TR3G.L vs. CU31.L
TR3G.L (Invesco US Treasury Bond 1-3 Year UCITS ETF Dist) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - TR3G.L tracks the Bloomberg US 1-3 Year Treasury Bond Index while CU31.L tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, TR3G.L returned 2.93%/yr vs 2.92%/yr for CU31.L. With a 0.99 correlation, they move nearly in lockstep. TR3G.L charges 0.06%/yr vs 0.07%/yr for CU31.L.
Performance
TR3G.L vs. CU31.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TR3G.L having a 0.69% return and CU31.L slightly lower at 0.66%.
TR3G.L
- 1D
- 0.13%
- 1M
- 1.13%
- YTD
- 0.69%
- 6M
- 0.31%
- 1Y
- 4.42%
- 3Y*
- 1.51%
- 5Y*
- 2.93%
- 10Y*
- —
CU31.L
- 1D
- 0.11%
- 1M
- 1.13%
- YTD
- 0.66%
- 6M
- 0.30%
- 1Y
- 4.42%
- 3Y*
- 1.49%
- 5Y*
- 2.92%
- 10Y*
- 2.48%
TR3G.L vs. CU31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TR3G.L Invesco US Treasury Bond 1-3 Year UCITS ETF Dist | 0.69% | -1.98% | 5.82% | -1.57% | 7.69% | 0.63% | -0.33% | 1.14% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.66% | -1.98% | 5.81% | -1.58% | 7.82% | 0.48% | -0.40% | 1.17% |
Correlation
The correlation between TR3G.L and CU31.L is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019 | 0.99 |
The correlation between TR3G.L and CU31.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
TR3G.L vs. CU31.L — Risk / Return Rank
TR3G.L
CU31.L
TR3G.L vs. CU31.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 Dist (TR3G.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.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.
| TR3G.L | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.97 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.48 | 2.47 | +0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TR3G.L | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.72 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.36 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.28 | -0.09 |
Drawdowns
TR3G.L vs. CU31.L - Drawdown Comparison
The maximum TR3G.L drawdown since its inception was -18.79%, roughly equal to the maximum CU31.L drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for TR3G.L and CU31.L.
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Drawdown Indicators
| TR3G.L | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.79% | -18.80% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -4.51% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.90% | -8.91% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -16.29% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.80% | — |
Current DrawdownCurrent decline from peak | -7.63% | -7.61% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -9.79% | -8.23% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.78% | 0.00% |
Volatility
TR3G.L vs. CU31.L - Volatility Comparison
Invesco US Treasury Bond 1-3 Year UCITS ETF Dist (TR3G.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) have volatilities of 1.70% and 1.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TR3G.L | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.63% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 4.46% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.07% | 6.11% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.07% | 8.05% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.64% | 9.19% | -0.55% |
TR3G.L vs. CU31.L - Expense Ratio Comparison
TR3G.L has a 0.06% expense ratio, which is lower than CU31.L's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TR3G.L vs. CU31.L - Dividend Comparison
TR3G.L's dividend yield for the trailing twelve months is around 3.95%, while CU31.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TR3G.L Invesco US Treasury Bond 1-3 Year UCITS ETF Dist | 3.95% | 4.10% | 4.31% | 4.18% | 1.99% | 0.31% | 1.28% | 2.01% |
Frequently Asked Questions
With a correlation of 0.99, TR3G.L and CU31.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.
On fees, TR3G.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TR3G.L is cheaper with a 0.06% expense ratio, compared with 0.07% for CU31.L.
TR3G.L tracks Bloomberg US 1-3 Year Treasury Bond Index, while CU31.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TR3G.L and 0.07% for CU31.L.
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