IBGY.L vs. TREI.L

Last updated Jul 16, 2026

IBGY.L (iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - IBGY.L tracks the iShares € Govt Bond 5-7yr 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, IBGY.L returned -1.77%/yr vs 3.99%/yr for TREI.L. At a 0.24 correlation, their price movements are largely independent. IBGY.L charges 0.20%/yr vs 0.06%/yr for TREI.L.

Performance

IBGY.L vs. TREI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist) (IBGY.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IBGY.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, IBGY.L achieves a -4.44% return, which is significantly lower than TREI.L's 2.42% return.

IBGY.L

• 1D: -0.78%
• 1M: -2.48%
• 6M: -4.06%
• YTD: -4.44%
• 1Y: -2.82%
• 3Y*: 2.31%
• 5Y*: -1.77%
• 10Y*: -0.02%

TREI.L

• 1D: -0.31%
• 1M: 0.38%
• 6M: 2.09%
• YTD: 2.42%
• 1Y: 3.88%
• 3Y*: 3.85%
• 5Y*: 3.99%
• 10Y*: —

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

IBGY.L vs. TREI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IBGY.L iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist)	-4.44%	7.76%	-2.63%	4.85%	-10.06%	-8.35%	8.21%
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 IBGY.L and TREI.L is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.24

Over the past year, the correlation between IBGY.L and TREI.L has dropped to 0.02 - well below their long-term average of 0.24, suggesting their price drivers have been diverging.

Return for Risk

IBGY.L vs. TREI.L — Risk / Return Rank

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

IBGY.L

IBGY.L Risk / Return Rank: 5
IBGY.L Sharpe Ratio Rank: 5
IBGY.L Sortino Ratio Rank: 5
IBGY.L Omega Ratio Rank: 5
IBGY.L Calmar Ratio Rank: 5
IBGY.L Martin Ratio Rank: 4

TREI.L

TREI.L Risk / Return Rank: 99
TREI.L Sharpe Ratio Rank: 99
TREI.L Sortino Ratio Rank: 99
TREI.L Omega Ratio Rank: 99
TREI.L Calmar Ratio Rank: 98
TREI.L Martin Ratio Rank: 99

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.

IBGY.L vs. TREI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist) (IBGY.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.

	IBGY.L	TREI.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.64	-1.17
Sortino ratio: Return per unit of downside risk	-0.68	0.95	-1.63
Omega ratio: Gain probability vs. loss probability	0.92	1.11	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.48	0.83	-1.30
Martin ratio: Return relative to average drawdown	-1.04	2.27	-3.31

IBGY.L vs. TREI.L - Sharpe Ratio Comparison

The current IBGY.L Sharpe Ratio is -0.52, which is lower than the TREI.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of IBGY.L and TREI.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

IBGY.L vs. TREI.L - Drawdown Comparison

The maximum IBGY.L drawdown since its inception was -22.02%, 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 IBGY.L and TREI.L.

Drawdown Indicators

	IBGY.L	TREI.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.02%	-19.00%	-3.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.89%	-5.11%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-5.89%	-9.81%	+3.92%
Max Drawdown (5Y) Largest decline over 5 years	-16.81%	-15.98%	-0.83%
Max Drawdown (10Y) Largest decline over 10 years	-22.02%	—	—
Current Drawdown Current decline from peak	-15.22%	-5.65%	-9.57%
Average Drawdown Average peak-to-trough decline	-10.11%	-10.06%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	1.87%	+0.83%

Volatility

IBGY.L vs. TREI.L - Volatility Comparison

The current volatility for iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist) (IBGY.L) is 1.44%, while Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) has a volatility of 1.74%. This indicates that IBGY.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.

Volatility by Period

	IBGY.L	TREI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.74%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	5.04%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	6.59%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.83%	8.41%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.51%	8.77%	-1.26%

IBGY.L vs. TREI.L - Expense Ratio Comparison

IBGY.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

IBGY.L vs. TREI.L - Dividend Comparison

IBGY.L's dividend yield for the trailing twelve months is around 1.34%, less than TREI.L's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBGY.L iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist)	1.34%	2.60%	2.59%	0.84%	0.00%	0.00%	0.13%	0.51%	0.34%	0.22%	0.48%	0.35%
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

Can I hold both IBGY.L and TREI.L in my portfolio?

IBGY.L and TREI.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBGY.L or TREI.L?

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.

Which ETF is cheaper, IBGY.L or TREI.L?

TREI.L is cheaper with a 0.06% expense ratio, compared with 0.20% for IBGY.L.

What is the main difference between IBGY.L and TREI.L?

IBGY.L tracks iShares € Govt Bond 5-7yr 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 IBGY.L and 0.06% for TREI.L.