CU31.L vs. TREI.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) are both Government Bonds funds - CU31.L tracks the ICE US Treasury 1-3 Year Index while TREI.L tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, CU31.L returned 2.41%/yr vs 3.81%/yr for TREI.L. Their correlation of 0.80 suggests significant overlap in exposure. CU31.L charges 0.07%/yr vs 0.06%/yr for TREI.L.
Performance
CU31.L vs. TREI.L - Performance Comparison
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Different Trading Currencies
CU31.L is traded in GBp, while TREI.L is traded in USD. To make them comparable, the TREI.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CU31.L achieves a 0.82% return, which is significantly lower than TREI.L's 1.99% return.
CU31.L
- 1D
- 0.27%
- 1M
- -0.21%
- 6M
- 0.40%
- YTD
- 0.82%
- 1Y
- 2.96%
- 3Y*
- 3.27%
- 5Y*
- 2.41%
- 10Y*
- 1.49%
TREI.L
- 1D
- 0.17%
- 1M
- -0.96%
- 6M
- 1.11%
- YTD
- 1.99%
- 1Y
- 3.62%
- 3Y*
- 3.55%
- 5Y*
- 3.81%
- 10Y*
- —
CU31.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.82% | -1.98% | 5.81% | -1.58% | 7.69% | 0.60% | -1.94% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 1.99% | -3.12% | 7.01% | -0.27% | 12.48% | 0.92% | -3.42% |
Correlation
The correlation between CU31.L and TREI.L is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.80 |
The correlation between CU31.L and TREI.L has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.
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Return for Risk
CU31.L vs. TREI.L — Risk / Return Rank
CU31.L
TREI.L
CU31.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (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.
| CU31.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.10 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.71 | -0.05 |
| Martin ratioReturn relative to average drawdown | 1.63 | 1.92 | -0.29 |
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Drawdowns
CU31.L vs. TREI.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -21.14%, which is greater than TREI.L's maximum drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for CU31.L and TREI.L.
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Drawdown Indicators
| CU31.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.14% | -19.00% | -2.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -5.11% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -21.14% | -9.81% | -11.33% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -15.98% | -5.16% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | — | — |
Current DrawdownCurrent decline from peak | -16.72% | -6.04% | -10.68% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -10.05% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.88% | -0.07% |
Volatility
CU31.L vs. TREI.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.27%, while Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) has a volatility of 1.65%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than TREI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CU31.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.65% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 5.14% | -0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 6.66% | -0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.19% | 8.42% | +7.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 8.78% | +4.31% |
CU31.L vs. TREI.L - Expense Ratio Comparison
CU31.L has a 0.07% 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
CU31.L vs. TREI.L - Dividend Comparison
CU31.L has not paid dividends to shareholders, while TREI.L's dividend yield for the trailing twelve months is around 3.92%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 3.92% | 4.23% | 4.98% | 4.59% | 1.51% | 0.10% | 0.69% |
Frequently Asked Questions
CU31.L and TREI.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TREI.L is cheaper with a 0.06% expense ratio, compared with 0.07% for CU31.L.
CU31.L tracks ICE US Treasury 1-3 Year Index, while TREI.L tracks Bloomberg US Treasury Coupons Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for CU31.L and 0.06% for TREI.L.
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