TBLL vs. USD=X

Last updated Jun 9, 2026

TBLL (Invesco Short Term Treasury ETF) is Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while USD=X (USD Cash) is a currency. Over the past 5 years, TBLL returned 3.36%/yr vs 0.00%/yr for USD=X.

Performance

TBLL vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TBLL

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.48%
• 6M: 1.74%
• 1Y: 3.91%
• 3Y*: 4.63%
• 5Y*: 3.36%
• 10Y*: —

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

TBLL vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLL Invesco Short Term Treasury ETF	1.48%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Return for Risk

TBLL vs. USD=X — Risk / Return Rank

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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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.

TBLL vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and USD Cash (USD=X). 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.

	TBLL	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	20.94	—	—
Sortino ratio: Return per unit of downside risk	217.24	—	—
Omega ratio: Gain probability vs. loss probability	102.42	—	—
Calmar ratio: Return relative to maximum drawdown	414.75	—	—
Martin ratio: Return relative to average drawdown	3,515.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TBLL	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.94	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.26	—	—

Drawdowns

TBLL vs. USD=X - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TBLL and USD=X.

Drawdown Indicators

	TBLL	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	0.00%	-0.63%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	0.00%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	0.00%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	0.00%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.14%	0.00%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

TBLL vs. USD=X - Volatility Comparison

Invesco Short Term Treasury ETF (TBLL) has a higher volatility of 0.04% compared to USD Cash (USD=X) at 0.00%. This indicates that TBLL's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLL	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	0.00%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	0.00%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	0.00%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	0.00%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	0.00%	+0.56%

Frequently Asked Questions

Which is riskier, TBLL or USD=X?

TBLL has higher volatility (0.04%) compared to USD=X (0.00%). In terms of maximum drawdown, TBLL dropped -0.63% vs USD=X's 0.00%.