USTY.L vs. VUTA.L

Last updated Jun 5, 2026

USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - USTY.L tracks the Bloomberg US Treasury Index while VUTA.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, USTY.L returned 1.37%/yr vs 0.65%/yr for VUTA.L. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.

Performance

USTY.L vs. VUTA.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 Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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 higher than VUTA.L's 0.03% 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%

VUTA.L

• 1D: 0.21%
• 1M: 1.16%
• YTD: 0.03%
• 6M: -0.52%
• 1Y: 4.50%
• 3Y*: 0.21%
• 5Y*: 0.65%
• 10Y*: —

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

USTY.L vs. VUTA.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%	5.73%
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating	0.03%	-1.12%	2.50%	-1.89%	-1.88%	-1.09%	3.97%	5.44%

Correlation

The correlation between USTY.L and VUTA.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019	0.99

The correlation between USTY.L and VUTA.L has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

USTY.L vs. VUTA.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

VUTA.L

VUTA.L Risk / Return Rank: 21
VUTA.L Sharpe Ratio Rank: 22
VUTA.L Sortino Ratio Rank: 22
VUTA.L Omega Ratio Rank: 21
VUTA.L Calmar Ratio Rank: 20
VUTA.L Martin Ratio Rank: 19

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. VUTA.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 Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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	VUTA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.75	+0.19
Sortino ratio: Return per unit of downside risk	1.40	1.14	+0.26
Omega ratio: Gain probability vs. loss probability	1.17	1.13	+0.04
Calmar ratio: Return relative to maximum drawdown	1.15	0.86	+0.29
Martin ratio: Return relative to average drawdown	3.15	2.08	+1.07
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. VUTA.L - Sharpe Ratio Comparison

The current USTY.L Sharpe Ratio is 0.94, which is comparable to the VUTA.L Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of USTY.L and VUTA.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	VUTA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.75	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.08	+0.08
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	0.08	+0.23

Drawdowns

USTY.L vs. VUTA.L - Drawdown Comparison

The maximum USTY.L drawdown since its inception was -23.02%, roughly equal to the maximum VUTA.L drawdown of -23.40%. Use the drawdown chart below to compare losses from any high point for USTY.L and VUTA.L.

Drawdown Indicators

	USTY.L	VUTA.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.02%	-23.40%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.20%	-5.21%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.75%	-8.20%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-16.17%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-23.02%	—	—
Current Drawdown Current decline from peak	-15.58%	-18.49%	+2.91%
Average Drawdown Average peak-to-trough decline	-12.04%	-15.38%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.16%	-0.26%

Volatility

USTY.L vs. VUTA.L - Volatility Comparison

SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a higher volatility of 2.21% compared to Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) at 1.39%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than VUTA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTY.L	VUTA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	1.39%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	4.40%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	5.98%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.77%	8.70%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	9.39%	+0.63%

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

Both USTY.L and VUTA.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. VUTA.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.96, USTY.L and VUTA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

USTY.L and VUTA.L have the same expense ratio: 0.05% per year.

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

USTY.L tracks Bloomberg US Treasury Index, while VUTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: State Street and Vanguard.