%
- 5Y*
- 14.94%
- 10Y*
- 16.22%
USTY.L vs. SPY5.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% |
SPY5.L State Street SPDR S&P 500 UCITS ETF | 10.76% | 9.06% | 27.55% | 20.31% | -9.02% | 30.50% | 14.06% | 25.87% | 0.54% | 11.98% |
Correlation
The correlation between USTY.L and SPY5.L is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.09 |
The correlation between USTY.L and SPY5.L shifts across timeframes, from -0.03 (5 years) to 0.10 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
USTY.L vs. SPY5.L — Risk / Return Rank
USTY.L
SPY5.L
USTY.L vs. SPY5.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 State Street SPDR S&P 500 UCITS ETF (SPY5.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 | SPY5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.45 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 4.02 | -2.87 |
| Martin ratioReturn relative to average drawdown | 3.15 | 13.69 | -10.54 |
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 | SPY5.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 2.45 | -1.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.97 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.98 | -0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 1.01 | -0.69 |
Drawdowns
USTY.L vs. SPY5.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum SPY5.L drawdown of -25.97%. Use the drawdown chart below to compare losses from any high point for USTY.L and SPY5.L.
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Drawdown Indicators
| USTY.L | SPY5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.02% | -25.97% | +2.95% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -7.19% | +1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -21.10% | +13.35% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -21.10% | +5.06% |
Max Drawdown (10Y)Largest decline over 10 years | -23.02% | -25.97% | +2.95% |
Current DrawdownCurrent decline from peak | -15.58% | -0.19% | -15.39% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -3.27% | -8.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 2.12% | -0.22% |
Volatility
USTY.L vs. SPY5.L - Volatility Comparison
The current volatility for SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) is 2.21%, while State Street SPDR S&P 500 UCITS ETF (SPY5.L) has a volatility of 3.42%. This indicates that USTY.L experiences smaller price fluctuations and is considered to be less risky than SPY5.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 | SPY5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 3.42% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 8.52% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 11.82% | -5.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.77% | 15.35% | -6.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 16.47% | -6.45% |
USTY.L vs. SPY5.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than SPY5.L's 0.09% 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. SPY5.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 4.87%, more than SPY5.L's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY5.L State Street SPDR S&P 500 UCITS ETF | 0.89% | 0.97% | 1.06% | 1.19% | 1.40% | 0.99% | 1.28% | 1.71% | 2.20% | 2.29% | 1.64% | 1.73% |
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 SPY5.L have a correlation of 0.10, 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 0.09% for SPY5.L.
USTY.L is categorized as Government Bonds, while SPY5.L is S&P 500. USTY.L tracks Bloomberg US Treasury Index, while SPY5.L tracks S&P 500. Their fees differ too: 0.05% for USTY.L and 0.09% for SPY5.L.
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