TREI.L vs. IBTA.L
TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) and IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - TREI.L tracks the Bloomberg US Treasury Coupons Index while IBTA.L tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, TREI.L returned 3.34%/yr vs 1.94%/yr for IBTA.L. At a 0.38 correlation, their price movements are largely independent. TREI.L charges 0.06%/yr vs 0.07%/yr for IBTA.L.
Performance
TREI.L vs. IBTA.L - Performance Comparison
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Returns By Period
In the year-to-date period, TREI.L achieves a 1.85% return, which is significantly higher than IBTA.L's 0.68% return.
TREI.L
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.67%
- YTD
- 1.85%
- 1Y
- 3.96%
- 3Y*
- 4.65%
- 5Y*
- 3.34%
- 10Y*
- —
IBTA.L
- 1D
- 0.00%
- 1M
- 0.17%
- 6M
- 0.85%
- YTD
- 0.68%
- 1Y
- 3.29%
- 3Y*
- 4.32%
- 5Y*
- 1.94%
- 10Y*
- —
TREI.L vs. IBTA.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% |
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.68% | 5.34% | 4.07% | 4.21% | -3.75% | -0.64% | 3.05% |
Correlation
The correlation between TREI.L and IBTA.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.38 |
Over the past year, the correlation between TREI.L and IBTA.L has dropped to 0.17 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.
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Return for Risk
TREI.L vs. IBTA.L — Risk / Return Rank
TREI.L
IBTA.L
TREI.L vs. IBTA.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 USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.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 | IBTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.53 | ||
| Sortino ratioReturn per unit of downside risk | +7.60 | ||
| Omega ratioGain probability vs. loss probability | 4.76 | 1.62 | +3.14 |
| Calmar ratioReturn relative to maximum drawdown | 13.38 | 4.88 | +8.51 |
| Martin ratioReturn relative to average drawdown | 162.04 | 17.03 | +145.01 |
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Drawdowns
TREI.L vs. IBTA.L - Drawdown Comparison
The maximum TREI.L drawdown since its inception was -0.68%, smaller than the maximum IBTA.L drawdown of -5.80%. Use the drawdown chart below to compare losses from any high point for TREI.L and IBTA.L.
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Drawdown Indicators
| TREI.L | IBTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.68% | -5.80% | +5.12% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -0.67% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -0.89% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -0.67% | -5.70% | +5.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.96% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.19% | -0.17% |
Volatility
TREI.L vs. IBTA.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 USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) has a volatility of 0.52%. This indicates that TREI.L experiences smaller price fluctuations and is considered to be less risky than IBTA.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 | IBTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.52% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 1.16% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 1.56% | -0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.55% | 2.18% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 1.93% | -1.37% |
TREI.L vs. IBTA.L - Expense Ratio Comparison
TREI.L has a 0.06% expense ratio, which is lower than IBTA.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
TREI.L vs. IBTA.L - Dividend Comparison
TREI.L's dividend yield for the trailing twelve months is around 3.92%, while IBTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
TREI.L and IBTA.L have a correlation of 0.17, 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 0.07% for IBTA.L.
TREI.L tracks Bloomberg US Treasury Coupons Index, while IBTA.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 TREI.L and 0.07% for IBTA.L.
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