CBND.L vs. TREI.L

Last updated Jul 16, 2026

CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - CBND.L tracks the FTSE Goldman Sachs China Government Bond Index while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, CBND.L returned 2.85%/yr vs 3.32%/yr for TREI.L. At a 0.12 correlation, their price movements are largely independent. CBND.L charges 0.24%/yr vs 0.06%/yr for TREI.L.

Performance

CBND.L vs. TREI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBND.L achieves a 4.87% return, which is significantly higher than TREI.L's 1.77% return.

CBND.L

• 1D: 0.05%
• 1M: 0.02%
• 6M: 4.64%
• YTD: 4.87%
• 1Y: 7.44%
• 3Y*: 5.57%
• 5Y*: 2.85%
• 10Y*: —

TREI.L

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.65%
• YTD: 1.77%
• 1Y: 3.91%
• 3Y*: 4.63%
• 5Y*: 3.32%
• 10Y*: —

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

CBND.L vs. TREI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)	4.87%	5.04%	4.67%	1.28%	-5.17%	7.61%	6.69%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF	1.77%	4.31%	5.17%	4.98%	0.53%	-0.02%	1.12%

Correlation

The correlation between CBND.L and TREI.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.12

Return for Risk

CBND.L vs. TREI.L — Risk / Return Rank

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

CBND.L

CBND.L Risk / Return Rank: 92
CBND.L Sharpe Ratio Rank: 90
CBND.L Sortino Ratio Rank: 92
CBND.L Omega Ratio Rank: 90
CBND.L Calmar Ratio Rank: 96
CBND.L Martin Ratio Rank: 93

TREI.L

TREI.L Risk / Return Rank: 99
TREI.L Sharpe Ratio Rank: 99
TREI.L Sortino Ratio Rank: 99
TREI.L Omega Ratio Rank: 99
TREI.L Calmar Ratio Rank: 98
TREI.L Martin Ratio Rank: 99

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.

CBND.L vs. TREI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.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.

	CBND.L	TREI.L	Difference
Sharpe ratio: Return per unit of total volatility	2.39	6.57	-4.19
Sortino ratio: Return per unit of downside risk	3.57	10.91	-7.34
Omega ratio: Gain probability vs. loss probability	1.47	4.71	-3.25
Calmar ratio: Return relative to maximum drawdown	7.45	13.21	-5.76
Martin ratio: Return relative to average drawdown	18.48	159.95	-141.47

CBND.L vs. TREI.L - Sharpe Ratio Comparison

The current CBND.L Sharpe Ratio is 2.39, which is lower than the TREI.L Sharpe Ratio of 6.57. The chart below compares the historical Sharpe Ratios of CBND.L and TREI.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.

Drawdowns

CBND.L vs. TREI.L - Drawdown Comparison

The maximum CBND.L drawdown since its inception was -11.48%, which is greater than TREI.L's maximum drawdown of -0.68%. Use the drawdown chart below to compare losses from any high point for CBND.L and TREI.L.

Drawdown Indicators

	CBND.L	TREI.L	Difference
Max Drawdown Largest peak-to-trough decline	-11.48%	-0.68%	-10.80%
Max Drawdown (1Y) Largest decline over 1 year	-0.99%	-0.29%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-3.66%	-0.29%	-3.37%
Max Drawdown (5Y) Largest decline over 5 years	-11.48%	-0.67%	-10.81%
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-2.80%	-0.06%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.02%	+0.38%

Volatility

CBND.L vs. TREI.L - Volatility Comparison

Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) has a higher volatility of 0.89% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) at 0.10%. This indicates that CBND.L's price experiences larger fluctuations and is considered to be riskier than TREI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBND.L	TREI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.10%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	0.50%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	0.59%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	0.55%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	0.56%	+4.38%

CBND.L vs. TREI.L - Expense Ratio Comparison

CBND.L has a 0.24% expense ratio, which is higher than TREI.L's 0.06% 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

CBND.L vs. TREI.L - Dividend Comparison

CBND.L's dividend yield for the trailing twelve months is around 2.04%, less than TREI.L's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)	2.04%	2.20%	2.45%	2.54%	2.72%	2.52%	1.87%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF	3.92%	4.23%	4.98%	4.59%	1.51%	0.10%	0.69%

Frequently Asked Questions

Can I hold both CBND.L and TREI.L in my portfolio?

CBND.L and TREI.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBND.L or TREI.L?

On fees, TREI.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBND.L or TREI.L?

TREI.L is cheaper with a 0.06% expense ratio, compared with 0.24% for CBND.L.

What is the main difference between CBND.L and TREI.L?

CBND.L tracks FTSE Goldman Sachs China Government Bond Index, while TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.24% for CBND.L and 0.06% for TREI.L.