IBTU.L vs. MUNI.L
IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) and MUNI.L (Invesco US Municipal Bond UCITS ETF Dist) are both exchange-traded funds - IBTU.L is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index, while MUNI.L is a Municipal Bonds fund tracking the ICE BofA US Taxable Municipal Securities Plus Index. Both are passively managed. Over the past 5 years, IBTU.L returned 3.38%/yr vs -0.34%/yr for MUNI.L. At a 0.04 correlation, their price movements are largely independent. IBTU.L charges 0.07%/yr vs 0.28%/yr for MUNI.L.
Performance
IBTU.L vs. MUNI.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTU.L achieves a 1.39% return, which is significantly higher than MUNI.L's 0.61% return.
IBTU.L
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.39%
- 6M
- 1.77%
- 1Y
- 3.95%
- 3Y*
- 4.74%
- 5Y*
- 3.38%
- 10Y*
- —
MUNI.L
- 1D
- 0.44%
- 1M
- 0.04%
- YTD
- 0.61%
- 6M
- 0.39%
- 1Y
- 6.62%
- 3Y*
- 4.35%
- 5Y*
- -0.34%
- 10Y*
- —
IBTU.L vs. MUNI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.39% | 4.36% | 5.23% | 4.96% | 1.09% | -0.02% |
MUNI.L Invesco US Municipal Bond UCITS ETF Dist | 0.61% | 7.41% | 1.23% | 8.01% | -19.08% | 2.68% |
Correlation
The correlation between IBTU.L and MUNI.L is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2021 | 0.04 |
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Return for Risk
IBTU.L vs. MUNI.L — Risk / Return Rank
IBTU.L
MUNI.L
IBTU.L vs. MUNI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) and Invesco US Municipal Bond UCITS ETF Dist (MUNI.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.
| IBTU.L | MUNI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.19 | ||
| Sortino ratioReturn per unit of downside risk | +14.03 | ||
| Omega ratioGain probability vs. loss probability | 3.95 | 1.36 | +2.59 |
| Calmar ratioReturn relative to maximum drawdown | 24.79 | 3.52 | +21.27 |
| Martin ratioReturn relative to average drawdown | 183.92 | 8.16 | +175.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBTU.L | MUNI.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.12 | 1.93 | +6.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 6.79 | -0.07 | +6.86 |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.05 | -0.08 | +5.13 |
Drawdowns
IBTU.L vs. MUNI.L - Drawdown Comparison
The maximum IBTU.L drawdown since its inception was -0.62%, smaller than the maximum MUNI.L drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for IBTU.L and MUNI.L.
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Drawdown Indicators
| IBTU.L | MUNI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.62% | -23.73% | +23.11% |
Max Drawdown (1Y)Largest decline over 1 year | -0.16% | -3.86% | +3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -0.16% | -6.56% | +6.40% |
Max Drawdown (5Y)Largest decline over 5 years | -0.29% | -23.73% | +23.44% |
Current DrawdownCurrent decline from peak | 0.00% | -5.73% | +5.73% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -11.22% | +11.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 2.54% | -2.52% |
Volatility
IBTU.L vs. MUNI.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) is 0.08%, while Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) has a volatility of 2.09%. This indicates that IBTU.L experiences smaller price fluctuations and is considered to be less risky than MUNI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTU.L | MUNI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 2.09% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 5.01% | -4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 7.13% | -6.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.50% | 14.33% | -13.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.54% | 14.27% | -13.73% |
IBTU.L vs. MUNI.L - Expense Ratio Comparison
IBTU.L has a 0.07% expense ratio, which is lower than MUNI.L's 0.28% expense ratio.
Dividends
IBTU.L vs. MUNI.L - Dividend Comparison
IBTU.L's dividend yield for the trailing twelve months is around 4.07%, less than MUNI.L's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.07% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% |
MUNI.L Invesco US Municipal Bond UCITS ETF Dist | 4.54% | 4.52% | 4.60% | 4.09% | 3.19% | 2.01% | 0.00% | 0.00% |
Frequently Asked Questions
IBTU.L and MUNI.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.28% for MUNI.L.
IBTU.L is categorized as Government Bonds, while MUNI.L is Municipal Bonds. IBTU.L tracks ICE U.S. Treasury Short Bond Index, while MUNI.L tracks ICE BofA US Taxable Municipal Securities Plus Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IBTU.L and 0.28% for MUNI.L.
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