IUGA.L vs. TRXS.L
IUGA.L (iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist)) and TRXS.L (Invesco US Treasury Bond 7-10 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 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, IUGA.L returned -0.95%/yr vs -1.91%/yr for TRXS.L. Their correlation of 0.87 suggests significant overlap in exposure. IUGA.L charges 0.30%/yr vs 0.10%/yr for TRXS.L.
Performance
IUGA.L vs. TRXS.L - Performance Comparison
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Different Trading Currencies
IUGA.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, IUGA.L achieves a -0.21% return, which is significantly higher than TRXS.L's -0.74% 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*
- —
TRXS.L
- 1D
- 0.30%
- 1M
- -0.29%
- 6M
- -0.15%
- YTD
- -0.74%
- 1Y
- 3.53%
- 3Y*
- 2.39%
- 5Y*
- -1.91%
- 10Y*
- —
IUGA.L vs. TRXS.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% | 6.65% |
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% | 6.71% |
Correlation
The correlation between IUGA.L and TRXS.L is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.87 |
The correlation between IUGA.L and TRXS.L has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.
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Return for Risk
IUGA.L vs. TRXS.L — Risk / Return Rank
IUGA.L
TRXS.L
IUGA.L vs. TRXS.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 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.
| IUGA.L | TRXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.14 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.86 | +0.57 |
| Martin ratioReturn relative to average drawdown | 3.81 | 2.29 | +1.52 |
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Drawdowns
IUGA.L vs. TRXS.L - Drawdown Comparison
The maximum IUGA.L drawdown since its inception was -20.08%, smaller than the maximum TRXS.L drawdown of -25.32%. Use the drawdown chart below to compare losses from any high point for IUGA.L and TRXS.L.
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Drawdown Indicators
| IUGA.L | TRXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.08% | -25.32% | +5.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -4.09% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -7.42% | +1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -19.05% | -22.78% | +3.73% |
Current DrawdownCurrent decline from peak | -6.58% | -13.31% | +6.73% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -11.27% | +4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.54% | -0.52% |
Volatility
IUGA.L vs. TRXS.L - Volatility Comparison
The current volatility for iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist) (IUGA.L) is 1.06%, while Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (Dist) (TRXS.L) has a volatility of 1.29%. This indicates that IUGA.L experiences smaller price fluctuations and is considered to be less risky 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
| IUGA.L | TRXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.29% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 3.40% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 4.50% | -0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 7.51% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.47% | 6.87% | -1.40% |
IUGA.L vs. TRXS.L - Expense Ratio Comparison
IUGA.L has a 0.30% expense ratio, which is higher than TRXS.L's 0.10% expense ratio.
Dividends
IUGA.L vs. TRXS.L - Dividend Comparison
IUGA.L's dividend yield for the trailing twelve months is around 3.86%, less than TRXS.L's 4.28% 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% |
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% | 0.00% |
Frequently Asked Questions
IUGA.L and TRXS.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRXS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRXS.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 TRXS.L is Government Bonds. IUGA.L tracks Bloomberg US Aggregate Bond (GBP Hedged) Index, while TRXS.L tracks Bloomberg US Treasury 7-10 Year Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.30% for IUGA.L and 0.10% for TRXS.L.
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