IBTU.L vs. TREI.L
IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - IBTU.L tracks the ICE U.S. Treasury Short Bond Index while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, IBTU.L returned 3.46%/yr vs 3.32%/yr for TREI.L. At a 0.14 correlation, their price movements are largely independent. IBTU.L charges 0.07%/yr vs 0.06%/yr for TREI.L.
Performance
IBTU.L vs. TREI.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IBTU.L having a 1.76% return and TREI.L slightly higher at 1.77%.
IBTU.L
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 1.76%
- YTD
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.63%
- 5Y*
- 3.46%
- 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*
- —
IBTU.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.76% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.68% |
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 IBTU.L and TREI.L is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.14 |
The correlation between IBTU.L and TREI.L shifts across timeframes, from 0.03 (1 year) to 0.14 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBTU.L vs. TREI.L — Risk / Return Rank
IBTU.L
TREI.L
IBTU.L vs. TREI.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 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.
| IBTU.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 3.84 | 4.71 | -0.88 |
| Calmar ratioReturn relative to maximum drawdown | 19.33 | 13.21 | +6.12 |
| Martin ratioReturn relative to average drawdown | 94.97 | 159.95 | -64.97 |
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Drawdowns
IBTU.L vs. TREI.L - Drawdown Comparison
The maximum IBTU.L drawdown since its inception was -0.72%, 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 IBTU.L and TREI.L.
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Drawdown Indicators
| IBTU.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.72% | -0.68% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.29% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -0.29% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -0.67% | +0.27% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.06% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.02% | +0.02% |
Volatility
IBTU.L vs. TREI.L - Volatility Comparison
iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) has a higher volatility of 0.28% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) at 0.10%. This indicates that IBTU.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
| IBTU.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 0.10% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 0.77% | 0.50% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.11% | 0.59% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.02% | 0.55% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.95% | 0.56% | +0.39% |
IBTU.L vs. TREI.L - Expense Ratio Comparison
IBTU.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
IBTU.L vs. TREI.L - Dividend Comparison
IBTU.L's dividend yield for the trailing twelve months is around 4.05%, more than TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.05% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% |
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% |
Frequently Asked Questions
IBTU.L and TREI.L have a correlation of 0.03, 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 IBTU.L.
IBTU.L tracks ICE U.S. Treasury Short Bond 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 IBTU.L and 0.06% for TREI.L.
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