IBTA.L vs. TRE7.L

Last updated Jun 5, 2026

IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and TRE7.L (Invesco US Treasury Bond 3-7 Year UCITS ETF Dist) are both Government Bonds funds - IBTA.L tracks the ICE US Treasury 1-3 Year Index while TRE7.L tracks the Bloomberg US 3-7 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, IBTA.L returned 1.87%/yr vs 0.38%/yr for TRE7.L. A 0.79 correlation means they provide meaningful diversification when combined. IBTA.L charges 0.07%/yr vs 0.06%/yr for TRE7.L.

Performance

IBTA.L vs. TRE7.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) and Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTA.L achieves a 0.46% return, which is significantly higher than TRE7.L's -0.43% return.

IBTA.L

• 1D: 0.13%
• 1M: 0.13%
• YTD: 0.46%
• 6M: 0.92%
• 1Y: 3.43%
• 3Y*: 4.23%
• 5Y*: 1.87%
• 10Y*: —

TRE7.L

• 1D: 0.20%
• 1M: -0.05%
• YTD: -0.43%
• 6M: -0.08%
• 1Y: 3.24%
• 3Y*: 3.70%
• 5Y*: 0.38%
• 10Y*: —

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

IBTA.L vs. TRE7.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)	0.46%	5.30%	4.11%	4.15%	-3.75%	-0.64%	3.14%	3.52%
TRE7.L Invesco US Treasury Bond 3-7 Year UCITS ETF Dist	-0.43%	7.31%	2.08%	4.25%	-9.37%	-2.35%	6.98%	5.81%

Correlation

The correlation between IBTA.L and TRE7.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019	0.79

The correlation between IBTA.L and TRE7.L has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

IBTA.L vs. TRE7.L — Risk / Return Rank

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

IBTA.L

IBTA.L Risk / Return Rank: 88
IBTA.L Sharpe Ratio Rank: 86
IBTA.L Sortino Ratio Rank: 93
IBTA.L Omega Ratio Rank: 91
IBTA.L Calmar Ratio Rank: 85
IBTA.L Martin Ratio Rank: 85

TRE7.L

TRE7.L Risk / Return Rank: 30
TRE7.L Sharpe Ratio Rank: 31
TRE7.L Sortino Ratio Rank: 31
TRE7.L Omega Ratio Rank: 30
TRE7.L Calmar Ratio Rank: 27
TRE7.L Martin Ratio Rank: 29

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.

IBTA.L vs. TRE7.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) and Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.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.

	IBTA.L	TRE7.L	Difference
Sharpe ratio: Return per unit of total volatility	2.80	1.10	+1.71
Sortino ratio: Return per unit of downside risk	4.61	1.64	+2.97
Omega ratio: Gain probability vs. loss probability	1.59	1.20	+0.39
Calmar ratio: Return relative to maximum drawdown	4.62	1.29	+3.33
Martin ratio: Return relative to average drawdown	17.47	4.09	+13.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTA.L vs. TRE7.L - Sharpe Ratio Comparison

The current IBTA.L Sharpe Ratio is 2.80, which is higher than the TRE7.L Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of IBTA.L and TRE7.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.

Sharpe Ratios by Period

	IBTA.L	TRE7.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.10	+1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.08	+0.85
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.42	+0.66

Drawdowns

IBTA.L vs. TRE7.L - Drawdown Comparison

The maximum IBTA.L drawdown since its inception was -5.80%, smaller than the maximum TRE7.L drawdown of -14.12%. Use the drawdown chart below to compare losses from any high point for IBTA.L and TRE7.L.

Drawdown Indicators

	IBTA.L	TRE7.L	Difference
Max Drawdown Largest peak-to-trough decline	-5.80%	-14.12%	+8.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.74%	-2.51%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-0.89%	-3.71%	+2.82%
Max Drawdown (5Y) Largest decline over 5 years	-5.70%	-13.54%	+7.84%
Current Drawdown Current decline from peak	-0.13%	-1.59%	+1.46%
Average Drawdown Average peak-to-trough decline	-0.97%	-4.44%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.79%	-0.59%

Volatility

IBTA.L vs. TRE7.L - Volatility Comparison

The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) is 0.43%, while Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.L) has a volatility of 1.20%. This indicates that IBTA.L experiences smaller price fluctuations and is considered to be less risky than TRE7.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTA.L	TRE7.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	1.20%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	2.14%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.23%	2.96%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.00%	4.75%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	4.26%	-2.50%

IBTA.L vs. TRE7.L - Expense Ratio Comparison

IBTA.L has a 0.07% expense ratio, which is higher than TRE7.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

IBTA.L vs. TRE7.L - Dividend Comparison

IBTA.L has not paid dividends to shareholders, while TRE7.L's dividend yield for the trailing twelve months is around 4.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TRE7.L Invesco US Treasury Bond 3-7 Year UCITS ETF Dist	4.14%	4.09%	4.23%	3.61%	1.72%	0.87%	1.29%	1.89%

Frequently Asked Questions

Can I hold both IBTA.L and TRE7.L in my portfolio?

IBTA.L and TRE7.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBTA.L or TRE7.L?

On fees, TRE7.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, IBTA.L or TRE7.L?

TRE7.L is cheaper with a 0.06% expense ratio, compared with 0.07% for IBTA.L.

What is the main difference between IBTA.L and TRE7.L?

IBTA.L tracks ICE US Treasury 1-3 Year Index, while TRE7.L tracks Bloomberg US 3-7 Year Treasury Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBTA.L and 0.06% for TRE7.L.