USTY.L vs. TSY3.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both Government Bonds funds from State Street - USTY.L tracks the Bloomberg US Treasury Index while TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, USTY.L returned 0.52%/yr vs 1.54%/yr for TSY3.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
USTY.L vs. TSY3.L - Performance Comparison
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Returns By Period
In the year-to-date period, USTY.L achieves a -0.10% return, which is significantly lower than TSY3.L's 0.90% return. Over the past 10 years, USTY.L has underperformed TSY3.L with an annualized return of 0.52%, while TSY3.L has yielded a comparatively higher 1.54% annualized return.
USTY.L
- 1D
- 0.47%
- 1M
- -0.69%
- 6M
- -0.39%
- YTD
- -0.10%
- 1Y
- 3.38%
- 3Y*
- 1.94%
- 5Y*
- -0.20%
- 10Y*
- 0.52%
TSY3.L
- 1D
- 0.29%
- 1M
- -0.24%
- 6M
- 0.49%
- YTD
- 0.90%
- 1Y
- 2.97%
- 3Y*
- 3.27%
- 5Y*
- 2.37%
- 10Y*
- 1.54%
USTY.L vs. TSY3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | -0.10% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | 3.61% | 6.57% | -6.86% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.90% | -2.01% | 5.77% | -1.64% | 7.59% | 0.49% | -0.43% | 0.21% | 7.82% | -8.39% |
Correlation
The correlation between USTY.L and TSY3.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 2013 | 0.81 |
The correlation between USTY.L and TSY3.L has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
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Return for Risk
USTY.L vs. TSY3.L — Risk / Return Rank
USTY.L
TSY3.L
USTY.L vs. TSY3.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 1-3 Year US Treasury Bond UCITS ETF (TSY3.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 | TSY3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.66 | -0.01 |
| Martin ratioReturn relative to average drawdown | 1.49 | 1.66 | -0.17 |
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Drawdowns
USTY.L vs. TSY3.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -36.73%, smaller than the maximum TSY3.L drawdown of -41.41%. Use the drawdown chart below to compare losses from any high point for USTY.L and TSY3.L.
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Drawdown Indicators
| USTY.L | TSY3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.73% | -41.41% | +4.68% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -4.48% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -8.93% | +0.79% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -16.38% | +0.14% |
Max Drawdown (10Y)Largest decline over 10 years | -23.92% | -18.75% | -5.17% |
Current DrawdownCurrent decline from peak | -18.99% | -8.67% | -10.32% |
Average DrawdownAverage peak-to-trough decline | -14.80% | -19.38% | +4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 1.79% | +0.48% |
Volatility
USTY.L vs. TSY3.L - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a higher volatility of 1.51% compared to SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) at 1.23%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than TSY3.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 | TSY3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.23% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 4.51% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 6.08% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 8.05% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 8.53% | +0.73% |
USTY.L vs. TSY3.L - Expense Ratio Comparison
Both USTY.L and TSY3.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. TSY3.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 3.62%, less than TSY3.L's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 3.91% | 4.25% | 4.06% | 3.02% | 0.61% | 0.56% | 1.84% | 2.14% | 1.78% | 1.34% | 0.87% | 0.80% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.62% | 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 TSY3.L have a correlation of 0.87, 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 TSY3.L have the same expense ratio: 0.05% per year.
USTY.L tracks Bloomberg US Treasury Index, while TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index.
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