GOVP.L vs. TREI.L
GOVP.L (iShares $ Treasury Bond UCITS ETF) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - GOVP.L tracks the iShares $ Treasury Bond UCITS ETF while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, GOVP.L returned -1.21%/yr vs 3.99%/yr for TREI.L. At a correlation of -0.13, they often move in opposite directions. GOVP.L charges 0.10%/yr vs 0.06%/yr for TREI.L.
Performance
GOVP.L vs. TREI.L - Performance Comparison
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Different Trading Currencies
GOVP.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, GOVP.L achieves a -0.39% return, which is significantly lower than TREI.L's 2.42% return.
GOVP.L
- 1D
- -0.22%
- 1M
- -0.45%
- 6M
- -0.39%
- YTD
- -0.39%
- 1Y
- 3.25%
- 3Y*
- 2.60%
- 5Y*
- -1.21%
- 10Y*
- —
TREI.L
- 1D
- -0.31%
- 1M
- 0.38%
- 6M
- 2.09%
- YTD
- 2.42%
- 1Y
- 3.88%
- 3Y*
- 3.85%
- 5Y*
- 3.99%
- 10Y*
- —
GOVP.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | -0.39% | 6.04% | 0.48% | 2.90% | -13.18% | -2.61% | 6.59% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 2.42% | -3.12% | 7.01% | -0.27% | 12.48% | 0.92% | -3.42% |
Correlation
The correlation between GOVP.L and TREI.L is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | -0.13 |
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Return for Risk
GOVP.L vs. TREI.L — Risk / Return Rank
GOVP.L
TREI.L
GOVP.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond UCITS ETF (GOVP.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (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.
| GOVP.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.11 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.83 | +0.26 |
| Martin ratioReturn relative to average drawdown | 2.81 | 2.27 | +0.54 |
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Drawdowns
GOVP.L vs. TREI.L - Drawdown Comparison
The maximum GOVP.L drawdown since its inception was -20.62%, 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 GOVP.L and TREI.L.
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Drawdown Indicators
| GOVP.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.62% | -19.00% | -1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -5.11% | +2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.29% | -9.81% | +4.52% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -15.98% | -2.08% |
Current DrawdownCurrent decline from peak | -9.71% | -5.65% | -4.06% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -10.06% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.87% | -0.72% |
Volatility
GOVP.L vs. TREI.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond UCITS ETF (GOVP.L) is 1.14%, while Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) has a volatility of 1.74%. This indicates that GOVP.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
| GOVP.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.74% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 5.04% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 6.59% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 8.41% | -2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 8.77% | -3.24% |
GOVP.L vs. TREI.L - Expense Ratio Comparison
GOVP.L has a 0.10% 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
GOVP.L vs. TREI.L - Dividend Comparison
GOVP.L's dividend yield for the trailing twelve months is around 3.97%, more than TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | 3.97% | 3.96% | 3.89% | 3.08% | 1.49% | 0.85% | 1.32% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 3.92% | 4.23% | 4.98% | 4.59% | 1.51% | 0.10% | 0.69% |
Frequently Asked Questions
GOVP.L and TREI.L have a correlation of -0.21, 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 0.10% for GOVP.L.
GOVP.L tracks iShares $ Treasury Bond UCITS ETF, while TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.10% for GOVP.L and 0.06% for TREI.L.
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