VDTY.L vs. TSY3.L
VDTY.L (Vanguard USD Treasury Bond UCITS ETF) and TSY3.L (SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - VDTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index while TSY3.L tracks the Bloomberg US 1-3 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, VDTY.L returned 0.79%/yr vs 1.80%/yr for TSY3.L. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.05% expense ratio.
Performance
VDTY.L vs. TSY3.L - Performance Comparison
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Different Trading Currencies
VDTY.L is traded in USD, while TSY3.L is traded in GBP. To make them comparable, the TSY3.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VDTY.L achieves a -0.23% return, which is significantly lower than TSY3.L's 0.85% return. Over the past 10 years, VDTY.L has underperformed TSY3.L with an annualized return of 0.79%, while TSY3.L has yielded a comparatively higher 1.80% annualized return.
VDTY.L
- 1D
- 0.28%
- 1M
- -0.26%
- 6M
- 0.00%
- YTD
- -0.23%
- 1Y
- 3.37%
- 3Y*
- 2.86%
- 5Y*
- -0.68%
- 10Y*
- 0.79%
TSY3.L
- 1D
- 0.08%
- 1M
- 0.96%
- 6M
- 1.03%
- YTD
- 0.85%
- 1Y
- 3.23%
- 3Y*
- 4.35%
- 5Y*
- 1.91%
- 10Y*
- 1.80%
VDTY.L vs. TSY3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VDTY.L Vanguard USD Treasury Bond UCITS ETF | -0.23% | 6.28% | 0.84% | 3.77% | -12.31% | -2.40% | 7.67% | 7.06% | 0.78% | 2.34% |
TSY3.L SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF | 0.85% | 5.38% | 4.00% | 3.55% | -3.91% | -0.42% | 2.62% | 4.23% | 1.71% | 0.33% |
Correlation
The correlation between VDTY.L and TSY3.L is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016 | 0.18 |
The correlation between VDTY.L and TSY3.L shifts across timeframes, from 0.08 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VDTY.L vs. TSY3.L — Risk / Return Rank
VDTY.L
TSY3.L
VDTY.L vs. TSY3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Treasury Bond UCITS ETF (VDTY.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.
| VDTY.L | TSY3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 2.76 | -1.63 |
| Martin ratioReturn relative to average drawdown | 3.04 | 8.51 | -5.47 |
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Drawdowns
VDTY.L vs. TSY3.L - Drawdown Comparison
The maximum VDTY.L drawdown since its inception was -18.98%, smaller than the maximum TSY3.L drawdown of -35.81%. Use the drawdown chart below to compare losses from any high point for VDTY.L and TSY3.L.
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Drawdown Indicators
| VDTY.L | TSY3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.98% | -35.81% | +16.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -1.17% | -1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.17% | -1.51% | -3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -16.59% | -6.77% | -9.82% |
Max Drawdown (10Y)Largest decline over 10 years | -18.98% | -7.42% | -11.56% |
Current DrawdownCurrent decline from peak | -6.97% | -20.98% | +14.01% |
Average DrawdownAverage peak-to-trough decline | -6.66% | -30.48% | +23.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.38% | +0.72% |
Volatility
VDTY.L vs. TSY3.L - Volatility Comparison
The current volatility for Vanguard USD Treasury Bond UCITS ETF (VDTY.L) is 0.98%, while SPDR Bloomberg 1-3 Year US Treasury Bond UCITS ETF (TSY3.L) has a volatility of 1.09%. This indicates that VDTY.L experiences smaller price fluctuations and is considered to be less risky 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
| VDTY.L | TSY3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.09% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 3.68% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 4.32% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.55% | 5.08% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.86% | 5.09% | -0.23% |
VDTY.L vs. TSY3.L - Expense Ratio Comparison
Both VDTY.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
VDTY.L vs. TSY3.L - Dividend Comparison
VDTY.L's dividend yield for the trailing twelve months is around 4.19%, more 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% |
VDTY.L Vanguard USD Treasury Bond UCITS ETF | 4.19% | 4.29% | 4.07% | 3.40% | 2.09% | 1.21% | 1.54% | 2.34% | 2.33% | 1.57% | 0.99% | 0.00% |
Frequently Asked Questions
VDTY.L and TSY3.L have a correlation of 0.08, 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.
VDTY.L and TSY3.L have the same expense ratio: 0.05% per year.
VDTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index, while TSY3.L tracks Bloomberg US 1-3 Year Treasury Bond Index. They also come from different issuers: Vanguard and State Street.
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