- Issuer
- Invesco
- Inception Date
- Jan 10, 2017
- Region
- North America (U.S.)
- Category
- Ultrashort Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE U.S. Treasury Short Bond Index
- Domicile
- U.S.
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $3B
Share Price Chart
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Performance
TBLL Performance Chart
Invesco Short Term Treasury ETF (TBLL) is up 1.6% since the beginning of the year. TBLL is currently trading at $105 per share. Investors who bought $1,000 worth of TBLL shares 5 years ago would now be looking at an investment worth $1,181.
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Returns By Period
Invesco Short Term Treasury ETF (TBLL) has returned 1.60% so far this year and 3.87% over the past 12 months.
Invesco Short Term Treasury ETF
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 1.60%
- 6M
- 1.69%
- 1Y
- 3.87%
- 3Y*
- 4.60%
- 5Y*
- 3.39%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TBLL Monthly Returns History
Based on dividend-adjusted daily data since Jan 12, 2017, TBLL's average daily return is +0.01%, while the average monthly return is +0.20%. At this rate, an investment would double in approximately 28.9 years.
Historically, 85% of months were positive and 15% were negative. The best month was Mar 2020 with a return of +0.6%, while the worst month was Apr 2020 at -0.1%. The longest winning streak lasted 52 consecutive months, and the longest losing streak was 4 months.
On a daily basis, TBLL closed higher 58% of trading days. The best single day was Mar 18, 2020 with a return of +0.5%, while the worst single day was Mar 19, 2020 at -0.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.27% | 0.28% | 0.25% | 0.30% | 0.30% | 0.19% | 1.60% | ||||||
| 2025 | 0.35% | 0.33% | 0.34% | 0.34% | 0.33% | 0.34% | 0.34% | 0.42% | 0.36% | 0.34% | 0.29% | 0.36% | 4.21% |
| 2024 | 0.40% | 0.36% | 0.40% | 0.38% | 0.48% | 0.38% | 0.49% | 0.53% | 0.47% | 0.30% | 0.37% | 0.44% | 5.11% |
| 2023 | 0.34% | 0.27% | 0.53% | 0.30% | 0.29% | 0.45% | 0.39% | 0.47% | 0.41% | 0.47% | 0.58% | 0.40% | 5.01% |
| 2022 | -0.05% | -0.03% | 0.01% | 0.02% | 0.04% | 0.06% | 0.05% | 0.11% | 0.09% | 0.12% | 0.31% | 0.38% | 1.11% |
| 2021 | 0.01% | 0.02% | 0.00% | 0.00% | 0.00% | -0.01% | 0.00% | -0.00% | -0.01% | 0.00% | -0.01% | -0.01% | -0.01% |
Benchmark Metrics
Invesco Short Term Treasury ETF has an annualized alpha of 2.42%, beta of -0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 12, 2017.
- This ETF captured 4.51% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -6.32%) - a profile typical of hedging or uncorrelated assets.
- Beta of -0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.42%
- Beta
- -0.00
- R²
- 0.00
- Upside Capture
- 4.51%
- Downside Capture
- -6.32%
Expense Ratio
TBLL has an expense ratio of 0.08%, which is considered low.
Return for Risk
Risk / Return Rank
TBLL ranks 100 for risk / return — in the top 100% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and compare them to S&P 500 Index.
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.
| TBLL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.62 | ||
| Sortino ratioReturn per unit of downside risk | +186.78 | ||
| Omega ratioGain probability vs. loss probability | 81.26 | 1.37 | +79.90 |
| Calmar ratioReturn relative to maximum drawdown | 410.16 | 2.78 | +407.37 |
| Martin ratioReturn relative to average drawdown | 3,066.50 | 12.44 | +3,054.06 |
Dividends
Dividend History
Invesco Short Term Treasury ETF provided a 4.11% dividend yield over the last twelve months, with an annual payout of $4.34 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $4.34 | $4.31 | $5.27 | $4.89 | $1.45 | $0.04 | $0.85 | $2.20 | $1.78 | $0.75 |
Dividend yield | 4.11% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco Short Term Treasury ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.33 | $0.32 | $0.30 | $0.27 | $0.32 | $0.32 | $1.85 | ||||||
| 2025 | $0.40 | $0.37 | $0.36 | $0.35 | $0.33 | $0.37 | $0.38 | $0.35 | $0.35 | $0.35 | $0.33 | $0.35 | $4.31 |
| 2024 | $0.45 | $0.46 | $0.44 | $0.43 | $0.44 | $0.44 | $0.46 | $0.47 | $0.44 | $0.43 | $0.42 | $0.37 | $5.27 |
| 2023 | $0.32 | $0.32 | $0.37 | $0.37 | $0.40 | $0.39 | $0.43 | $0.44 | $0.43 | $0.45 | $0.47 | $0.49 | $4.89 |
| 2022 | $0.00 | $0.00 | $0.01 | $0.01 | $0.02 | $0.03 | $0.14 | $0.12 | $0.22 | $0.23 | $0.26 | $0.39 | $1.45 |
| 2021 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.04 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco Short Term Treasury ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco Short Term Treasury ETF was 0.63%, occurring on Feb 14, 2022. Recovery took 186 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -0.63%Feb 2022 | 1y 9mo | 8mo 28d | 2y 6moMay 2020 - Nov 2022 |
COVID crash2020 | -0.52%Mar 2020 | 0s | 1mo 23d | 1mo 23dMar 2020 - May 2020 |
2023 pullback2023 | -0.36%Sep 2023 | 0s | 21d | 21dSep 2023 - Oct 2023 |
2023 pullback2023 | -0.18%Dec 2023 | 0s | 1d | 1dDec 2023 - Dec 2023 |
2019 pullback2019 | -0.17%Apr 2019 | 1d | 1d | 2dApr 2019 - Apr 2019 |
Drawdown Indicators
| TBLL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -56.78% | +56.15% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -9.10% | +9.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -18.90% | +18.54% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -25.43% | +25.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -0.14% | -10.71% | +10.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.03% | -2.03% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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