T1AP.L vs. XT01.L

Last updated Jul 18, 2026

T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while XT01.L is a Government Bonds fund tracking the FTSE US Treasury Short Duration Index. Both are passively managed. Over the past 5 years, T1AP.L returned 4.05%/yr vs 3.95%/yr for XT01.L. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.06% expense ratio.

Performance

T1AP.L vs. XT01.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) and Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

T1AP.L is traded in GBp, while XT01.L is traded in GBP. To make them comparable, the XT01.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 XT01.L's 1.86% return.

T1AP.L

• 1D: 0.32%
• 1M: 0.33%
• 6M: 1.66%
• YTD: 2.33%
• 1Y: 4.09%
• 3Y*: 3.94%
• 5Y*: 4.05%
• 10Y*: —

XT01.L

• 1D: 0.23%
• 1M: -0.15%
• 6M: 1.20%
• YTD: 1.86%
• 1Y: 3.53%
• 3Y*: 3.64%
• 5Y*: 3.95%
• 10Y*: —

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

T1AP.L vs. XT01.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%	-4.64%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	1.86%	-2.79%	6.91%	-0.75%	12.89%	1.36%	-4.63%

Correlation

The correlation between T1AP.L and XT01.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 10, 2020	0.99

The correlation between T1AP.L and XT01.L has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

Return for Risk

T1AP.L vs. XT01.L — Risk / Return Rank

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

T1AP.L

T1AP.L Risk / Return Rank: 27
T1AP.L Sharpe Ratio Rank: 27
T1AP.L Sortino Ratio Rank: 26
T1AP.L Omega Ratio Rank: 25
T1AP.L Calmar Ratio Rank: 29
T1AP.L Martin Ratio Rank: 28

XT01.L

XT01.L Risk / Return Rank: 21
XT01.L Sharpe Ratio Rank: 21
XT01.L Sortino Ratio Rank: 19
XT01.L Omega Ratio Rank: 18
XT01.L Calmar Ratio Rank: 22
XT01.L Martin Ratio Rank: 22

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.

T1AP.L vs. XT01.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 Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.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	XT01.L	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.55	+0.20
Sortino ratio: Return per unit of downside risk	1.13	0.85	+0.28
Omega ratio: Gain probability vs. loss probability	1.14	1.10	+0.04
Calmar ratio: Return relative to maximum drawdown	1.08	0.79	+0.30
Martin ratio: Return relative to average drawdown	2.77	1.96	+0.81

T1AP.L vs. XT01.L - Sharpe Ratio Comparison

The current T1AP.L Sharpe Ratio is 0.76, which is higher than the XT01.L Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of T1AP.L and XT01.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

T1AP.L vs. XT01.L - Drawdown Comparison

The maximum T1AP.L drawdown since its inception was -21.77%, which is greater than XT01.L's maximum drawdown of -15.30%. Use the drawdown chart below to compare losses from any high point for T1AP.L and XT01.L.

Drawdown Indicators

	T1AP.L	XT01.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-15.30%	-6.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-4.47%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.77%	-9.74%	-12.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.77%	-15.30%	-6.47%
Current Drawdown Current decline from peak	-15.88%	-5.37%	-10.51%
Average Drawdown Average peak-to-trough decline	-14.05%	-7.24%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.80%	-0.05%

Volatility

T1AP.L vs. XT01.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 Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) at 1.26%. This indicates that T1AP.L's price experiences larger fluctuations and is considered to be riskier than XT01.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	T1AP.L	XT01.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.26%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	4.72%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	6.37%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	8.35%	+7.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2,962.48%	8.30%	+2,954.18%

T1AP.L vs. XT01.L - Expense Ratio Comparison

Both T1AP.L and XT01.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. XT01.L - Dividend Comparison

Neither T1AP.L nor XT01.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both T1AP.L and XT01.L in my portfolio?

With a correlation of 0.95, T1AP.L and XT01.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.

Which ETF is better, T1AP.L or XT01.L?

Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, T1AP.L or XT01.L?

T1AP.L and XT01.L have the same expense ratio: 0.06% per year.

What is the main difference between T1AP.L and XT01.L?

T1AP.L is categorized as Ultrashort Bond, while XT01.L is Government Bonds. T1AP.L tracks Bloomberg US Treasury Coupons Index, while XT01.L tracks FTSE US Treasury Short Duration Index. They also come from different issuers: Invesco and Xtrackers.