DRGG.L vs. T3GB.L

Last updated Jul 18, 2026

DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) and T3GB.L (Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - DRGG.L is a Government Bonds fund tracking the J.P. Morgan China Custom Liquid ESG Capped Index, while T3GB.L is a Short-Term Bond fund tracking the Bloomberg US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, DRGG.L returned 2.62%/yr vs 1.46%/yr for T3GB.L. At a correlation of -0.14, they often move in opposite directions. DRGG.L charges 0.30%/yr vs 0.10%/yr for T3GB.L.

Performance

DRGG.L vs. T3GB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) and Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) (T3GB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRGG.L achieves a 3.07% return, which is significantly higher than T3GB.L's 0.78% return.

DRGG.L

• 1D: 0.25%
• 1M: -1.39%
• 6M: 3.02%
• YTD: 3.07%
• 1Y: 5.96%
• 3Y*: 3.65%
• 5Y*: 2.62%
• 10Y*: —

T3GB.L

• 1D: 0.05%
• 1M: 0.20%
• 6M: 0.85%
• YTD: 0.78%
• 1Y: 3.09%
• 3Y*: 4.01%
• 5Y*: 1.46%
• 10Y*: —

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

DRGG.L vs. T3GB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	3.07%	-1.73%	4.79%	-5.00%	5.94%	8.52%	-25.93%
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist)	0.78%	4.94%	3.79%	3.35%	-4.53%	-0.90%	0.02%

Correlation

The correlation between DRGG.L and T3GB.L is -0.22, 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 (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	-0.14

Return for Risk

DRGG.L vs. T3GB.L — Risk / Return Rank

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

DRGG.L

DRGG.L Risk / Return Rank: 39
DRGG.L Sharpe Ratio Rank: 37
DRGG.L Sortino Ratio Rank: 38
DRGG.L Omega Ratio Rank: 35
DRGG.L Calmar Ratio Rank: 44
DRGG.L Martin Ratio Rank: 43

T3GB.L

T3GB.L Risk / Return Rank: 93
T3GB.L Sharpe Ratio Rank: 93
T3GB.L Sortino Ratio Rank: 95
T3GB.L Omega Ratio Rank: 94
T3GB.L Calmar Ratio Rank: 91
T3GB.L Martin Ratio Rank: 91

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.

DRGG.L vs. T3GB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) and Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) (T3GB.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.

	DRGG.L	T3GB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.58	-1.57
Sortino ratio: Return per unit of downside risk	1.56	4.15	-2.59
Omega ratio: Gain probability vs. loss probability	1.19	1.54	-0.35
Calmar ratio: Return relative to maximum drawdown	1.74	4.30	-2.56
Martin ratio: Return relative to average drawdown	5.19	16.06	-10.86

DRGG.L vs. T3GB.L - Sharpe Ratio Comparison

The current DRGG.L Sharpe Ratio is 1.01, which is lower than the T3GB.L Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of DRGG.L and T3GB.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

DRGG.L vs. T3GB.L - Drawdown Comparison

The maximum DRGG.L drawdown since its inception was -27.90%, which is greater than T3GB.L's maximum drawdown of -6.48%. Use the drawdown chart below to compare losses from any high point for DRGG.L and T3GB.L.

Drawdown Indicators

	DRGG.L	T3GB.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.90%	-6.48%	-21.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.72%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-0.91%	-8.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-6.38%	-9.39%
Current Drawdown Current decline from peak	-14.51%	0.00%	-14.51%
Average Drawdown Average peak-to-trough decline	-18.79%	-1.53%	-17.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.19%	+0.95%

Volatility

DRGG.L vs. T3GB.L - Volatility Comparison

L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) has a higher volatility of 1.03% compared to Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) (T3GB.L) at 0.32%. This indicates that DRGG.L's price experiences larger fluctuations and is considered to be riskier than T3GB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGG.L	T3GB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.32%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	0.87%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	1.19%	+4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	2.03%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	1.81%	+11.14%

DRGG.L vs. T3GB.L - Expense Ratio Comparison

DRGG.L has a 0.30% expense ratio, which is higher than T3GB.L's 0.10% expense ratio.

Dividends

DRGG.L vs. T3GB.L - Dividend Comparison

DRGG.L's dividend yield for the trailing twelve months is around 0.01%, less than T3GB.L's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	0.01%	2.04%	2.27%	2.48%	2.61%	1.40%	0.00%	0.00%
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist)	3.84%	3.95%	4.36%	4.05%	1.98%	0.28%	1.15%	0.81%

Frequently Asked Questions

Can I hold both DRGG.L and T3GB.L in my portfolio?

DRGG.L and T3GB.L have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRGG.L or T3GB.L?

On fees, T3GB.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DRGG.L or T3GB.L?

T3GB.L is cheaper with a 0.10% expense ratio, compared with 0.30% for DRGG.L.

What is the main difference between DRGG.L and T3GB.L?

DRGG.L is categorized as Government Bonds, while T3GB.L is Short-Term Bond. DRGG.L tracks J.P. Morgan China Custom Liquid ESG Capped Index, while T3GB.L tracks Bloomberg US Treasury 1-3 Year Index. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.30% for DRGG.L and 0.10% for T3GB.L.