DEF vs. TBLL

Last updated Jun 24, 2026

DEF (Invesco Defensive Equity ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - DEF is a Large Cap Growth Equities fund tracking the Invesco Defensive Equity Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. At a correlation of -0.50, they often move in opposite directions. DEF charges 0.53%/yr vs 0.08%/yr for TBLL.

Performance

DEF vs. TBLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Defensive Equity ETF (DEF) and Invesco Short Term Treasury ETF (TBLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DEF

• 1D: -3.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBLL

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.60%
• 6M: 1.68%
• 1Y: 3.86%
• 3Y*: 4.60%
• 5Y*: 3.39%
• 10Y*: —

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

DEF vs. TBLL - Yearly Performance Comparison

	2026 (YTD)
DEF Invesco Defensive Equity ETF	-11.11%
TBLL Invesco Short Term Treasury ETF	0.14%

Correlation

The correlation between DEF and TBLL is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	-0.50

Return for Risk

DEF vs. TBLL — Risk / Return Rank

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

DEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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.

DEF vs. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Defensive Equity ETF (DEF) and Invesco Short Term Treasury ETF (TBLL). 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.

	DEF	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	—	20.52	—
Sortino ratio: Return per unit of downside risk	—	188.99	—
Omega ratio: Gain probability vs. loss probability	—	81.03	—
Calmar ratio: Return relative to maximum drawdown	—	408.95	—
Martin ratio: Return relative to average drawdown	—	3,057.45	—

Drawdowns

DEF vs. TBLL - Drawdown Comparison

The maximum DEF drawdown since its inception was -11.11%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for DEF and TBLL.

Drawdown Indicators

	DEF	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-0.63%	-10.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
Current Drawdown Current decline from peak	-11.11%	0.00%	-11.11%
Average Drawdown Average peak-to-trough decline	-9.26%	-0.14%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	DEF	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.96%	0.19%	+66.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.96%	0.45%	+66.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.96%	0.56%	+66.40%

DEF vs. TBLL - Expense Ratio Comparison

DEF has a 0.53% expense ratio, which is higher than TBLL's 0.08% expense ratio.

Dividends

DEF vs. TBLL - Dividend Comparison

DEF has not paid dividends to shareholders, while TBLL's dividend yield for the trailing twelve months is around 3.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEF Invesco Defensive Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	3.76%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both DEF and TBLL in my portfolio?

DEF and TBLL have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEF or TBLL?

On fees, TBLL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEF or TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.53% for DEF.

Which ETF pays a higher dividend yield, DEF or TBLL?

TBLL has the higher dividend yield at 3.76%, compared with 0.00% for DEF.

What is the main difference between DEF and TBLL?

DEF is categorized as Large Cap Growth Equities, while TBLL is Ultrashort Bond. DEF tracks Invesco Defensive Equity Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. Their fees differ too: 0.53% for DEF and 0.08% for TBLL.