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ITEB.L vs. TREI.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITEB.L vs. TREI.L

Last updated Jul 16, 2026
Documentation

ITEB.L (iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - ITEB.L tracks the iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 3 years, ITEB.L returned 5.84%/yr vs 3.85%/yr for TREI.L. At a correlation of -0.21, they often move in opposite directions.

Performance

ITEB.L vs. TREI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) (ITEB.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ITEB.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, ITEB.L achieves a 0.50% return, which is significantly lower than TREI.L's 2.42% return.

ITEB.L

1D
-0.18%
1M
-0.57%
6M
-0.22%
YTD
0.50%
1Y
2.87%
3Y*
5.84%
5Y*
—
10Y*
—

TREI.L

1D
-0.31%
1M
0.38%
6M
2.09%
YTD
2.42%
1Y
3.88%
3Y*
3.85%
5Y*
3.99%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ITEB.L vs. TREI.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
ITEB.L
iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist)		0.50%5.10%6.13%10.70%0.86%
TREI.L
Invesco US Treasury Bond 0-1 Year UCITS ETF		2.42%-3.12%7.01%-0.27%-5.66%

Correlation

The correlation between ITEB.L and TREI.L is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.21

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2022

-0.21

The correlation between ITEB.L and TREI.L shifts across timeframes, from -0.31 (1 year) to -0.21 (all time), reflecting how their relationship changes across market environments.

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iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist)

Invesco US Treasury Bond 0-1 Year UCITS ETF

Return for Risk

ITEB.L vs. TREI.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITEB.L
ITEB.L Risk / Return Rank: 2121
Overall Rank
ITEB.L Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ITEB.L Sortino Ratio Rank: 1919
Sortino Ratio Rank
ITEB.L Omega Ratio Rank: 2121
Omega Ratio Rank
ITEB.L Calmar Ratio Rank: 2020
Calmar Ratio Rank
ITEB.L Martin Ratio Rank: 2323
Martin Ratio Rank
TREI.L
TREI.L Risk / Return Rank: 9999
Overall Rank
TREI.L Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
TREI.L Sortino Ratio Rank: 9999
Sortino Ratio Rank
TREI.L Omega Ratio Rank: 9999
Omega Ratio Rank
TREI.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
TREI.L Martin Ratio Rank: 9999
Martin Ratio Rank
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.

ITEB.L vs. TREI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) (ITEB.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.

ITEB.LTREI.LDifference
Sharpe ratioReturn per unit of total volatility
0.59
0.64

-0.05

Sortino ratioReturn per unit of downside risk
0.88
0.95

-0.07

Omega ratioGain probability vs. loss probability

1.12

1.11

+0.01

Calmar ratioReturn relative to maximum drawdown

0.71

0.83

-0.12

Martin ratioReturn relative to average drawdown

2.22

2.27

-0.05

ITEB.L vs. TREI.L - Sharpe Ratio Comparison

The current ITEB.L Sharpe Ratio is 0.59, which is comparable to the TREI.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of ITEB.L and TREI.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.

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Drawdowns

ITEB.L vs. TREI.L - Drawdown Comparison

The maximum ITEB.L drawdown since its inception was -5.97%, smaller than the maximum TREI.L drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for ITEB.L and TREI.L.

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Drawdown Indicators

ITEB.LTREI.LDifference

Max Drawdown

Largest peak-to-trough decline

-5.97%

-19.00%

+13.03%

Max Drawdown (1Y)

Largest decline over 1 year

-4.03%

-5.11%

+1.08%

Max Drawdown (3Y)

Largest decline over 3 years

-4.03%

-9.81%

+5.78%

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.98%

—

Current Drawdown

Current decline from peak

-1.61%

-5.65%

+4.04%

Average Drawdown

Average peak-to-trough decline

-1.24%

-10.06%

+8.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.29%

1.87%

-0.58%

Volatility

ITEB.L vs. TREI.L - Volatility Comparison

The current volatility for iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) (ITEB.L) is 1.12%, while Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) has a volatility of 1.74%. This indicates that ITEB.L experiences smaller price fluctuations and is considered to be less risky 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

ITEB.LTREI.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.12%

1.74%

-0.62%

Volatility (6M)

Calculated over the trailing 6-month period

4.19%

5.04%

-0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

4.81%

6.59%

-1.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.19%

8.41%

-2.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.19%

8.77%

-2.58%

Dividends

ITEB.L vs. TREI.L - Dividend Comparison

ITEB.L's dividend yield for the trailing twelve months is around 2.87%, less than TREI.L's 3.92% yield.

PositionTTM202520242023202220212020
ITEB.L
iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist)		2.87%2.81%2.58%2.25%0.00%0.00%0.00%
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%

Frequently Asked Questions

ITEB.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.

ITEB.L tracks iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist), while TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF. They also come from different issuers: iShares and Invesco.

Portfolio Optimizer

Find the right allocation for ITEB.L and TREI.L

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