PICB vs. TREX.L
PICB (Invesco International Corporate Bond ETF) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while TREX.L is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, PICB returned -2.27%/yr vs -1.05%/yr for TREX.L. At a 0.39 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.06%/yr for TREX.L.
Performance
PICB vs. TREX.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PICB achieves a -0.57% return, which is significantly higher than TREX.L's -0.74% return.
PICB
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- -0.57%
- 6M
- 0.05%
- 1Y
- 1.63%
- 3Y*
- 6.17%
- 5Y*
- -2.27%
- 10Y*
- 0.82%
TREX.L
- 1D
- 0.40%
- 1M
- 0.12%
- YTD
- -0.74%
- 6M
- -0.02%
- 1Y
- 4.21%
- 3Y*
- 2.99%
- 5Y*
- -1.05%
- 10Y*
- —
PICB vs. TREX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -0.57% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 8.95% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.74% | 8.41% | -0.22% | 3.58% | -14.94% | -3.02% | 9.76% | 8.50% |
Correlation
The correlation between PICB and TREX.L is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.39 |
The correlation between PICB and TREX.L shifts across timeframes, from 0.39 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PICB vs. TREX.L — Risk / Return Rank
PICB
TREX.L
PICB vs. TREX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.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.
| PICB | TREX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.15 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 0.96 | -0.79 |
| Martin ratioReturn relative to average drawdown | 0.47 | 2.81 | -2.34 |
Loading charts...
Drawdowns
PICB vs. TREX.L - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than TREX.L's maximum drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for PICB and TREX.L.
Loading charts...
Drawdown Indicators
| PICB | TREX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -23.38% | -13.72% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -3.96% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -7.42% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -36.25% | -20.96% | -15.29% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -11.78% | -10.23% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -9.96% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 1.36% | +1.03% |
Volatility
PICB vs. TREX.L - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.56% compared to Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) at 1.82%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than TREX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PICB | TREX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 1.82% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 3.34% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.86% | 4.50% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.20% | 7.49% | +2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 6.93% | +3.13% |
PICB vs. TREX.L - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than TREX.L's 0.06% expense ratio.
Dividends
PICB vs. TREX.L - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.34%, less than TREX.L's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | 3.34% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.33% | 4.23% | 4.34% | 3.48% | 2.41% | 1.63% | 1.81% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PICB and TREX.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TREX.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TREX.L is cheaper with a 0.06% expense ratio, compared with 0.50% for PICB.
PICB is categorized as Corporate Bonds, while TREX.L is Government Bonds. PICB tracks S&P International Corporate Bond Index, while TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. Their fees differ too: 0.50% for PICB and 0.06% for TREX.L.
Find the right allocation for PICB and TREX.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer