IBTL.L vs. TREI.L
IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) are both Government Bonds funds - IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index while TREI.L tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, IBTL.L returned -6.87%/yr vs 3.81%/yr for TREI.L. At a 0.32 correlation, their price movements are largely independent. IBTL.L charges 0.07%/yr vs 0.06%/yr for TREI.L.
Performance
IBTL.L vs. TREI.L - Performance Comparison
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Different Trading Currencies
IBTL.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, IBTL.L achieves a -1.44% return, which is significantly lower than TREI.L's 1.99% return.
IBTL.L
- 1D
- 0.89%
- 1M
- -2.15%
- 6M
- -2.03%
- YTD
- -1.44%
- 1Y
- 3.65%
- 3Y*
- -2.76%
- 5Y*
- -6.87%
- 10Y*
- -2.29%
TREI.L
- 1D
- 0.17%
- 1M
- -0.96%
- 6M
- 1.11%
- YTD
- 1.99%
- 1Y
- 3.62%
- 3Y*
- 3.55%
- 5Y*
- 3.81%
- 10Y*
- —
IBTL.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -1.44% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 10.30% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 1.99% | -3.12% | 7.01% | -0.27% | 12.48% | 0.92% | -3.42% |
Correlation
The correlation between IBTL.L and TREI.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.32 |
The correlation between IBTL.L and TREI.L shifts across timeframes, from 0.20 (3 years) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTL.L vs. TREI.L — Risk / Return Rank
IBTL.L
TREI.L
IBTL.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (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.
| IBTL.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.10 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 0.71 | -0.27 |
| Martin ratioReturn relative to average drawdown | 0.88 | 1.92 | -1.04 |
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Drawdowns
IBTL.L vs. TREI.L - Drawdown Comparison
The maximum IBTL.L drawdown since its inception was -48.85%, 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 IBTL.L and TREI.L.
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Drawdown Indicators
| IBTL.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -19.00% | -29.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.26% | -5.11% | -3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -16.88% | -9.81% | -7.07% |
Max Drawdown (5Y)Largest decline over 5 years | -39.34% | -15.98% | -23.36% |
Max Drawdown (10Y)Largest decline over 10 years | -48.85% | — | — |
Current DrawdownCurrent decline from peak | -45.69% | -6.04% | -39.65% |
Average DrawdownAverage peak-to-trough decline | -22.88% | -10.05% | -12.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 1.88% | +2.26% |
Volatility
IBTL.L vs. TREI.L - Volatility Comparison
iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a higher volatility of 2.78% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) at 1.65%. This indicates that IBTL.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
| IBTL.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 1.65% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.74% | 5.14% | +1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.71% | 6.66% | +3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.36% | 8.42% | +6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.65% | 8.78% | +6.87% |
IBTL.L vs. TREI.L - Expense Ratio Comparison
IBTL.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
IBTL.L vs. TREI.L - Dividend Comparison
IBTL.L's dividend yield for the trailing twelve months is around 4.79%, more than TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.79% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 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
IBTL.L and TREI.L have a correlation of 0.31, 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 IBTL.L.
IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while TREI.L tracks Bloomberg US Treasury Coupons Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBTL.L and 0.06% for TREI.L.
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