USTY.L vs. XUT3.L
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) are both Government Bonds funds - USTY.L tracks the Bloomberg US Treasury Index while XUT3.L tracks the iBoxx USD Treasuries 1-3 Index. Both are passively managed. Over the past 10 years, USTY.L returned 2.28%/yr vs 2.49%/yr for XUT3.L. A 0.74 correlation means they provide meaningful diversification when combined. USTY.L charges 0.05%/yr vs 0.06%/yr for XUT3.L.
Performance
USTY.L vs. XUT3.L - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while XUT3.L is traded in USD. To make them comparable, the XUT3.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 XUT3.L's 0.95% return. Over the past 10 years, USTY.L has underperformed XUT3.L with an annualized return of 2.28%, while XUT3.L has yielded a comparatively higher 2.49% annualized 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%
XUT3.L
- 1D
- 0.10%
- 1M
- 1.04%
- YTD
- 0.95%
- 6M
- 0.23%
- 1Y
- 4.46%
- 3Y*
- 1.56%
- 5Y*
- 2.96%
- 10Y*
- 2.49%
USTY.L vs. XUT3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.66% | 0.10% | 3.36% | -1.37% | -1.66% | -0.86% | 4.57% | 4.20% | 7.22% | -6.43% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 0.95% | -2.42% | 5.95% | -1.10% | 7.87% | 0.32% | -0.08% | -0.38% | 7.45% | -8.40% |
Correlation
The correlation between USTY.L and XUT3.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.74 |
The correlation between USTY.L and XUT3.L has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.
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Return for Risk
USTY.L vs. XUT3.L — Risk / Return Rank
USTY.L
XUT3.L
USTY.L vs. XUT3.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 Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.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 | XUT3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.12 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 0.85 | +0.30 |
| Martin ratioReturn relative to average drawdown | 3.15 | 2.31 | +0.84 |
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 | XUT3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 0.69 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.36 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.27 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.33 | -0.02 |
Drawdowns
USTY.L vs. XUT3.L - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -23.02%, which is greater than XUT3.L's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for USTY.L and XUT3.L.
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Drawdown Indicators
| USTY.L | XUT3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.02% | -18.58% | -4.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -5.21% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -9.27% | +1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -16.72% | +0.68% |
Max Drawdown (10Y)Largest decline over 10 years | -23.02% | -18.58% | -4.44% |
Current DrawdownCurrent decline from peak | -15.58% | -8.02% | -7.56% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -8.22% | -3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 1.92% | -0.02% |
Volatility
USTY.L vs. XUT3.L - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a higher volatility of 2.21% compared to Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) at 1.65%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than XUT3.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 | XUT3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 1.65% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 4.93% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 6.41% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.77% | 8.22% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 9.43% | +0.59% |
USTY.L vs. XUT3.L - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than XUT3.L's 0.06% 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. XUT3.L - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 4.87%, more than XUT3.L's 2.84% yield.
| 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% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.84% | 2.70% | 2.35% | 1.80% | 1.00% | 2.89% | 2.43% | 1.16% | 1.00% | 0.69% | 0.00% |
Frequently Asked Questions
USTY.L and XUT3.L have a correlation of 0.67, 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 0.06% for XUT3.L.
USTY.L tracks Bloomberg US Treasury Index, while XUT3.L tracks iBoxx USD Treasuries 1-3 Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.05% for USTY.L and 0.06% for XUT3.L.
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