IBTG.L vs. TREI.L
IBTG.L (iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - IBTG.L tracks the iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, IBTG.L returned 1.54%/yr vs 3.99%/yr for TREI.L. At a correlation of -0.14, they often move in opposite directions. IBTG.L charges 0.10%/yr vs 0.06%/yr for TREI.L.
Performance
IBTG.L vs. TREI.L - Performance Comparison
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Different Trading Currencies
IBTG.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, IBTG.L achieves a 0.68% return, which is significantly lower than TREI.L's 2.42% return.
IBTG.L
- 1D
- 0.08%
- 1M
- 0.08%
- 6M
- 0.68%
- YTD
- 0.68%
- 1Y
- 3.11%
- 3Y*
- 4.05%
- 5Y*
- 1.54%
- 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*
- —
IBTG.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTG.L iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) | 0.68% | 5.08% | 3.75% | 3.65% | -4.56% | -0.82% | 2.70% |
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 IBTG.L and TREI.L is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | -0.14 |
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Return for Risk
IBTG.L vs. TREI.L — Risk / Return Rank
IBTG.L
TREI.L
IBTG.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) (IBTG.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.
| IBTG.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.11 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 4.62 | 0.83 | +3.80 |
| Martin ratioReturn relative to average drawdown | 14.41 | 2.27 | +12.14 |
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Drawdowns
IBTG.L vs. TREI.L - Drawdown Comparison
The maximum IBTG.L drawdown since its inception was -6.15%, smaller than the maximum TREI.L drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for IBTG.L and TREI.L.
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Drawdown Indicators
| IBTG.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.15% | -19.00% | +12.85% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -5.11% | +4.44% |
Max Drawdown (3Y)Largest decline over 3 years | -0.85% | -9.81% | +8.96% |
Max Drawdown (5Y)Largest decline over 5 years | -6.13% | -15.98% | +9.85% |
Current DrawdownCurrent decline from peak | 0.00% | -5.65% | +5.65% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -10.06% | +8.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 1.87% | -1.65% |
Volatility
IBTG.L vs. TREI.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) (IBTG.L) is 0.45%, while Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) has a volatility of 1.74%. This indicates that IBTG.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
| IBTG.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 1.74% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 5.04% | -3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.73% | 6.59% | -4.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.43% | 8.41% | -5.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.07% | 8.77% | -6.70% |
IBTG.L vs. TREI.L - Expense Ratio Comparison
IBTG.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
IBTG.L vs. TREI.L - Dividend Comparison
IBTG.L's dividend yield for the trailing twelve months is around 3.87%, less than TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IBTG.L iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (Dist) | 3.87% | 4.08% | 4.12% | 2.92% | 0.76% | 0.59% | 1.66% | 2.35% | 0.78% |
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% |
Frequently Asked Questions
IBTG.L and TREI.L have a correlation of -0.10, 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 IBTG.L.
IBTG.L tracks iShares $ Treasury Bond 1-3yr UCITS ETF GBP Hedged (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: 0.10% for IBTG.L and 0.06% for TREI.L.
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