CBU7.L vs. TRES.L
CBU7.L (iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc) and TRES.L (Invesco US Treasury Bond UCITS ETF Dist) are both Government Bonds funds - CBU7.L tracks the ICE U.S. Treasury 3-7 Year Bond Index while TRES.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 5 years, CBU7.L returned 0.39%/yr vs -0.37%/yr for TRES.L. A 0.78 correlation means they provide meaningful diversification when combined. CBU7.L charges 0.07%/yr vs 0.06%/yr for TRES.L.
Performance
CBU7.L vs. TRES.L - Performance Comparison
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Returns By Period
In the year-to-date period, CBU7.L achieves a -0.52% return, which is significantly lower than TRES.L's -0.30% return.
CBU7.L
- 1D
- 0.19%
- 1M
- -0.13%
- YTD
- -0.52%
- 6M
- -0.10%
- 1Y
- 3.16%
- 3Y*
- 3.73%
- 5Y*
- 0.39%
- 10Y*
- 1.39%
TRES.L
- 1D
- 0.18%
- 1M
- 0.17%
- YTD
- -0.30%
- 6M
- 0.09%
- 1Y
- 3.62%
- 3Y*
- 2.90%
- 5Y*
- -0.37%
- 10Y*
- —
CBU7.L vs. TRES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CBU7.L iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc | -0.52% | 7.34% | 2.16% | 4.26% | -9.35% | -2.35% | 6.98% | 4.85% |
TRES.L Invesco US Treasury Bond UCITS ETF Dist | -0.30% | 6.57% | 0.75% | 3.82% | -12.15% | -2.44% | 8.00% | 5.79% |
Correlation
The correlation between CBU7.L and TRES.L is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019 | 0.78 |
The correlation between CBU7.L and TRES.L has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
CBU7.L vs. TRES.L — Risk / Return Rank
CBU7.L
TRES.L
CBU7.L vs. TRES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc (CBU7.L) and Invesco US Treasury Bond UCITS ETF Dist (TRES.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.
| CBU7.L | TRES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.23 | +0.02 |
| Martin ratioReturn relative to average drawdown | 4.06 | 3.84 | +0.22 |
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
| CBU7.L | TRES.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 0.89 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | -0.07 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.23 | +0.35 |
Drawdowns
CBU7.L vs. TRES.L - Drawdown Comparison
The maximum CBU7.L drawdown since its inception was -14.18%, smaller than the maximum TRES.L drawdown of -18.77%. Use the drawdown chart below to compare losses from any high point for CBU7.L and TRES.L.
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Drawdown Indicators
| CBU7.L | TRES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.18% | -18.77% | +4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -2.93% | +0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -5.16% | +1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -13.55% | -16.40% | +2.85% |
Max Drawdown (10Y)Largest decline over 10 years | -14.18% | — | — |
Current DrawdownCurrent decline from peak | -1.60% | -6.77% | +5.17% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -8.61% | +5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.94% | -0.17% |
Volatility
CBU7.L vs. TRES.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc (CBU7.L) is 1.13%, while Invesco US Treasury Bond UCITS ETF Dist (TRES.L) has a volatility of 1.36%. This indicates that CBU7.L experiences smaller price fluctuations and is considered to be less risky than TRES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBU7.L | TRES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.36% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 2.75% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 4.08% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.70% | 5.73% | -1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.10% | 5.67% | -1.57% |
CBU7.L vs. TRES.L - Expense Ratio Comparison
CBU7.L has a 0.07% expense ratio, which is higher than TRES.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
CBU7.L vs. TRES.L - Dividend Comparison
CBU7.L has not paid dividends to shareholders, while TRES.L's dividend yield for the trailing twelve months is around 4.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CBU7.L iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRES.L Invesco US Treasury Bond UCITS ETF Dist | 4.25% | 4.19% | 4.26% | 3.78% | 1.96% | 1.14% | 1.58% | 1.96% |
Frequently Asked Questions
CBU7.L and TRES.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRES.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRES.L is cheaper with a 0.06% expense ratio, compared with 0.07% for CBU7.L.
CBU7.L tracks ICE U.S. Treasury 3-7 Year Bond Index, while TRES.L tracks Bloomberg US Treasury Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for CBU7.L and 0.06% for TRES.L.
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