IBGL.L vs. TREI.L
IBGL.L (iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - IBGL.L tracks the iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, IBGL.L returned -8.38%/yr vs 3.99%/yr for TREI.L. At a 0.09 correlation, their price movements are largely independent. IBGL.L charges 0.20%/yr vs 0.06%/yr for TREI.L.
Performance
IBGL.L vs. TREI.L - Performance Comparison
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Different Trading Currencies
IBGL.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, IBGL.L achieves a -4.18% return, which is significantly lower than TREI.L's 2.42% return.
IBGL.L
- 1D
- -0.40%
- 1M
- -4.05%
- 6M
- -4.44%
- YTD
- -4.18%
- 1Y
- -4.09%
- 3Y*
- -0.76%
- 5Y*
- -8.38%
- 10Y*
- -2.49%
TREI.L
- 1D
- -0.31%
- 1M
- 0.38%
- 6M
- 2.09%
- YTD
- 2.42%
- 1Y
- 3.88%
- 3Y*
- 3.85%
- 5Y*
- 3.99%
- 10Y*
- —
IBGL.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBGL.L iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) | -4.18% | -0.80% | -5.06% | 7.50% | -30.45% | -13.04% | 17.18% |
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 IBGL.L and TREI.L is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.09 |
The correlation between IBGL.L and TREI.L shifts across timeframes, from -0.11 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBGL.L vs. TREI.L — Risk / Return Rank
IBGL.L
TREI.L
IBGL.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) (IBGL.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.
| IBGL.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.11 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 0.83 | -1.32 |
| Martin ratioReturn relative to average drawdown | -1.08 | 2.27 | -3.35 |
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Drawdowns
IBGL.L vs. TREI.L - Drawdown Comparison
The maximum IBGL.L drawdown since its inception was -46.77%, 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 IBGL.L and TREI.L.
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Drawdown Indicators
| IBGL.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.77% | -19.00% | -27.77% |
Max Drawdown (1Y)Largest decline over 1 year | -8.64% | -5.11% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -12.99% | -9.81% | -3.18% |
Max Drawdown (5Y)Largest decline over 5 years | -41.54% | -15.98% | -25.56% |
Max Drawdown (10Y)Largest decline over 10 years | -46.77% | — | — |
Current DrawdownCurrent decline from peak | -42.87% | -5.65% | -37.22% |
Average DrawdownAverage peak-to-trough decline | -14.72% | -10.06% | -4.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.99% | 1.87% | +2.12% |
Volatility
IBGL.L vs. TREI.L - Volatility Comparison
iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) (IBGL.L) has a higher volatility of 2.80% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) at 1.74%. This indicates that IBGL.L's price experiences larger fluctuations and is considered to be riskier 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
| IBGL.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.74% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 7.55% | 5.04% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.44% | 6.59% | +2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.81% | 8.41% | +5.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.87% | 8.77% | +4.10% |
IBGL.L vs. TREI.L - Expense Ratio Comparison
IBGL.L has a 0.20% 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
IBGL.L vs. TREI.L - Dividend Comparison
IBGL.L's dividend yield for the trailing twelve months is around 3.83%, less than TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGL.L iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist) | 3.83% | 3.48% | 3.23% | 2.65% | 1.28% | 0.55% | 0.73% | 1.28% | 1.48% | 1.32% | 1.41% | 1.78% |
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% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBGL.L and TREI.L have a correlation of -0.11, 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 0.20% for IBGL.L.
IBGL.L tracks iShares € Govt Bond 15-30yr UCITS ETF EUR (Dist), 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: 0.20% for IBGL.L and 0.06% for TREI.L.
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