MIST.L vs. TRIS.L

Last updated Jul 17, 2026

MIST.L (PIMCO US Dollar Short Maturity UCITS ETF GBP Hedged (Acc)) and TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) are both exchange-traded funds - MIST.L is a Ultrashort Bond fund actively managed by PIMCO, while TRIS.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index. MIST.L is actively managed, while TRIS.L is passively managed. Over the past 5 years, MIST.L returned 3.14%/yr vs 3.60%/yr for TRIS.L. At a correlation of -0.02, they often move in opposite directions. MIST.L charges 0.40%/yr vs 0.06%/yr for TRIS.L.

Performance

MIST.L vs. TRIS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in PIMCO US Dollar Short Maturity UCITS ETF GBP Hedged (Acc) (MIST.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MIST.L is traded in GBP, while TRIS.L is traded in GBp. To make them comparable, the TRIS.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, MIST.L achieves a 2.23% return, which is significantly higher than TRIS.L's 1.64% return.

MIST.L

• 1D: 0.00%
• 1M: 0.32%
• 6M: 2.02%
• YTD: 2.23%
• 1Y: 4.39%
• 3Y*: 5.04%
• 5Y*: 3.14%
• 10Y*: —

TRIS.L

• 1D: 0.08%
• 1M: -0.14%
• 6M: 1.03%
• YTD: 1.64%
• 1Y: 2.70%
• 3Y*: 3.26%
• 5Y*: 3.60%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MIST.L vs. TRIS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MIST.L PIMCO US Dollar Short Maturity UCITS ETF GBP Hedged (Acc)	2.23%	4.61%	5.53%	5.01%	-1.12%	-0.36%	0.47%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	1.64%	-3.73%	6.84%	-0.75%	12.57%	1.25%	-26.09%

Correlation

The correlation between MIST.L and TRIS.L is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	-0.02

The correlation between MIST.L and TRIS.L shifts across timeframes, from -0.05 (5 years) to 0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MIST.L vs. TRIS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MIST.L

MIST.L Risk / Return Rank: 100
MIST.L Sharpe Ratio Rank: 100
MIST.L Sortino Ratio Rank: 100
MIST.L Omega Ratio Rank: 99
MIST.L Calmar Ratio Rank: 100
MIST.L Martin Ratio Rank: 100

TRIS.L

TRIS.L Risk / Return Rank: 16
TRIS.L Sharpe Ratio Rank: 17
TRIS.L Sortino Ratio Rank: 15
TRIS.L Omega Ratio Rank: 15
TRIS.L Calmar Ratio Rank: 16
TRIS.L Martin Ratio Rank: 16

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.

MIST.L vs. TRIS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO US Dollar Short Maturity UCITS ETF GBP Hedged (Acc) (MIST.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.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.

	MIST.L	TRIS.L	Difference
Sharpe ratio: Return per unit of total volatility	11.58	0.41	+11.17
Sortino ratio: Return per unit of downside risk	35.35	0.62	+34.73
Omega ratio: Gain probability vs. loss probability	7.17	1.07	+6.09
Calmar ratio: Return relative to maximum drawdown	101.64	0.50	+101.15
Martin ratio: Return relative to average drawdown	493.90	1.17	+492.73

MIST.L vs. TRIS.L - Sharpe Ratio Comparison

The current MIST.L Sharpe Ratio is 11.58, which is higher than the TRIS.L Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of MIST.L and TRIS.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.

Drawdowns

MIST.L vs. TRIS.L - Drawdown Comparison

The maximum MIST.L drawdown since its inception was -3.70%, smaller than the maximum TRIS.L drawdown of -28.86%. Use the drawdown chart below to compare losses from any high point for MIST.L and TRIS.L.

Drawdown Indicators

	MIST.L	TRIS.L	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-28.86%	+25.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-5.42%	+5.38%
Max Drawdown (3Y) Largest decline over 3 years	-0.20%	-9.71%	+9.51%
Max Drawdown (5Y) Largest decline over 5 years	-2.45%	-15.37%	+12.92%
Current Drawdown Current decline from peak	0.00%	-12.62%	+12.62%
Average Drawdown Average peak-to-trough decline	-0.38%	-17.93%	+17.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	2.30%	-2.29%

Volatility

MIST.L vs. TRIS.L - Volatility Comparison

The current volatility for PIMCO US Dollar Short Maturity UCITS ETF GBP Hedged (Acc) (MIST.L) is 0.10%, while Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) has a volatility of 1.79%. This indicates that MIST.L experiences smaller price fluctuations and is considered to be less risky than TRIS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIST.L	TRIS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	1.79%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	0.28%	4.78%	-4.50%
Volatility (1Y) Calculated over the trailing 1-year period	0.38%	6.58%	-6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	8.36%	-7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.98%	12.69%	-11.71%

MIST.L vs. TRIS.L - Expense Ratio Comparison

MIST.L has a 0.40% expense ratio, which is higher than TRIS.L's 0.06% expense ratio.

Dividends

MIST.L vs. TRIS.L - Dividend Comparison

MIST.L has not paid dividends to shareholders, while TRIS.L's dividend yield for the trailing twelve months is around 2.95%.

Position	TTM	2025	2024	2023	2022	2021	2020
MIST.L PIMCO US Dollar Short Maturity UCITS ETF GBP Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	2.95%	3.27%	4.87%	4.68%	1.52%	0.10%	0.57%

Frequently Asked Questions

Can I hold both MIST.L and TRIS.L in my portfolio?

MIST.L and TRIS.L have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MIST.L or TRIS.L?

On fees, TRIS.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MIST.L or TRIS.L?

TRIS.L is cheaper with a 0.06% expense ratio, compared with 0.40% for MIST.L.

What is the main difference between MIST.L and TRIS.L?

MIST.L is categorized as Ultrashort Bond, while TRIS.L is Government Bonds. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.40% for MIST.L and 0.06% for TRIS.L.