TRE3.L vs. TREI.L
TRE3.L (Invesco US Treasury Bond 1-3 Year UCITS ETF) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds from Invesco - TRE3.L tracks the Invesco US Treasury Bond 1-3 Year UCITS ETF while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, TRE3.L returned 1.92%/yr vs 3.32%/yr for TREI.L. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.06% expense ratio.
Performance
TRE3.L vs. TREI.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 TREI.L's 1.77% 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*
- —
TREI.L
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.65%
- YTD
- 1.77%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.32%
- 10Y*
- —
TRE3.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TRE3.L Invesco US Treasury Bond 1-3 Year UCITS ETF | 0.78% | 5.13% | 4.14% | 4.22% | -3.83% | -0.60% | 3.04% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 1.77% | 4.31% | 5.17% | 4.98% | 0.53% | -0.02% | 1.12% |
Correlation
The correlation between TRE3.L and TREI.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.46 |
Over the past year, the correlation between TRE3.L and TREI.L has dropped to 0.23 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
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Return for Risk
TRE3.L vs. TREI.L — Risk / Return Rank
TRE3.L
TREI.L
TRE3.L vs. TREI.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 Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.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 | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.58 | ||
| Sortino ratioReturn per unit of downside risk | -7.90 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 4.71 | -3.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 13.21 | -8.66 |
| Martin ratioReturn relative to average drawdown | 13.96 | 159.95 | -145.99 |
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Drawdowns
TRE3.L vs. TREI.L - Drawdown Comparison
The maximum TRE3.L drawdown since its inception was -5.66%, which is greater than TREI.L's maximum drawdown of -0.68%. Use the drawdown chart below to compare losses from any high point for TRE3.L and TREI.L.
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Drawdown Indicators
| TRE3.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.66% | -0.68% | -4.98% |
Max Drawdown (1Y)Largest decline over 1 year | -0.73% | -0.29% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -0.29% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -0.67% | -4.99% |
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% | 0.02% | +0.22% |
Volatility
TRE3.L vs. TREI.L - Volatility Comparison
Invesco US Treasury Bond 1-3 Year UCITS ETF (TRE3.L) has a higher volatility of 0.39% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) at 0.10%. This indicates that TRE3.L's price experiences larger fluctuations and is considered to be riskier than TREI.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 | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.10% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 0.50% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.67% | 0.59% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 0.55% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.83% | 0.56% | +1.27% |
TRE3.L vs. TREI.L - Expense Ratio Comparison
Both TRE3.L and TREI.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TRE3.L vs. TREI.L - Dividend Comparison
TRE3.L's dividend yield for the trailing twelve months is around 3.89%, which matches TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 3.92% | 4.23% | 4.98% | 4.59% | 1.51% | 0.10% | 0.69% | 0.00% |
Frequently Asked Questions
TRE3.L and TREI.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TRE3.L and TREI.L have the same expense ratio: 0.06% per year.
TRE3.L tracks Invesco US Treasury Bond 1-3 Year UCITS ETF, while TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF.
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