T1AP.L vs. TREI.L
T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while TREI.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, T1AP.L returned 4.05%/yr vs 3.78%/yr for TREI.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.06% expense ratio.
Performance
T1AP.L vs. TREI.L - Performance Comparison
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Different Trading Currencies
T1AP.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, T1AP.L achieves a 2.33% return, which is significantly higher than TREI.L's 1.81% return.
T1AP.L
- 1D
- 0.32%
- 1M
- 0.55%
- 6M
- 1.70%
- YTD
- 2.33%
- 1Y
- 4.49%
- 3Y*
- 3.94%
- 5Y*
- 4.05%
- 10Y*
- —
TREI.L
- 1D
- 0.46%
- 1M
- -0.06%
- 6M
- 0.95%
- YTD
- 1.81%
- 1Y
- 3.50%
- 3Y*
- 3.60%
- 5Y*
- 3.78%
- 10Y*
- —
T1AP.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 2.33% | -2.78% | 6.89% | -0.80% | 12.56% | 1.28% | 7,301.82% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 1.81% | -3.12% | 7.01% | -0.27% | 12.48% | 0.92% | -3.42% |
Correlation
The correlation between T1AP.L and TREI.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.81 |
The correlation between T1AP.L and TREI.L has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
T1AP.L vs. TREI.L — Risk / Return Rank
T1AP.L
TREI.L
T1AP.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (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.
| T1AP.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.09 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.68 | +0.40 |
| Martin ratioReturn relative to average drawdown | 2.77 | 1.86 | +0.91 |
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Drawdowns
T1AP.L vs. TREI.L - Drawdown Comparison
The maximum T1AP.L drawdown since its inception was -21.77%, which is greater than TREI.L's maximum drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for T1AP.L and TREI.L.
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Drawdown Indicators
| T1AP.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -19.00% | -2.77% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -5.11% | +0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -21.77% | -9.81% | -11.96% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | -15.98% | -5.79% |
Current DrawdownCurrent decline from peak | -15.88% | -6.21% | -9.67% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -10.05% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.88% | -0.13% |
Volatility
T1AP.L vs. TREI.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) is 1.64%, while Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) has a volatility of 1.76%. This indicates that T1AP.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
| T1AP.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.76% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 5.14% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.41% | 6.66% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 8.42% | +7.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2,962.48% | 8.78% | +2,953.70% |
T1AP.L vs. TREI.L - Expense Ratio Comparison
Both T1AP.L and TREI.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
T1AP.L vs. TREI.L - Dividend Comparison
T1AP.L has not paid dividends to shareholders, while TREI.L's dividend yield for the trailing twelve months is around 3.92%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 3.92% | 4.23% | 4.98% | 4.59% | 1.51% | 0.10% | 0.69% |
Frequently Asked Questions
T1AP.L and TREI.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
T1AP.L and TREI.L have the same expense ratio: 0.06% per year.
T1AP.L is categorized as Ultrashort Bond, while TREI.L is Government Bonds. Both ETFs track Bloomberg US Treasury Coupons Index.
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