IUGA.L vs. TR7S.L
IUGA.L (iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist)) and TR7S.L (Invesco US Treasury Bond 3-7 Year UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - IUGA.L is a Intermediate Core Bond fund tracking the Bloomberg US Aggregate Bond (GBP Hedged) Index, while TR7S.L is a Government Bonds fund tracking the Bloomberg US Treasury 3-7 Year Index. Both are passively managed. Over the past 5 years, IUGA.L returned -0.95%/yr vs -0.24%/yr for TR7S.L. Their correlation of 0.83 suggests significant overlap in exposure. IUGA.L charges 0.30%/yr vs 0.10%/yr for TR7S.L.
Performance
IUGA.L vs. TR7S.L - Performance Comparison
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Different Trading Currencies
IUGA.L is traded in GBP, while TR7S.L is traded in GBp. To make them comparable, the TR7S.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IUGA.L achieves a -0.21% return, which is significantly higher than TR7S.L's -0.31% return.
IUGA.L
- 1D
- 0.23%
- 1M
- -0.47%
- 6M
- 0.02%
- YTD
- -0.21%
- 1Y
- 3.88%
- 3Y*
- 3.19%
- 5Y*
- -0.95%
- 10Y*
- —
TR7S.L
- 1D
- 0.15%
- 1M
- 0.01%
- 6M
- 0.15%
- YTD
- -0.31%
- 1Y
- 2.81%
- 3Y*
- 3.42%
- 5Y*
- -0.24%
- 10Y*
- —
IUGA.L vs. TR7S.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IUGA.L iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist) | -0.21% | 6.71% | 0.94% | 4.04% | -13.94% | -2.16% | 6.06% | 5.58% |
TR7S.L Invesco US Treasury Bond 3-7 Year UCITS ETF GBP Hedged (Dist) | -0.31% | 6.92% | 1.62% | 3.34% | -10.38% | -2.61% | 6.16% | 3.53% |
Correlation
The correlation between IUGA.L and TR7S.L is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2019 | 0.83 |
The correlation between IUGA.L and TR7S.L shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IUGA.L vs. TR7S.L — Risk / Return Rank
IUGA.L
TR7S.L
IUGA.L vs. TR7S.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist) (IUGA.L) and Invesco US Treasury Bond 3-7 Year UCITS ETF GBP Hedged (Dist) (TR7S.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.
| IUGA.L | TR7S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 1.10 | +0.32 |
| Martin ratioReturn relative to average drawdown | 3.81 | 2.88 | +0.93 |
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Drawdowns
IUGA.L vs. TR7S.L - Drawdown Comparison
The maximum IUGA.L drawdown since its inception was -20.08%, which is greater than TR7S.L's maximum drawdown of -15.12%. Use the drawdown chart below to compare losses from any high point for IUGA.L and TR7S.L.
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Drawdown Indicators
| IUGA.L | TR7S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.08% | -15.12% | -4.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.53% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -3.86% | -2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -19.05% | -14.29% | -4.76% |
Current DrawdownCurrent decline from peak | -6.58% | -2.87% | -3.71% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -5.72% | -1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.97% | +0.05% |
Volatility
IUGA.L vs. TR7S.L - Volatility Comparison
iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist) (IUGA.L) has a higher volatility of 1.06% compared to Invesco US Treasury Bond 3-7 Year UCITS ETF GBP Hedged (Dist) (TR7S.L) at 0.79%. This indicates that IUGA.L's price experiences larger fluctuations and is considered to be riskier than TR7S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUGA.L | TR7S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.79% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 2.31% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 3.06% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 4.77% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.47% | 4.27% | +1.20% |
IUGA.L vs. TR7S.L - Expense Ratio Comparison
IUGA.L has a 0.30% expense ratio, which is higher than TR7S.L's 0.10% expense ratio.
Dividends
IUGA.L vs. TR7S.L - Dividend Comparison
IUGA.L's dividend yield for the trailing twelve months is around 3.86%, less than TR7S.L's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IUGA.L iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist) | 3.86% | 3.68% | 3.51% | 2.96% | 2.25% | 1.65% | 2.05% | 2.64% | 1.45% |
TR7S.L Invesco US Treasury Bond 3-7 Year UCITS ETF GBP Hedged (Dist) | 4.09% | 3.98% | 4.18% | 3.56% | 1.71% | 0.83% | 1.25% | 1.51% | 0.00% |
Frequently Asked Questions
IUGA.L and TR7S.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TR7S.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TR7S.L is cheaper with a 0.10% expense ratio, compared with 0.30% for IUGA.L.
IUGA.L is categorized as Intermediate Core Bond, while TR7S.L is Government Bonds. IUGA.L tracks Bloomberg US Aggregate Bond (GBP Hedged) Index, while TR7S.L tracks Bloomberg US Treasury 3-7 Year Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.30% for IUGA.L and 0.10% for TR7S.L.
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