T1AP.L vs. VUTA.L
T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while VUTA.L is a Government Bonds fund tracking the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, T1AP.L returned 4.05%/yr vs -0.19%/yr for VUTA.L. Their correlation of 0.80 suggests significant overlap in exposure. T1AP.L charges 0.06%/yr vs 0.05%/yr for VUTA.L.
Performance
T1AP.L vs. VUTA.L - Performance Comparison
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Different Trading Currencies
T1AP.L is traded in GBp, while VUTA.L is traded in GBP. To make them comparable, the VUTA.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 VUTA.L's -0.05% 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*
- —
VUTA.L
- 1D
- 0.45%
- 1M
- -0.69%
- 6M
- -0.44%
- YTD
- -0.05%
- 1Y
- 3.01%
- 3Y*
- 1.88%
- 5Y*
- -0.19%
- 10Y*
- —
T1AP.L vs. VUTA.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% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | -0.05% | -1.12% | 2.51% | -1.91% | -1.88% | -1.09% | 2.07% |
Correlation
The correlation between T1AP.L and VUTA.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.80 |
The correlation between T1AP.L and VUTA.L has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.
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Return for Risk
T1AP.L vs. VUTA.L — Risk / Return Rank
T1AP.L
VUTA.L
T1AP.L vs. VUTA.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 Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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 | VUTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.09 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.58 | +0.51 |
| Martin ratioReturn relative to average drawdown | 2.77 | 1.32 | +1.45 |
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Drawdowns
T1AP.L vs. VUTA.L - Drawdown Comparison
The maximum T1AP.L drawdown since its inception was -21.77%, smaller than the maximum VUTA.L drawdown of -25.05%. Use the drawdown chart below to compare losses from any high point for T1AP.L and VUTA.L.
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Drawdown Indicators
| T1AP.L | VUTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -25.05% | +3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -5.19% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -21.77% | -21.06% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | -21.06% | -0.71% |
Current DrawdownCurrent decline from peak | -15.88% | -19.16% | +3.28% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -17.91% | +3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 2.28% | -0.53% |
Volatility
T1AP.L vs. VUTA.L - Volatility Comparison
Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) has a higher volatility of 1.64% compared to Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) at 1.48%. This indicates that T1AP.L's price experiences larger fluctuations and is considered to be riskier than VUTA.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 | VUTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.48% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 4.50% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.41% | 6.04% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 16.61% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2,962.48% | 17.24% | +2,945.24% |
T1AP.L vs. VUTA.L - Expense Ratio Comparison
T1AP.L has a 0.06% expense ratio, which is higher than VUTA.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
T1AP.L vs. VUTA.L - Dividend Comparison
Neither T1AP.L nor VUTA.L has paid dividends to shareholders.
Frequently Asked Questions
T1AP.L and VUTA.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUTA.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTA.L is cheaper with a 0.05% expense ratio, compared with 0.06% for T1AP.L.
T1AP.L is categorized as Ultrashort Bond, while VUTA.L is Government Bonds. T1AP.L tracks Bloomberg US Treasury Coupons Index, while VUTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.06% for T1AP.L and 0.05% for VUTA.L.
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