T3GB.L vs. IBTU.L
T3GB.L (Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both Government Bonds funds - T3GB.L tracks the Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist while IBTU.L tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, T3GB.L returned 1.45%/yr vs 3.82%/yr for IBTU.L. At a correlation of -0.18, they often move in opposite directions. T3GB.L charges 0.10%/yr vs 0.07%/yr for IBTU.L.
Performance
T3GB.L vs. IBTU.L - Performance Comparison
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Different Trading Currencies
T3GB.L is traded in GBp, while IBTU.L is traded in USD. To make them comparable, the IBTU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, T3GB.L achieves a 0.73% return, which is significantly lower than IBTU.L's 1.35% return.
T3GB.L
- 1D
- 0.08%
- 1M
- 0.14%
- 6M
- 0.68%
- YTD
- 0.73%
- 1Y
- 3.20%
- 3Y*
- 4.01%
- 5Y*
- 1.45%
- 10Y*
- —
IBTU.L
- 1D
- -1.04%
- 1M
- -0.48%
- 6M
- 1.14%
- YTD
- 1.35%
- 1Y
- 2.83%
- 3Y*
- 3.49%
- 5Y*
- 3.82%
- 10Y*
- —
T3GB.L vs. IBTU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist | 0.73% | 4.94% | 3.79% | 3.35% | -4.53% | -0.90% | 2.61% | 0.19% |
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.35% | -3.10% | 7.15% | -0.33% | 13.06% | 1.04% | -2.08% | -3.50% |
Correlation
The correlation between T3GB.L and IBTU.L is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019 | -0.18 |
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Return for Risk
T3GB.L vs. IBTU.L — Risk / Return Rank
T3GB.L
IBTU.L
T3GB.L vs. IBTU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist (T3GB.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.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.
| T3GB.L | IBTU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.08 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 0.56 | +3.89 |
| Martin ratioReturn relative to average drawdown | 16.64 | 1.51 | +15.13 |
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Drawdowns
T3GB.L vs. IBTU.L - Drawdown Comparison
The maximum T3GB.L drawdown since its inception was -6.48%, smaller than the maximum IBTU.L drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for T3GB.L and IBTU.L.
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Drawdown Indicators
| T3GB.L | IBTU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.48% | -19.03% | +12.55% |
Max Drawdown (1Y)Largest decline over 1 year | -0.72% | -5.03% | +4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -0.91% | -9.76% | +8.85% |
Max Drawdown (5Y)Largest decline over 5 years | -6.38% | -15.83% | +9.45% |
Current DrawdownCurrent decline from peak | 0.00% | -6.44% | +6.44% |
Average DrawdownAverage peak-to-trough decline | -1.53% | -9.18% | +7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 1.87% | -1.68% |
Volatility
T3GB.L vs. IBTU.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist (T3GB.L) is 0.35%, while iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) has a volatility of 2.18%. This indicates that T3GB.L experiences smaller price fluctuations and is considered to be less risky than IBTU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| T3GB.L | IBTU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 2.18% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 0.87% | 5.17% | -4.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.20% | 6.70% | -5.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.03% | 8.47% | -6.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.81% | 8.72% | -6.91% |
T3GB.L vs. IBTU.L - Expense Ratio Comparison
T3GB.L has a 0.10% expense ratio, which is higher than IBTU.L's 0.07% 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
T3GB.L vs. IBTU.L - Dividend Comparison
T3GB.L's dividend yield for the trailing twelve months is around 3.84%, less than IBTU.L's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.05% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% |
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist | 3.84% | 3.95% | 4.36% | 4.05% | 1.98% | 0.28% | 1.15% | 0.81% |
Frequently Asked Questions
T3GB.L and IBTU.L have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.10% for T3GB.L.
T3GB.L tracks Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist, while IBTU.L tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.10% for T3GB.L and 0.07% for IBTU.L.
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