USTY.L vs. SWRD.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and SWRD.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 SWRD.L is a Large Cap Growth Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, USTY.L returned 1.37%/yr vs 13.16%/yr for SWRD.L. At a correlation of -0.06, they often move in opposite directions. USTY.L charges 0.05%/yr vs 0.12%/yr for SWRD.L.
Performance
USTY.L vs. SWRD.L - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while SWRD.L is traded in USD. To make them comparable, the SWRD.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 SWRD.L's 10.22% 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%
SWRD.L
- 1D
- 0.00%
- 1M
- 4.91%
- YTD
- 10.22%
- 6M
- 10.13%
- 1Y
- 27.17%
- 3Y*
- 17.85%
- 5Y*
- 13.16%
- 10Y*
- —
USTY.L vs. SWRD.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% |
SWRD.L SPDR MSCI World UCITS ETF | 10.32% | 12.46% | 21.34% | 18.20% | -8.04% | 23.27% | 12.48% | 13.94% |
Correlation
The correlation between USTY.L and SWRD.L is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019 | -0.06 |
The correlation between USTY.L and SWRD.L shifts across timeframes, from -0.08 (5 years) to 0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
USTY.L vs. SWRD.L — Risk / Return Rank
USTY.L
SWRD.L
USTY.L vs. SWRD.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 (SWRD.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 | SWRD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.43 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 4.18 | -3.03 |
| Martin ratioReturn relative to average drawdown | 3.15 | 15.83 | -12.68 |
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 | SWRD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 2.33 | -1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.92 | -0.76 |
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 | 0.85 | -0.54 |
Drawdowns
USTY.L vs. SWRD.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum SWRD.L drawdown of -26.90%. Use the drawdown chart below to compare losses from any high point for USTY.L and SWRD.L.
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Drawdown Indicators
| USTY.L | SWRD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.02% | -26.90% | +3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -6.47% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -18.71% | +10.96% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -18.71% | +2.67% |
Max Drawdown (10Y)Largest decline over 10 years | -23.02% | — | — |
Current DrawdownCurrent decline from peak | -15.58% | -0.28% | -15.30% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -3.22% | -8.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 1.71% | +0.19% |
Volatility
USTY.L vs. SWRD.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 (SWRD.L) has a volatility of 3.50%. This indicates that USTY.L experiences smaller price fluctuations and is considered to be less risky than SWRD.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 | SWRD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 3.50% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 8.82% | -4.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 11.59% | -5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.77% | 14.37% | -5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 16.41% | -6.39% |
USTY.L vs. SWRD.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than SWRD.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. SWRD.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 4.87%, while SWRD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SWRD.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
USTY.L and SWRD.L have a correlation of 0.03, 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 0.12% for SWRD.L.
USTY.L is categorized as Government Bonds, while SWRD.L is Large Cap Growth Equities. USTY.L tracks Bloomberg US Treasury Index, while SWRD.L tracks MSCI World Index. Their fees differ too: 0.05% for USTY.L and 0.12% for SWRD.L.
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