T1AP.L vs. TRIS.L
T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while TRIS.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 3.60%/yr for TRIS.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.06% expense ratio.
Performance
T1AP.L vs. TRIS.L - Performance Comparison
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Returns By Period
In the year-to-date period, T1AP.L achieves a 2.33% return, which is significantly higher than TRIS.L's 1.64% 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*
- —
TRIS.L
- 1D
- 0.08%
- 1M
- -0.14%
- 6M
- 1.03%
- YTD
- 1.64%
- 1Y
- 2.70%
- 3Y*
- 3.26%
- 5Y*
- 3.60%
- 10Y*
- —
T1AP.L vs. TRIS.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% |
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 T1AP.L and TRIS.L is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.98 |
The correlation between T1AP.L and TRIS.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
T1AP.L vs. TRIS.L — Risk / Return Rank
T1AP.L
TRIS.L
T1AP.L vs. TRIS.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 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.
| T1AP.L | TRIS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.07 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.50 | +0.59 |
| Martin ratioReturn relative to average drawdown | 2.77 | 1.17 | +1.60 |
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Drawdowns
T1AP.L vs. TRIS.L - Drawdown Comparison
The maximum T1AP.L drawdown since its inception was -21.77%, smaller than the maximum TRIS.L drawdown of -28.86%. Use the drawdown chart below to compare losses from any high point for T1AP.L and TRIS.L.
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Drawdown Indicators
| T1AP.L | TRIS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -28.86% | +7.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -5.42% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -21.77% | -9.71% | -12.06% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | -15.37% | -6.40% |
Current DrawdownCurrent decline from peak | -15.88% | -12.62% | -3.26% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -17.93% | +3.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 2.30% | -0.55% |
Volatility
T1AP.L vs. TRIS.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 Dist (TRIS.L) has a volatility of 1.79%. This indicates that T1AP.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.
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Volatility by Period
| T1AP.L | TRIS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.79% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 4.78% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.41% | 6.58% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 8.36% | +7.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2,962.48% | 12.69% | +2,949.79% |
T1AP.L vs. TRIS.L - Expense Ratio Comparison
Both T1AP.L and TRIS.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. TRIS.L - Dividend Comparison
T1AP.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 |
|---|---|---|---|---|---|---|---|
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% |
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
With a correlation of 0.95, T1AP.L and TRIS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 TRIS.L have the same expense ratio: 0.06% per year.
T1AP.L is categorized as Ultrashort Bond, while TRIS.L is Government Bonds. Both ETFs track Bloomberg US Treasury Coupons Index.
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