TRE3.L vs. IBTU.L
TRE3.L (Invesco US Treasury Bond 1-3 Year UCITS ETF) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both Government Bonds funds - TRE3.L tracks the Invesco US Treasury Bond 1-3 Year UCITS ETF while IBTU.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 3.46%/yr for IBTU.L. At a 0.08 correlation, their price movements are largely independent. TRE3.L charges 0.06%/yr vs 0.07%/yr for IBTU.L.
Performance
TRE3.L vs. IBTU.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 IBTU.L's 1.76% 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*
- —
IBTU.L
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 1.76%
- YTD
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.63%
- 5Y*
- 3.46%
- 10Y*
- —
TRE3.L vs. IBTU.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% |
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.76% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.88% | 2.02% |
Correlation
The correlation between TRE3.L and IBTU.L is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019 | 0.08 |
The correlation between TRE3.L and IBTU.L shifts across timeframes, from -0.01 (1 year) to 0.10 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRE3.L vs. IBTU.L — Risk / Return Rank
TRE3.L
IBTU.L
TRE3.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 (TRE3.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.
| TRE3.L | IBTU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -4.63 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 3.84 | -2.38 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 19.33 | -14.78 |
| Martin ratioReturn relative to average drawdown | 13.96 | 94.97 | -81.01 |
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Drawdowns
TRE3.L vs. IBTU.L - Drawdown Comparison
The maximum TRE3.L drawdown since its inception was -5.66%, which is greater than IBTU.L's maximum drawdown of -0.72%. Use the drawdown chart below to compare losses from any high point for TRE3.L and IBTU.L.
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Drawdown Indicators
| TRE3.L | IBTU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.66% | -0.72% | -4.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.73% | -0.20% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.20% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -0.40% | -5.26% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.06% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 0.04% | +0.20% |
Volatility
TRE3.L vs. IBTU.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 USD (Dist) (IBTU.L) at 0.28%. This indicates that TRE3.L's price experiences larger fluctuations and is considered to be riskier 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
| TRE3.L | IBTU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.28% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 0.77% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.67% | 1.11% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 1.02% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.83% | 0.95% | +0.88% |
TRE3.L vs. IBTU.L - Expense Ratio Comparison
TRE3.L has a 0.06% expense ratio, which is lower than IBTU.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. IBTU.L - Dividend Comparison
TRE3.L's dividend yield for the trailing twelve months is around 3.89%, 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% |
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 IBTU.L have a correlation of -0.01, 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 IBTU.L.
TRE3.L tracks Invesco US Treasury Bond 1-3 Year UCITS ETF, while IBTU.L tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRE3.L and 0.07% for IBTU.L.
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