XT01.L vs. USTY.L

Last updated Jun 5, 2026

XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds - XT01.L tracks the FTSE US Treasury Short Duration Index while USTY.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 5 years, XT01.L returned 4.47%/yr vs 1.37%/yr for USTY.L. A 0.79 correlation means they provide meaningful diversification when combined. XT01.L charges 0.06%/yr vs 0.05%/yr for USTY.L.

Performance

XT01.L vs. USTY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) and SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XT01.L achieves a 1.60% return, which is significantly higher than USTY.L's 0.66% return.

XT01.L

• 1D: 0.10%
• 1M: 1.28%
• YTD: 1.60%
• 6M: 1.14%
• 1Y: 4.98%
• 3Y*: 2.01%
• 5Y*: 4.47%
• 10Y*: —

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%

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

XT01.L vs. USTY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	1.60%	-2.80%	6.91%	-0.75%	12.89%	1.36%	-5.72%
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF	0.66%	0.10%	3.36%	-1.37%	-1.66%	-0.86%	-6.38%

Correlation

The correlation between XT01.L and USTY.L is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020	0.79

The correlation between XT01.L and USTY.L has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

XT01.L vs. USTY.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XT01.L

XT01.L Risk / Return Rank: 23
XT01.L Sharpe Ratio Rank: 23
XT01.L Sortino Ratio Rank: 22
XT01.L Omega Ratio Rank: 21
XT01.L Calmar Ratio Rank: 24
XT01.L Martin Ratio Rank: 22

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

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.

XT01.L vs. USTY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) and SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.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.

	XT01.L	USTY.L	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.94	-0.17
Sortino ratio: Return per unit of downside risk	1.15	1.40	-0.24
Omega ratio: Gain probability vs. loss probability	1.13	1.17	-0.04
Calmar ratio: Return relative to maximum drawdown	1.11	1.15	-0.04
Martin ratio: Return relative to average drawdown	2.77	3.15	-0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XT01.L vs. USTY.L - Sharpe Ratio Comparison

The current XT01.L Sharpe Ratio is 0.77, which is comparable to the USTY.L Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of XT01.L and USTY.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

	XT01.L	USTY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.94	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.16	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.31	-0.05

Drawdowns

XT01.L vs. USTY.L - Drawdown Comparison

The maximum XT01.L drawdown since its inception was -15.31%, smaller than the maximum USTY.L drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for XT01.L and USTY.L.

Drawdown Indicators

	XT01.L	USTY.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-23.02%	+7.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.48%	-5.20%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-9.75%	-7.75%	-2.00%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-16.04%	+0.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-23.02%	—
Current Drawdown Current decline from peak	-5.62%	-15.58%	+9.96%
Average Drawdown Average peak-to-trough decline	-7.30%	-12.04%	+4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.90%	-0.10%

Volatility

XT01.L vs. USTY.L - Volatility Comparison

The current volatility for Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) is 1.90%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 2.21%. This indicates that XT01.L experiences smaller price fluctuations and is considered to be less risky than USTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XT01.L	USTY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	2.21%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.68%	4.79%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.44%	6.35%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.37%	8.77%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.34%	10.02%	-1.68%

XT01.L vs. USTY.L - Expense Ratio Comparison

XT01.L has a 0.06% expense ratio, which is higher than USTY.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XT01.L vs. USTY.L - Dividend Comparison

XT01.L has not paid dividends to shareholders, while USTY.L's dividend yield for the trailing twelve months is around 4.87%.

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%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	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 XT01.L and USTY.L in my portfolio?

XT01.L and USTY.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XT01.L or USTY.L?

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.

Which ETF is cheaper, XT01.L or USTY.L?

USTY.L is cheaper with a 0.05% expense ratio, compared with 0.06% for XT01.L.

What is the main difference between XT01.L and USTY.L?

XT01.L tracks FTSE US Treasury Short Duration Index, while USTY.L tracks Bloomberg US Treasury Index. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.06% for XT01.L and 0.05% for USTY.L.