TRE3.L vs. USFR.L
TRE3.L (Invesco US Treasury Bond 1-3 Year UCITS ETF) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both Government Bonds funds - TRE3.L tracks the Invesco US Treasury Bond 1-3 Year UCITS ETF while USFR.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, TRE3.L returned 1.92%/yr vs 3.91%/yr for USFR.L. At a 0.05 correlation, their price movements are largely independent. TRE3.L charges 0.06%/yr vs 0.15%/yr for USFR.L.
Performance
TRE3.L vs. USFR.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 USFR.L's 2.98% 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*
- —
USFR.L
- 1D
- 0.04%
- 1M
- 1.27%
- 6M
- 2.83%
- YTD
- 2.98%
- 1Y
- 4.86%
- 3Y*
- 5.01%
- 5Y*
- 3.91%
- 10Y*
- —
TRE3.L vs. USFR.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% | 2.92% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 2.98% | 4.17% | 5.46% | 4.95% | 2.06% | -0.16% | 0.58% | 1.59% |
Correlation
The correlation between TRE3.L and USFR.L is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | 0.05 |
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Return for Risk
TRE3.L vs. USFR.L — Risk / Return Rank
TRE3.L
USFR.L
TRE3.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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 | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.80 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 3.85 | +0.70 |
| Martin ratioReturn relative to average drawdown | 13.96 | 41.80 | -27.84 |
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Drawdowns
TRE3.L vs. USFR.L - Drawdown Comparison
The maximum TRE3.L drawdown since its inception was -5.66%, which is greater than USFR.L's maximum drawdown of -2.99%. Use the drawdown chart below to compare losses from any high point for TRE3.L and USFR.L.
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Drawdown Indicators
| TRE3.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.66% | -2.99% | -2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.73% | -1.26% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -1.75% | +0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -5.66% | -1.75% | -3.91% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.09% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 0.12% | +0.12% |
Volatility
TRE3.L vs. USFR.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 1-3 Year UCITS ETF (TRE3.L) is 0.39%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) has a volatility of 0.89%. This indicates that TRE3.L experiences smaller price fluctuations and is considered to be less risky than USFR.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 | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.89% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 1.22% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.67% | 2.55% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 2.77% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.83% | 2.70% | -0.87% |
TRE3.L vs. USFR.L - Expense Ratio Comparison
TRE3.L has a 0.06% expense ratio, which is lower than USFR.L's 0.15% 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. USFR.L - Dividend Comparison
TRE3.L's dividend yield for the trailing twelve months is around 3.89%, less than USFR.L's 4.73% 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% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 4.73% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
TRE3.L and USFR.L have a correlation of 0.08, 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 0.15% for USFR.L.
TRE3.L tracks Invesco US Treasury Bond 1-3 Year UCITS ETF, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.06% for TRE3.L and 0.15% for USFR.L.
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