IGTM.L vs. TRXS.L
IGTM.L (iShares USD Treasury Bond 7-10 Year UCITS ETF GBP Hedged Distributing) and TRXS.L (Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - IGTM.L is a Intermediate Core Bond fund tracking the ICE US Treasury 7-10 Year Index, while TRXS.L is a Government Bonds fund tracking the Bloomberg US Treasury 7-10 Year Index. Both are passively managed. Over the past 5 years, IGTM.L returned -1.87%/yr vs -1.91%/yr for TRXS.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.10% expense ratio.
Performance
IGTM.L vs. TRXS.L - Performance Comparison
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Different Trading Currencies
IGTM.L is traded in GBP, while TRXS.L is traded in GBp. To make them comparable, the TRXS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IGTM.L achieves a -0.94% return, which is significantly lower than TRXS.L's -0.74% return.
IGTM.L
- 1D
- 0.00%
- 1M
- -0.23%
- 6M
- -0.25%
- YTD
- -0.94%
- 1Y
- 3.59%
- 3Y*
- 2.37%
- 5Y*
- -1.87%
- 10Y*
- —
TRXS.L
- 1D
- 0.30%
- 1M
- -0.29%
- 6M
- -0.15%
- YTD
- -0.74%
- 1Y
- 3.53%
- 3Y*
- 2.39%
- 5Y*
- -1.91%
- 10Y*
- —
IGTM.L vs. TRXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IGTM.L iShares USD Treasury Bond 7-10 Year UCITS ETF GBP Hedged Distributing | -0.94% | 7.92% | -0.52% | 2.67% | -15.78% | -3.18% | 9.12% | 6.53% |
TRXS.L Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (Dist) | -0.74% | 8.01% | -0.64% | 2.50% | -16.05% | -3.23% | 8.89% | 6.16% |
Correlation
The correlation between IGTM.L and TRXS.L is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2019 | 0.95 |
The correlation between IGTM.L and TRXS.L has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
IGTM.L vs. TRXS.L — Risk / Return Rank
IGTM.L
TRXS.L
IGTM.L vs. TRXS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 7-10 Year UCITS ETF GBP Hedged Distributing (IGTM.L) and Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (Dist) (TRXS.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.
| IGTM.L | TRXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 0.86 | +0.03 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.29 | +0.09 |
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Drawdowns
IGTM.L vs. TRXS.L - Drawdown Comparison
The maximum IGTM.L drawdown since its inception was -24.90%, roughly equal to the maximum TRXS.L drawdown of -25.32%. Use the drawdown chart below to compare losses from any high point for IGTM.L and TRXS.L.
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Drawdown Indicators
| IGTM.L | TRXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.90% | -25.32% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -4.04% | -4.09% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -7.17% | -7.42% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -22.30% | -22.78% | +0.48% |
Current DrawdownCurrent decline from peak | -13.02% | -13.31% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -11.29% | -11.27% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 1.54% | -0.03% |
Volatility
IGTM.L vs. TRXS.L - Volatility Comparison
iShares USD Treasury Bond 7-10 Year UCITS ETF GBP Hedged Distributing (IGTM.L) has a higher volatility of 1.44% compared to Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (Dist) (TRXS.L) at 1.29%. This indicates that IGTM.L's price experiences larger fluctuations and is considered to be riskier than TRXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGTM.L | TRXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 1.29% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 3.40% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.66% | 4.50% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.62% | 7.51% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.16% | 6.87% | +0.29% |
IGTM.L vs. TRXS.L - Expense Ratio Comparison
Both IGTM.L and TRXS.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IGTM.L vs. TRXS.L - Dividend Comparison
IGTM.L's dividend yield for the trailing twelve months is around 4.31%, which matches TRXS.L's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IGTM.L iShares USD Treasury Bond 7-10 Year UCITS ETF GBP Hedged Distributing | 4.31% | 4.11% | 3.91% | 3.04% | 2.06% | 1.12% | 1.57% | 1.64% |
TRXS.L Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (Dist) | 4.28% | 4.11% | 4.30% | 3.44% | 2.42% | 1.59% | 1.77% | 2.00% |
Frequently Asked Questions
IGTM.L and TRXS.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IGTM.L and TRXS.L have the same expense ratio: 0.10% per year.
IGTM.L is categorized as Intermediate Core Bond, while TRXS.L is Government Bonds. IGTM.L tracks ICE US Treasury 7-10 Year Index, while TRXS.L tracks Bloomberg US Treasury 7-10 Year Index. They also come from different issuers: iShares and Invesco.
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