XUT3.L vs. TRS5.L
XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) and TRS5.L (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - XUT3.L tracks the iBoxx USD Treasuries 1-3 Index while TRS5.L tracks the Bloomberg US 3-7 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, XUT3.L returned 1.74%/yr vs 0.83%/yr for TRS5.L. Their correlation of 0.85 suggests significant overlap in exposure. XUT3.L charges 0.06%/yr vs 0.05%/yr for TRS5.L.
Performance
XUT3.L vs. TRS5.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUT3.L achieves a 0.54% return, which is significantly higher than TRS5.L's -0.40% return. Over the past 10 years, XUT3.L has outperformed TRS5.L with an annualized return of 1.74%, while TRS5.L has yielded a comparatively lower 0.83% annualized return.
XUT3.L
- 1D
- 0.10%
- 1M
- 0.12%
- YTD
- 0.54%
- 6M
- 0.93%
- 1Y
- 3.45%
- 3Y*
- 4.17%
- 5Y*
- 1.86%
- 10Y*
- 1.74%
TRS5.L
- 1D
- 0.18%
- 1M
- -0.11%
- YTD
- -0.40%
- 6M
- -0.08%
- 1Y
- 3.24%
- 3Y*
- 3.66%
- 5Y*
- 0.31%
- 10Y*
- 0.83%
XUT3.L vs. TRS5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 0.54% | 5.06% | 4.13% | 4.10% | -3.60% | -0.62% | 2.95% | 3.56% | 1.44% | 0.27% |
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | -0.40% | 7.27% | 2.02% | 4.16% | -9.49% | -2.44% | 6.80% | 4.29% | -0.46% | -0.42% |
Correlation
The correlation between XUT3.L and TRS5.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 | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016 | 0.85 |
The correlation between XUT3.L and TRS5.L has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
XUT3.L vs. TRS5.L — Risk / Return Rank
XUT3.L
TRS5.L
XUT3.L vs. TRS5.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) and SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.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.
| XUT3.L | TRS5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.95 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.20 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 1.30 | +3.80 |
| Martin ratioReturn relative to average drawdown | 20.02 | 4.14 | +15.87 |
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
| XUT3.L | TRS5.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.06 | 1.11 | +1.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 0.07 | +0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.16 | 0.22 | +0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 0.22 | +0.91 |
Drawdowns
XUT3.L vs. TRS5.L - Drawdown Comparison
The maximum XUT3.L drawdown since its inception was -5.45%, smaller than the maximum TRS5.L drawdown of -14.35%. Use the drawdown chart below to compare losses from any high point for XUT3.L and TRS5.L.
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Drawdown Indicators
| XUT3.L | TRS5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.45% | -14.35% | +8.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -2.48% | +1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -0.91% | -3.70% | +2.79% |
Max Drawdown (5Y)Largest decline over 5 years | -5.45% | -13.64% | +8.19% |
Max Drawdown (10Y)Largest decline over 10 years | -5.45% | -14.35% | +8.90% |
Current DrawdownCurrent decline from peak | -0.12% | -1.60% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -0.72% | -4.40% | +3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 0.78% | -0.61% |
Volatility
XUT3.L vs. TRS5.L - Volatility Comparison
The current volatility for Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) is 0.41%, while SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) has a volatility of 1.15%. This indicates that XUT3.L experiences smaller price fluctuations and is considered to be less risky than TRS5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XUT3.L | TRS5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 1.15% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 0.80% | 2.14% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.13% | 2.91% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.90% | 4.71% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.50% | 3.81% | -2.31% |
XUT3.L vs. TRS5.L - Expense Ratio Comparison
XUT3.L has a 0.06% expense ratio, which is higher than TRS5.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
XUT3.L vs. TRS5.L - Dividend Comparison
XUT3.L's dividend yield for the trailing twelve months is around 2.84%, less than TRS5.L's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | 3.93% | 3.68% | 3.24% | 1.97% | 1.12% | 0.98% | 1.66% | 1.09% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
XUT3.L and TRS5.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.
On fees, TRS5.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRS5.L is cheaper with a 0.05% expense ratio, compared with 0.06% for XUT3.L.
XUT3.L tracks iBoxx USD Treasuries 1-3 Index, while TRS5.L tracks Bloomberg US 3-7 Year Treasury Bond Index. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.06% for XUT3.L and 0.05% for TRS5.L.
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