IBTA.L vs. TREI.L
IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - IBTA.L tracks the ICE US Treasury 1-3 Year Index while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, IBTA.L returned 1.94%/yr vs 3.32%/yr for TREI.L. At a 0.37 correlation, their price movements are largely independent. IBTA.L charges 0.07%/yr vs 0.06%/yr for TREI.L.
Performance
IBTA.L vs. TREI.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTA.L achieves a 0.68% return, which is significantly lower than TREI.L's 1.77% return.
IBTA.L
- 1D
- 0.17%
- 1M
- 0.17%
- 6M
- 0.85%
- YTD
- 0.68%
- 1Y
- 3.47%
- 3Y*
- 4.32%
- 5Y*
- 1.94%
- 10Y*
- —
TREI.L
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.65%
- YTD
- 1.77%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.32%
- 10Y*
- —
IBTA.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.68% | 5.34% | 4.07% | 4.21% | -3.75% | -0.64% | 3.05% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 1.77% | 4.31% | 5.17% | 4.98% | 0.53% | -0.02% | 1.12% |
Correlation
The correlation between IBTA.L and TREI.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.37 |
Over the past year, the correlation between IBTA.L and TREI.L has dropped to 0.16 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.
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Return for Risk
IBTA.L vs. TREI.L — Risk / Return Rank
IBTA.L
TREI.L
IBTA.L vs. TREI.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 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.
| IBTA.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.35 | ||
| Sortino ratioReturn per unit of downside risk | -7.28 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 4.71 | -3.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.14 | 13.21 | -8.07 |
| Martin ratioReturn relative to average drawdown | 17.96 | 159.95 | -141.99 |
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Drawdowns
IBTA.L vs. TREI.L - Drawdown Comparison
The maximum IBTA.L drawdown since its inception was -5.80%, which is greater than TREI.L's maximum drawdown of -0.68%. Use the drawdown chart below to compare losses from any high point for IBTA.L and TREI.L.
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Drawdown Indicators
| IBTA.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.80% | -0.68% | -5.12% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -0.29% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -0.89% | -0.29% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -5.70% | -0.67% | -5.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -0.06% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.02% | +0.17% |
Volatility
IBTA.L vs. TREI.L - Volatility Comparison
iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) has a higher volatility of 0.52% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) at 0.10%. This indicates that IBTA.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
| IBTA.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.10% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 0.50% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 0.59% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.18% | 0.55% | +1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 0.56% | +1.37% |
IBTA.L vs. TREI.L - Expense Ratio Comparison
IBTA.L has a 0.07% 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
IBTA.L vs. TREI.L - Dividend Comparison
IBTA.L has not paid dividends to shareholders, while TREI.L's dividend yield for the trailing twelve months is around 3.92%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
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
IBTA.L and TREI.L have a correlation of 0.16, 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 0.07% for IBTA.L.
IBTA.L tracks ICE US Treasury 1-3 Year Index, 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: 0.07% for IBTA.L and 0.06% for TREI.L.
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