USTY.L vs. SWLD.L

Last updated Jun 5, 2026

USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - USTY.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, USTY.L returned 1.37%/yr vs 13.17%/yr for SWLD.L. At a 0.02 correlation, their price movements are largely independent. USTY.L charges 0.05%/yr vs 0.12%/yr for SWLD.L.

Performance

USTY.L vs. SWLD.L - 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 SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USTY.L achieves a 0.66% return, which is significantly lower than SWLD.L's 10.05% 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%

SWLD.L

• 1D: 0.09%
• 1M: 5.11%
• YTD: 10.05%
• 6M: 10.38%
• 1Y: 27.24%
• 3Y*: 17.80%
• 5Y*: 13.17%
• 10Y*: —

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

USTY.L vs. SWLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF	0.66%	0.10%	3.36%	-1.37%	-1.66%	-0.86%	4.57%	6.93%
SWLD.L SPDR MSCI World UCITS ETF	10.05%	12.85%	21.19%	17.70%	-8.06%	23.66%	12.00%	14.48%

Correlation

The correlation between USTY.L and SWLD.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019	0.02

The correlation between USTY.L and SWLD.L shifts across timeframes, from -0.01 (5 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USTY.L vs. SWLD.L — 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

SWLD.L

SWLD.L Risk / Return Rank: 83
SWLD.L Sharpe Ratio Rank: 84
SWLD.L Sortino Ratio Rank: 83
SWLD.L Omega Ratio Rank: 85
SWLD.L Calmar Ratio Rank: 81
SWLD.L Martin Ratio Rank: 83

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. SWLD.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 SPDR MSCI World UCITS ETF (SWLD.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	SWLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.70	-1.75
Sortino ratio: Return per unit of downside risk	1.40	3.70	-2.30
Omega ratio: Gain probability vs. loss probability	1.17	1.51	-0.34
Calmar ratio: Return relative to maximum drawdown	1.15	4.13	-2.98
Martin ratio: Return relative to average drawdown	3.15	16.60	-13.45
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. SWLD.L - Sharpe Ratio Comparison

The current USTY.L Sharpe Ratio is 0.94, which is lower than the SWLD.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of USTY.L and SWLD.L, 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	SWLD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.70	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	1.00	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.92	-0.60

Drawdowns

USTY.L vs. SWLD.L - Drawdown Comparison

The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum SWLD.L drawdown of -25.85%. Use the drawdown chart below to compare losses from any high point for USTY.L and SWLD.L.

Drawdown Indicators

	USTY.L	SWLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	-25.85%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.20%	-6.57%	+1.37%
Max Drawdown (3Y) Largest decline over 3 years	-7.75%	-18.65%	+10.90%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-18.65%	+2.61%
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	—	—
Current Drawdown Current decline from peak	-15.58%	-0.19%	-15.39%
Average Drawdown Average peak-to-trough decline	-12.04%	-3.17%	-8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.64%	+0.26%

Volatility

USTY.L vs. SWLD.L - Volatility Comparison

The current volatility for SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) is 2.21%, while SPDR MSCI World UCITS ETF (SWLD.L) has a volatility of 2.52%. This indicates that USTY.L experiences smaller price fluctuations and is considered to be less risky than SWLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTY.L	SWLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	2.52%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	7.23%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	10.06%	-3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.77%	13.21%	-4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	15.25%	-5.23%

USTY.L vs. SWLD.L - Expense Ratio Comparison

USTY.L has a 0.05% expense ratio, which is lower than SWLD.L's 0.12% 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. SWLD.L - Dividend Comparison

USTY.L's dividend yield for the trailing twelve months is around 4.87%, while SWLD.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SWLD.L SPDR MSCI World UCITS ETF	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

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

USTY.L and SWLD.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USTY.L or SWLD.L?

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.

Which ETF is cheaper, USTY.L or SWLD.L?

USTY.L is cheaper with a 0.05% expense ratio, compared with 0.12% for SWLD.L.

What is the main difference between USTY.L and SWLD.L?

USTY.L is categorized as Government Bonds, while SWLD.L is Global Equities. USTY.L tracks Bloomberg US Treasury Index, while SWLD.L tracks MSCI ACWI NR USD. Their fees differ too: 0.05% for USTY.L and 0.12% for SWLD.L.