IBTL.L vs. TRIS.L

Last updated Jun 4, 2026

IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) are both Government Bonds funds - IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index while TRIS.L tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, IBTL.L returned -5.14%/yr vs 4.35%/yr for TRIS.L. At a 0.38 correlation, their price movements are largely independent. IBTL.L charges 0.07%/yr vs 0.06%/yr for TRIS.L.

Performance

IBTL.L vs. TRIS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTL.L achieves a -1.02% return, which is significantly lower than TRIS.L's 1.55% return.

IBTL.L

• 1D: -0.23%
• 1M: 1.40%
• YTD: -1.02%
• 6M: -2.44%
• 1Y: 5.37%
• 3Y*: -4.19%
• 5Y*: -5.14%
• 10Y*: -0.81%

TRIS.L

• 1D: 0.31%
• 1M: 1.70%
• YTD: 1.55%
• 6M: 1.04%
• 1Y: 4.66%
• 3Y*: 2.16%
• 5Y*: 4.35%
• 10Y*: —

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

IBTL.L vs. TRIS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist)	-1.02%	-2.80%	-5.50%	-3.62%	-22.17%	-3.32%	7.82%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	1.55%	-2.79%	6.84%	-0.75%	12.57%	1.25%	-3.44%

Correlation

The correlation between IBTL.L and TRIS.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 27, 2020	0.38

The correlation between IBTL.L and TRIS.L shifts across timeframes, from 0.23 (3 years) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBTL.L vs. TRIS.L — Risk / Return Rank

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

IBTL.L

IBTL.L Risk / Return Rank: 17
IBTL.L Sharpe Ratio Rank: 18
IBTL.L Sortino Ratio Rank: 17
IBTL.L Omega Ratio Rank: 16
IBTL.L Calmar Ratio Rank: 17
IBTL.L Martin Ratio Rank: 16

TRIS.L

TRIS.L Risk / Return Rank: 21
TRIS.L Sharpe Ratio Rank: 22
TRIS.L Sortino Ratio Rank: 21
TRIS.L Omega Ratio Rank: 20
TRIS.L Calmar Ratio Rank: 23
TRIS.L Martin Ratio Rank: 22

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.

IBTL.L vs. TRIS.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 Dist (TRIS.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.

	IBTL.L	TRIS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.72	-0.16
Sortino ratio: Return per unit of downside risk	0.89	1.07	-0.19
Omega ratio: Gain probability vs. loss probability	1.10	1.13	-0.03
Calmar ratio: Return relative to maximum drawdown	0.65	1.03	-0.39
Martin ratio: Return relative to average drawdown	1.41	2.61	-1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTL.L vs. TRIS.L - Sharpe Ratio Comparison

The current IBTL.L Sharpe Ratio is 0.56, which is comparable to the TRIS.L Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of IBTL.L and TRIS.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

	IBTL.L	TRIS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.72	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	0.52	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.26	-0.29

Drawdowns

IBTL.L vs. TRIS.L - Drawdown Comparison

The maximum IBTL.L drawdown since its inception was -48.85%, which is greater than TRIS.L's maximum drawdown of -18.99%. Use the drawdown chart below to compare losses from any high point for IBTL.L and TRIS.L.

Drawdown Indicators

	IBTL.L	TRIS.L	Difference
Max Drawdown Largest peak-to-trough decline	-48.85%	-18.99%	-29.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.25%	-4.49%	-3.76%
Max Drawdown (3Y) Largest decline over 3 years	-17.70%	-9.71%	-7.99%
Max Drawdown (5Y) Largest decline over 5 years	-39.35%	-15.37%	-23.98%
Max Drawdown (10Y) Largest decline over 10 years	-48.85%	—	—
Current Drawdown Current decline from peak	-45.46%	-5.70%	-39.76%
Average Drawdown Average peak-to-trough decline	-23.74%	-9.82%	-13.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	1.78%	+2.02%

Volatility

IBTL.L vs. TRIS.L - Volatility Comparison

iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a higher volatility of 2.42% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) at 2.05%. This indicates that IBTL.L's price experiences larger fluctuations and is considered to be riskier than TRIS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTL.L	TRIS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	2.05%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	4.72%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.53%	6.46%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.48%	8.35%	+7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	8.81%	+7.73%

IBTL.L vs. TRIS.L - Expense Ratio Comparison

IBTL.L has a 0.07% expense ratio, which is higher than TRIS.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. TRIS.L - Dividend Comparison

IBTL.L's dividend yield for the trailing twelve months is around 4.36%, more than TRIS.L's 4.02% 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)	4.36%	4.32%	4.59%	3.78%	2.96%	1.72%	1.86%	2.54%	2.75%	2.66%	2.44%	2.07%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	4.02%	4.26%	4.87%	4.68%	1.52%	0.10%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBTL.L and TRIS.L in my portfolio?

IBTL.L and TRIS.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBTL.L or TRIS.L?

On fees, TRIS.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, IBTL.L or TRIS.L?

TRIS.L is cheaper with a 0.06% expense ratio, compared with 0.07% for IBTL.L.

What is the main difference between IBTL.L and TRIS.L?

IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while TRIS.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 TRIS.L.