TRE7.L vs. CU31.L
TRE7.L (Invesco US Treasury Bond 3-7 Year UCITS ETF Dist) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - TRE7.L tracks the Bloomberg US 3-7 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, TRE7.L returned 0.38%/yr vs 1.84%/yr for CU31.L. At a 0.25 correlation, their price movements are largely independent. TRE7.L charges 0.06%/yr vs 0.07%/yr for CU31.L.
Performance
TRE7.L vs. CU31.L - Performance Comparison
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Different Trading Currencies
TRE7.L is traded in USD, while CU31.L is traded in GBp. To make them comparable, the CU31.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TRE7.L achieves a -0.43% return, which is significantly lower than CU31.L's 0.41% return.
TRE7.L
- 1D
- 0.20%
- 1M
- -0.05%
- YTD
- -0.43%
- 6M
- -0.08%
- 1Y
- 3.24%
- 3Y*
- 3.70%
- 5Y*
- 0.38%
- 10Y*
- —
CU31.L
- 1D
- 0.16%
- 1M
- 0.27%
- YTD
- 0.41%
- 6M
- 1.04%
- 1Y
- 3.42%
- 3Y*
- 4.11%
- 5Y*
- 1.84%
- 10Y*
- 1.74%
TRE7.L vs. CU31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRE7.L Invesco US Treasury Bond 3-7 Year UCITS ETF Dist | -0.43% | 7.31% | 2.08% | 4.25% | -9.37% | -2.35% | 6.98% | 5.81% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.41% | 5.42% | 4.05% | 3.61% | -3.48% | -0.66% | 2.65% | 4.22% |
Correlation
The correlation between TRE7.L and CU31.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019 | 0.25 |
The correlation between TRE7.L and CU31.L shifts across timeframes, from 0.15 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRE7.L vs. CU31.L — Risk / Return Rank
TRE7.L
CU31.L
TRE7.L vs. CU31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.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.
| TRE7.L | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.14 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 3.06 | -1.78 |
| Martin ratioReturn relative to average drawdown | 4.09 | 9.37 | -5.28 |
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
| TRE7.L | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 0.82 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.37 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.29 | +0.13 |
Drawdowns
TRE7.L vs. CU31.L - Drawdown Comparison
The maximum TRE7.L drawdown since its inception was -14.12%, which is greater than CU31.L's maximum drawdown of -7.27%. Use the drawdown chart below to compare losses from any high point for TRE7.L and CU31.L.
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Drawdown Indicators
| TRE7.L | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.12% | -7.27% | -6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -1.11% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -3.71% | -1.50% | -2.21% |
Max Drawdown (5Y)Largest decline over 5 years | -13.54% | -6.89% | -6.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -7.27% | — |
Current DrawdownCurrent decline from peak | -1.59% | -0.36% | -1.23% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -1.29% | -3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.36% | +0.43% |
Volatility
TRE7.L vs. CU31.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.L) is 1.20%, while iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) has a volatility of 1.35%. This indicates that TRE7.L experiences smaller price fluctuations and is considered to be less risky than CU31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRE7.L | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.35% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.14% | 3.36% | -1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 4.15% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.75% | 5.03% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 5.03% | -0.77% |
TRE7.L vs. CU31.L - Expense Ratio Comparison
TRE7.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
TRE7.L vs. CU31.L - Dividend Comparison
TRE7.L's dividend yield for the trailing twelve months is around 4.14%, 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% |
TRE7.L Invesco US Treasury Bond 3-7 Year UCITS ETF Dist | 4.14% | 4.09% | 4.23% | 3.61% | 1.72% | 0.87% | 1.29% | 1.89% |
Frequently Asked Questions
TRE7.L and CU31.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRE7.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRE7.L is cheaper with a 0.06% expense ratio, compared with 0.07% for CU31.L.
TRE7.L tracks Bloomberg US 3-7 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 TRE7.L and 0.07% for CU31.L.
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