TREI.L vs. ERNE.L
TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) and ERNE.L (iShares € Ultrashort Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - TREI.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index, while ERNE.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). Both are passively managed. Over the past 5 years, TREI.L returned 3.34%/yr vs 1.48%/yr for ERNE.L. Their 0.09 correlation means their historical movements had little consistent relationship. TREI.L charges 0.06%/yr vs 0.09%/yr for ERNE.L.
Performance
TREI.L vs. ERNE.L - Performance Comparison
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Different Trading Currencies
TREI.L is traded in USD, while ERNE.L is traded in EUR. To make them comparable, the ERNE.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 1.85% return, which is significantly higher than ERNE.L's -1.97% return.
TREI.L
- 1D
- 0.00%
- 1M
- 0.25%
- 6M
- 1.65%
- YTD
- 1.85%
- 1Y
- 3.80%
- 3Y*
- 4.62%
- 5Y*
- 3.34%
- 10Y*
- —
- ALL TIME*
- 2.74%
ERNE.L
- 1D
- -0.04%
- 1M
- 0.15%
- 6M
- -2.77%
- YTD
- -1.97%
- 1Y
- -1.06%
- 3Y*
- 4.26%
- 5Y*
- 1.48%
- 10Y*
- 1.39%
- ALL TIME*
- -0.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.52M | $3.82M | $4.50M | |
| $50.19K | $70.65K | $39.31K |
TREI.L vs. ERNE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 1.85% | 4.31% | 5.17% | 4.98% | 0.53% | -0.02% | 1.12% |
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | -1.97% | 16.37% | -2.29% | 6.65% | -6.24% | -7.15% | 10.26% |
Correlation
The correlation between TREI.L and ERNE.L is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.09 |
The correlation between TREI.L and ERNE.L shifts across timeframes, from 0.00 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TREI.L vs. ERNE.L — Risk / Return Rank
TREI.L
ERNE.L
TREI.L vs. ERNE.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 USD (Dist) (TREI.L) and iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.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 | ERNE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.62 | ||
| Sortino ratioReturn per unit of downside risk | +10.92 | ||
| Omega ratioGain probability vs. loss probability | 4.64 | 0.97 | +3.67 |
| Calmar ratioReturn relative to maximum drawdown | 12.95 | -0.23 | +13.18 |
| Martin ratioReturn relative to average drawdown | 156.81 | -0.46 | +157.27 |
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Drawdowns
TREI.L vs. ERNE.L - Drawdown Comparison
The maximum TREI.L drawdown since its inception was -0.68%, smaller than the maximum ERNE.L drawdown of -31.67%. Use the drawdown chart below to compare losses from any high point for TREI.L and ERNE.L.
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Drawdown Indicators
| TREI.L | ERNE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.68% | -31.67% | +30.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -4.98% | +4.69% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -7.47% | +7.18% |
Max Drawdown (5Y)Largest decline over 5 years | -0.67% | -20.15% | +19.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.43% | — |
Current DrawdownCurrent decline from peak | 0.00% | -8.82% | +8.82% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -16.40% | +16.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 2.44% | -2.42% |
Volatility
TREI.L vs. ERNE.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) is 0.08%, while iShares € Ultrashort Bond UCITS ETF EUR (Dist) (ERNE.L) has a volatility of 1.17%. This indicates that TREI.L experiences smaller price fluctuations and is considered to be less risky than ERNE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TREI.L | ERNE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 1.17% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 4.45% | -3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 6.19% | -5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.55% | 7.67% | -7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.55% | 7.32% | -6.77% |
TREI.L vs. ERNE.L - Expense Ratio Comparison
TREI.L has a 0.06% expense ratio, which is lower than ERNE.L's 0.09% 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
TREI.L vs. ERNE.L - Dividend Comparison
TREI.L's dividend yield for the trailing twelve months is around 3.92%, more than ERNE.L's 2.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERNE.L iShares € Ultrashort Bond UCITS ETF EUR (Dist) | 2.32% | 2.74% | 3.80% | 2.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) | 3.92% | 4.23% | 4.98% | 4.59% | 1.51% | 0.10% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TREI.L and ERNE.L have a correlation of 0.00, 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 0.09% for ERNE.L.
TREI.L is categorized as Government Bonds, while ERNE.L is Ultrashort Bond. TREI.L tracks Bloomberg US Treasury Coupons Index, while ERNE.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index (EUR). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TREI.L and 0.09% for ERNE.L.
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