XUTD.L vs. TRS5.L
XUTD.L (Xtrackers II US Treasuries UCITS ETF 1D) and TRS5.L (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - XUTD.L tracks the iBoxx USD Treasuries Index while TRS5.L tracks the Bloomberg US 3-7 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, XUTD.L returned 0.87%/yr vs 0.80%/yr for TRS5.L. Their correlation of 0.90 suggests significant overlap in exposure. XUTD.L charges 0.06%/yr vs 0.05%/yr for TRS5.L.
Performance
XUTD.L vs. TRS5.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUTD.L achieves a -0.43% return, which is significantly higher than TRS5.L's -0.58% return. Over the past 10 years, XUTD.L has outperformed TRS5.L with an annualized return of 0.87%, while TRS5.L has yielded a comparatively lower 0.80% annualized return.
XUTD.L
- 1D
- -0.20%
- 1M
- -0.20%
- YTD
- -0.43%
- 6M
- -0.26%
- 1Y
- 3.91%
- 3Y*
- 2.77%
- 5Y*
- -0.48%
- 10Y*
- 0.87%
TRS5.L
- 1D
- -0.18%
- 1M
- -0.45%
- YTD
- -0.58%
- 6M
- -0.35%
- 1Y
- 3.39%
- 3Y*
- 3.55%
- 5Y*
- 0.27%
- 10Y*
- 0.80%
XUTD.L vs. TRS5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XUTD.L Xtrackers II US Treasuries UCITS ETF 1D | -0.43% | 6.38% | 0.77% | 3.91% | -12.78% | -2.45% | 7.94% | 7.21% | 0.66% | 2.22% |
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | -0.58% | 7.27% | 2.02% | 4.16% | -9.49% | -2.44% | 6.80% | 4.29% | -0.46% | -0.42% |
Correlation
The correlation between XUTD.L and TRS5.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016 | 0.90 |
The correlation between XUTD.L and TRS5.L has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
XUTD.L vs. TRS5.L — Risk / Return Rank
XUTD.L
TRS5.L
XUTD.L vs. TRS5.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II US Treasuries UCITS ETF 1D (XUTD.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.
| XUTD.L | TRS5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.21 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.36 | -0.08 |
| Martin ratioReturn relative to average drawdown | 3.95 | 4.36 | -0.41 |
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
| XUTD.L | TRS5.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.06 | 1.16 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | 0.06 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.21 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.22 | +0.21 |
Drawdowns
XUTD.L vs. TRS5.L - Drawdown Comparison
The maximum XUTD.L drawdown since its inception was -19.61%, which is greater than TRS5.L's maximum drawdown of -14.35%. Use the drawdown chart below to compare losses from any high point for XUTD.L and TRS5.L.
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Drawdown Indicators
| XUTD.L | TRS5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.61% | -14.35% | -5.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.48% | -0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -5.47% | -3.70% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -17.01% | -13.64% | -3.37% |
Max Drawdown (10Y)Largest decline over 10 years | -19.61% | -14.35% | -5.26% |
Current DrawdownCurrent decline from peak | -7.72% | -1.78% | -5.94% |
Average DrawdownAverage peak-to-trough decline | -5.55% | -4.40% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.77% | +0.22% |
Volatility
XUTD.L vs. TRS5.L - Volatility Comparison
Xtrackers II US Treasuries UCITS ETF 1D (XUTD.L) has a higher volatility of 1.40% compared to SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) at 1.14%. This indicates that XUTD.L's price experiences larger fluctuations and is considered to be riskier 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
| XUTD.L | TRS5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 1.14% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 2.14% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 2.91% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 4.71% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.06% | 3.81% | +1.25% |
XUTD.L vs. TRS5.L - Expense Ratio Comparison
XUTD.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
XUTD.L vs. TRS5.L - Dividend Comparison
XUTD.L's dividend yield for the trailing twelve months is around 3.49%, less than TRS5.L's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF | 3.94% | 3.68% | 3.24% | 1.97% | 1.12% | 0.98% | 1.66% | 1.09% | 0.00% | 0.00% | 0.00% |
XUTD.L Xtrackers II US Treasuries UCITS ETF 1D | 3.49% | 3.27% | 3.65% | 2.39% | 1.95% | 3.42% | 1.08% | 1.47% | 1.35% | 1.34% | 2.12% |
Frequently Asked Questions
With a correlation of 0.92, XUTD.L and TRS5.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.
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 XUTD.L.
XUTD.L tracks iBoxx USD Treasuries 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 XUTD.L and 0.05% for TRS5.L.
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