GIGB vs. TREX.L

Last updated Jun 13, 2026

GIGB (Goldman Sachs Access Investment Grade Corporate Bond ETF) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both exchange-traded funds - GIGB is a Corporate Bonds fund tracking the FTSE Goldman Sachs Investment Grade Corporate Bond Index, while TREX.L is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, GIGB returned 0.31%/yr vs -1.05%/yr for TREX.L. A 0.62 correlation means they provide meaningful diversification when combined. GIGB charges 0.14%/yr vs 0.06%/yr for TREX.L.

Performance

GIGB vs. TREX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) and Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIGB achieves a 0.99% return, which is significantly higher than TREX.L's -0.74% return.

GIGB

• 1D: -0.02%
• 1M: 0.70%
• YTD: 0.99%
• 6M: 1.39%
• 1Y: 5.80%
• 3Y*: 5.40%
• 5Y*: 0.31%
• 10Y*: —

TREX.L

• 1D: 0.40%
• 1M: 0.12%
• YTD: -0.74%
• 6M: -0.02%
• 1Y: 4.21%
• 3Y*: 2.99%
• 5Y*: -1.05%
• 10Y*: —

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

GIGB vs. TREX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF	0.99%	7.58%	1.68%	8.80%	-15.80%	-1.64%	9.86%	14.49%
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	-0.74%	8.41%	-0.22%	3.58%	-14.94%	-3.02%	9.76%	8.50%

Correlation

The correlation between GIGB and TREX.L is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019	0.62

The correlation between GIGB and TREX.L has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

Return for Risk

GIGB vs. TREX.L — Risk / Return Rank

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

GIGB

GIGB Risk / Return Rank: 39
GIGB Sharpe Ratio Rank: 39
GIGB Sortino Ratio Rank: 38
GIGB Omega Ratio Rank: 37
GIGB Calmar Ratio Rank: 42
GIGB Martin Ratio Rank: 40

TREX.L

TREX.L Risk / Return Rank: 25
TREX.L Sharpe Ratio Rank: 26
TREX.L Sortino Ratio Rank: 26
TREX.L Omega Ratio Rank: 24
TREX.L Calmar Ratio Rank: 23
TREX.L Martin Ratio Rank: 24

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.

GIGB vs. TREX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) 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.

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.

	GIGB	TREX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.23	0.85	+0.38
Sortino ratio: Return per unit of downside risk	1.81	1.29	+0.53
Omega ratio: Gain probability vs. loss probability	1.22	1.15	+0.07
Calmar ratio: Return relative to maximum drawdown	1.84	0.96	+0.88
Martin ratio: Return relative to average drawdown	5.74	2.81	+2.93

GIGB vs. TREX.L - Sharpe Ratio Comparison

The current GIGB Sharpe Ratio is 1.23, which is higher than the TREX.L Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of GIGB and TREX.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

GIGB vs. TREX.L - Drawdown Comparison

The maximum GIGB drawdown since its inception was -22.25%, roughly equal to the maximum TREX.L drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for GIGB and TREX.L.

Drawdown Indicators

	GIGB	TREX.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.25%	-23.38%	+1.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-3.96%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-7.42%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-20.96%	-1.29%
Current Drawdown Current decline from peak	-0.64%	-10.23%	+9.59%
Average Drawdown Average peak-to-trough decline	-5.60%	-9.96%	+4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.36%	-0.44%

Volatility

GIGB vs. TREX.L - Volatility Comparison

The current volatility for Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) is 1.43%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 1.82%. This indicates that GIGB 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

	GIGB	TREX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.82%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	3.34%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	4.50%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	7.49%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	6.93%	+0.73%

GIGB vs. TREX.L - Expense Ratio Comparison

GIGB has a 0.14% 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%.

Dividends

GIGB vs. TREX.L - Dividend Comparison

GIGB's dividend yield for the trailing twelve months is around 4.60%, more than TREX.L's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF	4.60%	4.69%	4.45%	3.67%	3.12%	2.25%	2.62%	3.22%	3.31%	1.55%
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	4.33%	4.23%	4.34%	3.48%	2.41%	1.63%	1.81%	2.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIGB and TREX.L in my portfolio?

GIGB and TREX.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GIGB or TREX.L?

On fees, TREX.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GIGB or TREX.L?

TREX.L is cheaper with a 0.06% expense ratio, compared with 0.14% for GIGB.

What is the main difference between GIGB and TREX.L?

GIGB is categorized as Corporate Bonds, while TREX.L is Government Bonds. GIGB tracks FTSE Goldman Sachs Investment Grade Corporate Bond Index, while TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.14% for GIGB and 0.06% for TREX.L.