USTY.L vs. TRS5.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and TRS5.L (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) are both Government Bonds funds from State Street - USTY.L tracks the Bloomberg US Treasury Index while TRS5.L tracks the Bloomberg US 3-7 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, USTY.L returned 1.20%/yr vs 1.23%/yr for TRS5.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
USTY.L vs. TRS5.L - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while TRS5.L is traded in USD. To make them comparable, the TRS5.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 2.53% return, which is significantly higher than TRS5.L's 2.03% return. Both investments have delivered pretty close results over the past 10 years, with USTY.L having a 1.20% annualized return and TRS5.L not far ahead at 1.23%.
USTY.L
- 1D
- 0.67%
- 1M
- 3.00%
- YTD
- 2.53%
- 6M
- 3.19%
- 1Y
- 7.12%
- 3Y*
- 1.90%
- 5Y*
- 0.74%
- 10Y*
- 1.20%
TRS5.L
- 1D
- -0.04%
- 1M
- 2.51%
- YTD
- 2.03%
- 6M
- 2.71%
- 1Y
- 6.62%
- 3Y*
- 2.58%
- 5Y*
- 1.48%
- 10Y*
- 1.23%
USTY.L vs. TRS5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 2.53% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | 3.61% | 6.57% | -6.86% |
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | 2.03% | -0.36% | 3.79% | -1.02% | 1.28% | -1.52% | 3.65% | 1.42% | 7.22% | -7.75% |
Correlation
The correlation between USTY.L and TRS5.L is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 17, 2016 | 0.81 |
The correlation between USTY.L and TRS5.L has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
USTY.L vs. TRS5.L — Risk / Return Rank
USTY.L
TRS5.L
USTY.L vs. TRS5.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 Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| USTY.L | TRS5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.19 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.18 | +0.18 |
| Martin ratioReturn relative to average drawdown | 3.21 | 3.07 | +0.14 |
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Drawdowns
USTY.L vs. TRS5.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -36.73%, which is greater than TRS5.L's maximum drawdown of -20.46%. Use the drawdown chart below to compare losses from any high point for USTY.L and TRS5.L.
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Drawdown Indicators
| USTY.L | TRS5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.73% | -20.46% | -16.27% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -5.61% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -7.60% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -16.10% | -0.14% |
Max Drawdown (10Y)Largest decline over 10 years | -23.92% | -20.46% | -3.46% |
Current DrawdownCurrent decline from peak | -16.85% | -11.36% | -5.49% |
Average DrawdownAverage peak-to-trough decline | -14.79% | -11.13% | -3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 2.15% | +0.05% |
Volatility
USTY.L vs. TRS5.L - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) and SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) have volatilities of 1.66% and 1.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USTY.L | TRS5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.62% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 5.14% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.36% | 6.46% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.71% | 8.57% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 9.07% | +0.39% |
USTY.L vs. TRS5.L - Expense Ratio Comparison
Both USTY.L and TRS5.L have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
USTY.L vs. TRS5.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 3.52%, less than TRS5.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | 3.92% | 3.68% | 3.24% | 1.97% | 1.12% | 0.98% | 1.66% | 2.13% | 1.66% | 1.40% | 0.47% | 0.00% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.52% | 3.58% | 2.98% | 2.23% | 1.24% | 0.95% | 1.91% | 2.22% | 1.56% | 1.63% | 1.20% | 1.90% |
Frequently Asked Questions
USTY.L and TRS5.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L and TRS5.L have the same expense ratio: 0.05% per year.
USTY.L tracks Bloomberg US Treasury Index, while TRS5.L tracks Bloomberg US 3-7 Year Treasury Bond Index.
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