TREI.L vs. IBGX.L
TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) and IBGX.L (iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)) are both exchange-traded funds - TREI.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index, while IBGX.L is a European Government Bonds fund tracking the BBG EU Term 3-5 Year Index. Both are passively managed. Over the past 5 years, TREI.L returned 3.34%/yr vs -1.06%/yr for IBGX.L. At a 0.19 correlation, their price movements are largely independent. TREI.L charges 0.06%/yr vs 0.15%/yr for IBGX.L.
Performance
TREI.L vs. IBGX.L - Performance Comparison
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Different Trading Currencies
TREI.L is traded in USD, while IBGX.L is traded in GBP. To make them comparable, the IBGX.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 IBGX.L's -3.04% return.
TREI.L
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 1.70%
- YTD
- 1.85%
- 1Y
- 3.91%
- 3Y*
- 4.64%
- 5Y*
- 3.34%
- 10Y*
- —
IBGX.L
- 1D
- -0.05%
- 1M
- -1.18%
- 6M
- -1.91%
- YTD
- -3.04%
- 1Y
- -1.19%
- 3Y*
- 3.37%
- 5Y*
- -1.06%
- 10Y*
- 0.51%
TREI.L vs. IBGX.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% |
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | -3.04% | 15.92% | -4.05% | 8.64% | -15.33% | -8.61% | 11.81% |
Correlation
The correlation between TREI.L and IBGX.L is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.19 |
The correlation between TREI.L and IBGX.L shifts across timeframes, from 0.03 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TREI.L vs. IBGX.L — Risk / Return Rank
TREI.L
IBGX.L
TREI.L vs. IBGX.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 € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.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 | IBGX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.74 | ||
| Sortino ratioReturn per unit of downside risk | +11.09 | ||
| Omega ratioGain probability vs. loss probability | 4.71 | 0.98 | +3.74 |
| Calmar ratioReturn relative to maximum drawdown | 13.21 | -0.19 | +13.40 |
| Martin ratioReturn relative to average drawdown | 159.95 | -0.41 | +160.36 |
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Drawdowns
TREI.L vs. IBGX.L - Drawdown Comparison
The maximum TREI.L drawdown since its inception was -0.68%, smaller than the maximum IBGX.L drawdown of -38.72%. Use the drawdown chart below to compare losses from any high point for TREI.L and IBGX.L.
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Drawdown Indicators
| TREI.L | IBGX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.68% | -38.72% | +38.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -6.17% | +5.88% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -9.01% | +8.72% |
Max Drawdown (5Y)Largest decline over 5 years | -0.67% | -28.30% | +27.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.07% | — |
Current DrawdownCurrent decline from peak | 0.00% | -19.85% | +19.85% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -21.36% | +21.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 2.93% | -2.91% |
Volatility
TREI.L vs. IBGX.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) is 0.11%, while iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) has a volatility of 1.48%. This indicates that TREI.L experiences smaller price fluctuations and is considered to be less risky than IBGX.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 | IBGX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 1.48% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 5.78% | -5.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 7.28% | -6.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.55% | 8.91% | -8.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 8.40% | -7.84% |
TREI.L vs. IBGX.L - Expense Ratio Comparison
TREI.L has a 0.06% expense ratio, which is lower than IBGX.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
TREI.L vs. IBGX.L - Dividend Comparison
TREI.L's dividend yield for the trailing twelve months is around 3.92%, more than IBGX.L's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | 2.51% | 2.47% | 2.65% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.12% | 0.08% | 0.12% | 0.60% |
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 IBGX.L have a correlation of 0.03, 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 0.15% for IBGX.L.
TREI.L is categorized as Government Bonds, while IBGX.L is European Government Bonds. TREI.L tracks Bloomberg US Treasury Coupons Index, while IBGX.L tracks BBG EU Term 3-5 Year Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TREI.L and 0.15% for IBGX.L.
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