TRE7.L vs. TRS5.L

Last updated Jun 26, 2026

TRE7.L (Invesco US Treasury Bond 3-7 Year UCITS ETF Dist) and TRS5.L (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) are both Government Bonds funds tracking the Bloomberg US 3-7 Year Treasury Bond Index, from Invesco and State Street respectively. Both are passively managed. Over the past 5 years, TRE7.L returned 0.53%/yr vs 0.46%/yr for TRS5.L. With a 0.97 correlation, they move nearly in lockstep. TRE7.L charges 0.06%/yr vs 0.05%/yr for TRS5.L.

Performance

TRE7.L vs. TRS5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.L) and SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRE7.L achieves a -0.12% return, which is significantly lower than TRS5.L's -0.06% return.

TRE7.L

• 1D: 0.19%
• 1M: 0.65%
• YTD: -0.12%
• 6M: 0.17%
• 1Y: 3.00%
• 3Y*: 3.90%
• 5Y*: 0.53%
• 10Y*: —

TRS5.L

• 1D: 0.18%
• 1M: 0.61%
• YTD: -0.06%
• 6M: 0.36%
• 1Y: 3.01%
• 3Y*: 3.87%
• 5Y*: 0.46%
• 10Y*: 1.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TRE7.L vs. TRS5.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	-0.12%	7.33%	2.08%	4.24%	-9.37%	-2.36%	7.00%	5.84%
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF	-0.06%	7.28%	2.01%	4.18%	-9.49%	-2.44%	6.78%	5.36%

Correlation

The correlation between TRE7.L and TRS5.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019	0.97

The correlation between TRE7.L and TRS5.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

TRE7.L vs. TRS5.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TRE7.L

TRE7.L Risk / Return Rank: 28
TRE7.L Sharpe Ratio Rank: 30
TRE7.L Sortino Ratio Rank: 30
TRE7.L Omega Ratio Rank: 28
TRE7.L Calmar Ratio Rank: 26
TRE7.L Martin Ratio Rank: 26

TRS5.L

TRS5.L Risk / Return Rank: 29
TRS5.L Sharpe Ratio Rank: 31
TRS5.L Sortino Ratio Rank: 31
TRS5.L Omega Ratio Rank: 29
TRS5.L Calmar Ratio Rank: 26
TRS5.L Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TRE7.L vs. TRS5.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 SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.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.

	TRE7.L	TRS5.L	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.05	-0.01
Sortino ratio: Return per unit of downside risk	1.55	1.57	-0.03
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.19	1.20	-0.01
Martin ratio: Return relative to average drawdown	3.35	3.39	-0.04

TRE7.L vs. TRS5.L - Sharpe Ratio Comparison

The current TRE7.L Sharpe Ratio is 1.04, which is comparable to the TRS5.L Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of TRE7.L and TRS5.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRE7.L vs. TRS5.L - Drawdown Comparison

The maximum TRE7.L drawdown since its inception was -14.10%, roughly equal to the maximum TRS5.L drawdown of -14.35%. Use the drawdown chart below to compare losses from any high point for TRE7.L and TRS5.L.

Drawdown Indicators

	TRE7.L	TRS5.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.10%	-14.35%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.50%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.70%	-3.72%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-13.52%	-13.64%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.35%	—
Current Drawdown Current decline from peak	-1.28%	-1.27%	-0.01%
Average Drawdown Average peak-to-trough decline	-4.38%	-3.79%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.89%	0.00%

Volatility

TRE7.L vs. TRS5.L - Volatility Comparison

Invesco US Treasury Bond 3-7 Year UCITS ETF Dist (TRE7.L) and SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) have volatilities of 0.91% and 0.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRE7.L	TRS5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.87%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	2.19%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	2.86%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.76%	4.72%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.24%	3.76%	+0.48%

TRE7.L vs. TRS5.L - Expense Ratio Comparison

TRE7.L has a 0.06% expense ratio, which is higher than TRS5.L's 0.05% expense ratio. However, 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. TRS5.L - Dividend Comparison

TRE7.L's dividend yield for the trailing twelve months is around 4.13%, more than TRS5.L's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TRE7.L Invesco US Treasury Bond 3-7 Year UCITS ETF Dist	4.13%	4.09%	4.23%	3.61%	1.72%	0.87%	1.29%	1.89%	0.00%	0.00%	0.00%
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF	3.92%	3.68%	3.24%	1.97%	1.12%	0.98%	1.66%	2.13%	1.66%	1.40%	0.47%

Frequently Asked Questions

Can I hold both TRE7.L and TRS5.L in my portfolio?

With a correlation of 0.96, TRE7.L and TRS5.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TRE7.L or TRS5.L?

On fees, TRS5.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRE7.L or TRS5.L?

TRS5.L is cheaper with a 0.05% expense ratio, compared with 0.06% for TRE7.L.

What is the main difference between TRE7.L and TRS5.L?

Both ETFs track Bloomberg US 3-7 Year Treasury Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.06% for TRE7.L and 0.05% for TRS5.L.