CU31.L vs. TREX.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L).

CU31.L and TREX.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CU31.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Government TR USD. It was launched on Jun 3, 2009. TREX.L is a passively managed fund by Invesco that tracks the performance of the Bloomberg US Treasury 7-10 Year Index. It was launched on Feb 20, 2024. Both CU31.L and TREX.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CU31.L vs. TREX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L). The values are adjusted to include any dividend payments, if applicable.

CU31.L vs. TREX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)	1.28%	-1.98%	5.81%	-1.58%	7.82%	0.48%	-0.40%	1.17%
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	1.20%	0.70%	1.52%	-1.61%	-4.83%	-2.10%	6.55%	4.33%

Different Trading Currencies

CU31.L is traded in GBp, while TREX.L is traded in USD. To make them comparable, the TREX.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 1.28% return, which is significantly higher than TREX.L's 1.20% return.

CU31.L

• 1D: -0.79%
• 1M: 0.12%
• YTD: 1.28%
• 6M: 2.56%
• 1Y: 0.70%
• 3Y*: 1.54%
• 5Y*: 2.57%
• 10Y*: 2.34%

TREX.L

• 1D: -0.05%
• 1M: -0.53%
• YTD: 1.20%
• 6M: 2.50%
• 1Y: 1.21%
• 3Y*: 0.15%
• 5Y*: 0.27%
• 10Y*: —

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

CU31.L vs. TREX.L - Expense Ratio Comparison

CU31.L has a 0.07% expense ratio, which is higher than TREX.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%.

CU31.L

iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)

TREX.L

Invesco US Treasury Bond 7-10 Year UCITS ETF Dist

Return for Risk

CU31.L vs. TREX.L — Risk / Return Rank

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

CU31.L

CU31.L Risk / Return Rank: 13
CU31.L Sharpe Ratio Rank: 14
CU31.L Sortino Ratio Rank: 12
CU31.L Omega Ratio Rank: 12
CU31.L Calmar Ratio Rank: 15
CU31.L Martin Ratio Rank: 14

TREX.L

TREX.L Risk / Return Rank: 31
TREX.L Sharpe Ratio Rank: 34
TREX.L Sortino Ratio Rank: 33
TREX.L Omega Ratio Rank: 30
TREX.L Calmar Ratio Rank: 32
TREX.L Martin Ratio Rank: 27

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.

CU31.L vs. TREX.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 7-10 Year UCITS ETF Dist (TREX.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.

	CU31.L	TREX.L	Difference
Sharpe ratio Return per unit of total volatility	0.10	0.15	-0.04
Sortino ratio Return per unit of downside risk	0.20	0.26	-0.06
Omega ratio Gain probability vs. loss probability	1.02	1.03	-0.01
Calmar ratio Return relative to maximum drawdown	0.17	0.25	-0.08
Martin ratio Return relative to average drawdown	0.30	0.46	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CU31.L vs. TREX.L - Sharpe Ratio Comparison

The current CU31.L Sharpe Ratio is 0.10, which is lower than the TREX.L Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of CU31.L and TREX.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CU31.L	TREX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.15	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.03	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.07	+0.21

Correlation

The correlation between CU31.L and TREX.L is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CU31.L vs. TREX.L - Dividend Comparison

CU31.L has not paid dividends to shareholders, while TREX.L's dividend yield for the trailing twelve months is around 4.28%.

	TTM	2025	2024	2023	2022	2021	2020	2019
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%	0.00%
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	4.28%	4.23%	4.34%	3.48%	2.41%	1.63%	1.81%	1.10%

Drawdowns

CU31.L vs. TREX.L - Drawdown Comparison

The maximum CU31.L drawdown since its inception was -18.80%, smaller than the maximum TREX.L drawdown of -26.15%. Use the drawdown chart below to compare losses from any high point for CU31.L and TREX.L.

Drawdown Indicators

	CU31.L	TREX.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.80%	-23.36%	+4.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.51%	-4.12%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-16.29%	-20.95%	+4.66%
Max Drawdown (10Y) Largest decline over 10 years	-18.80%	—	—
Current Drawdown Current decline from peak	-7.04%	-9.95%	+2.91%
Average Drawdown Average peak-to-trough decline	-8.23%	-9.97%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	1.47%	+2.10%

Volatility

CU31.L vs. TREX.L - Volatility Comparison

The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 2.04%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 2.80%. This indicates that CU31.L experiences smaller price fluctuations and is considered to be less risky than TREX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CU31.L	TREX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.80%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	5.31%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	6.71%	8.16%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.06%	9.84%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	10.13%	-0.91%