TRE3.L vs. IB01.L
TRE3.L (Invesco US Treasury Bond 1-3 Year UCITS ETF) and IB01.L (iShares USD Treasury Bond 0-1yr UCITS ETF (Acc)) are both Government Bonds funds - TRE3.L tracks the Invesco US Treasury Bond 1-3 Year UCITS ETF while IB01.L tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, TRE3.L returned 1.92%/yr vs 3.29%/yr for IB01.L. At a 0.24 correlation, their price movements are largely independent. TRE3.L charges 0.06%/yr vs 0.07%/yr for IB01.L.
Performance
TRE3.L vs. IB01.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRE3.L achieves a 0.78% return, which is significantly lower than IB01.L's 1.83% return.
TRE3.L
- 1D
- 0.04%
- 1M
- 0.17%
- 6M
- 0.73%
- YTD
- 0.78%
- 1Y
- 3.48%
- 3Y*
- 4.29%
- 5Y*
- 1.92%
- 10Y*
- —
IB01.L
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 1.77%
- YTD
- 1.83%
- 1Y
- 3.90%
- 3Y*
- 4.66%
- 5Y*
- 3.29%
- 10Y*
- —
TRE3.L vs. IB01.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRE3.L Invesco US Treasury Bond 1-3 Year UCITS ETF | 0.78% | 5.13% | 4.14% | 4.22% | -3.83% | -0.60% | 3.11% | 3.20% |
IB01.L iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) | 1.83% | 4.34% | 5.25% | 4.92% | 1.08% | -0.85% | 0.88% | 2.06% |
Correlation
The correlation between TRE3.L and IB01.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019 | 0.24 |
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Return for Risk
TRE3.L vs. IB01.L — Risk / Return Rank
TRE3.L
IB01.L
TRE3.L vs. IB01.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 (TRE3.L) and iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) (IB01.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.
| TRE3.L | IB01.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.94 | ||
| Sortino ratioReturn per unit of downside risk | -34.35 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 8.35 | -6.89 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 114.58 | -110.03 |
| Martin ratioReturn relative to average drawdown | 13.96 | 560.87 | -546.91 |
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Drawdowns
TRE3.L vs. IB01.L - Drawdown Comparison
The maximum TRE3.L drawdown since its inception was -5.66%, which is greater than IB01.L's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for TRE3.L and IB01.L.
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Drawdown Indicators
| TRE3.L | IB01.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.66% | -1.28% | -4.38% |
Max Drawdown (1Y)Largest decline over 1 year | -0.73% | -0.03% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.09% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -1.12% | -4.54% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.23% | -0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 0.01% | +0.23% |
Volatility
TRE3.L vs. IB01.L - Volatility Comparison
Invesco US Treasury Bond 1-3 Year UCITS ETF (TRE3.L) has a higher volatility of 0.39% compared to iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) (IB01.L) at 0.08%. This indicates that TRE3.L's price experiences larger fluctuations and is considered to be riskier than IB01.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRE3.L | IB01.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.08% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 0.22% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.67% | 0.33% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 0.54% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.83% | 0.78% | +1.05% |
TRE3.L vs. IB01.L - Expense Ratio Comparison
TRE3.L has a 0.06% expense ratio, which is lower than IB01.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
TRE3.L vs. IB01.L - Dividend Comparison
TRE3.L's dividend yield for the trailing twelve months is around 3.89%, while IB01.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IB01.L iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRE3.L Invesco US Treasury Bond 1-3 Year UCITS ETF | 3.89% | 4.07% | 4.41% | 4.10% | 1.99% | 0.32% | 1.19% | 1.95% |
Frequently Asked Questions
TRE3.L and IB01.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRE3.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRE3.L is cheaper with a 0.06% expense ratio, compared with 0.07% for IB01.L.
TRE3.L tracks Invesco US Treasury Bond 1-3 Year UCITS ETF, while IB01.L tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRE3.L and 0.07% for IB01.L.
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