TREI.L vs. CYGB.L
TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - TREI.L is a Government Bonds fund tracking the Invesco US Treasury Bond 0-1 Year UCITS ETF, while CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, TREI.L returned 3.32%/yr vs 5.08%/yr for CYGB.L. At a 0.16 correlation, their price movements are largely independent. TREI.L charges 0.06%/yr vs 0.40%/yr for CYGB.L.
Performance
TREI.L vs. CYGB.L - Performance Comparison
Loading charts...
Different Trading Currencies
TREI.L is traded in USD, while CYGB.L is traded in GBP. To make them comparable, the CYGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TREI.L achieves a 1.77% return, which is significantly lower than CYGB.L's 4.04% return.
TREI.L
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.65%
- YTD
- 1.77%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.32%
- 10Y*
- —
CYGB.L
- 1D
- 0.00%
- 1M
- 1.54%
- 6M
- 3.81%
- YTD
- 4.04%
- 1Y
- 4.68%
- 3Y*
- 7.94%
- 5Y*
- 5.08%
- 10Y*
- —
TREI.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 1.77% | 4.31% | 5.17% | 4.98% | 0.53% | -0.02% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 4.04% | 9.91% | 9.53% | 12.79% | -8.81% | -1.56% |
Correlation
The correlation between TREI.L and CYGB.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.16 |
The correlation between TREI.L and CYGB.L shifts across timeframes, from -0.02 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TREI.L vs. CYGB.L — Risk / Return Rank
TREI.L
CYGB.L
TREI.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.
| TREI.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.98 | ||
| Sortino ratioReturn per unit of downside risk | +10.00 | ||
| Omega ratioGain probability vs. loss probability | 4.71 | 1.11 | +3.61 |
| Calmar ratioReturn relative to maximum drawdown | 13.21 | 1.08 | +12.13 |
| Martin ratioReturn relative to average drawdown | 159.95 | 2.45 | +157.50 |
Loading charts...
Drawdowns
TREI.L vs. CYGB.L - Drawdown Comparison
The maximum TREI.L drawdown since its inception was -0.68%, smaller than the maximum CYGB.L drawdown of -22.10%. Use the drawdown chart below to compare losses from any high point for TREI.L and CYGB.L.
Loading charts...
Drawdown Indicators
| TREI.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.68% | -22.10% | +21.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -4.04% | +3.75% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -6.72% | +6.43% |
Max Drawdown (5Y)Largest decline over 5 years | -0.67% | -21.63% | +20.96% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -4.36% | +4.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 1.78% | -1.76% |
Volatility
TREI.L vs. CYGB.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) is 0.10%, while iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) has a volatility of 1.98%. This indicates that TREI.L experiences smaller price fluctuations and is considered to be less risky than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TREI.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 1.98% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 5.70% | -5.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 7.38% | -6.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.55% | 8.87% | -8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 8.74% | -8.18% |
TREI.L vs. CYGB.L - Expense Ratio Comparison
TREI.L has a 0.06% expense ratio, which is lower than CYGB.L's 0.40% expense ratio.
Dividends
TREI.L vs. CYGB.L - Dividend Comparison
TREI.L's dividend yield for the trailing twelve months is around 3.92%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% | 0.00% |
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% |
Frequently Asked Questions
TREI.L and CYGB.L have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TREI.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TREI.L is cheaper with a 0.06% expense ratio, compared with 0.40% for CYGB.L.
TREI.L is categorized as Government Bonds, while CYGB.L is Emerging Markets Bonds. TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TREI.L and 0.40% for CYGB.L.
Find the right allocation for TREI.L and CYGB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer