TREI.L vs. T1AP.L
TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) and T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) are both exchange-traded funds - TREI.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index, while T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, TREI.L returned 3.34%/yr vs 3.27%/yr for T1AP.L. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.06% expense ratio.
Performance
TREI.L vs. T1AP.L - Performance Comparison
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Different Trading Currencies
TREI.L is traded in USD, while T1AP.L is traded in GBp. To make them comparable, the T1AP.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 T1AP.L's 1.51% 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*
- —
T1AP.L
- 1D
- -0.05%
- 1M
- -0.04%
- 6M
- 1.48%
- YTD
- 1.51%
- 1Y
- 3.93%
- 3Y*
- 4.62%
- 5Y*
- 3.27%
- 10Y*
- —
TREI.L vs. T1AP.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% |
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 1.51% | 4.56% | 5.11% | 4.43% | 0.53% | 0.36% | 7,647.25% |
Correlation
The correlation between TREI.L and T1AP.L is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.04 |
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Return for Risk
TREI.L vs. T1AP.L — Risk / Return Rank
TREI.L
T1AP.L
TREI.L vs. T1AP.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 Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.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 | T1AP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.85 | ||
| Sortino ratioReturn per unit of downside risk | +9.86 | ||
| Omega ratioGain probability vs. loss probability | 4.76 | 1.15 | +3.62 |
| Calmar ratioReturn relative to maximum drawdown | 13.38 | 2.87 | +10.52 |
| Martin ratioReturn relative to average drawdown | 162.04 | 7.96 | +154.08 |
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Drawdowns
TREI.L vs. T1AP.L - Drawdown Comparison
The maximum TREI.L drawdown since its inception was -0.68%, smaller than the maximum T1AP.L drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for TREI.L and T1AP.L.
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Drawdown Indicators
| TREI.L | T1AP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.68% | -19.42% | +18.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.29% | -1.32% | +1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -19.42% | +19.13% |
Max Drawdown (5Y)Largest decline over 5 years | -0.67% | -19.42% | +18.75% |
Current DrawdownCurrent decline from peak | 0.00% | -9.56% | +9.56% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -6.18% | +6.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.48% | -0.46% |
Volatility
TREI.L vs. T1AP.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) is 0.11%, while Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) has a volatility of 1.32%. This indicates that TREI.L experiences smaller price fluctuations and is considered to be less risky than T1AP.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 | T1AP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 1.32% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 4.14% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 4.74% | -4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.55% | 14.77% | -14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 2,980.48% | -2,979.92% |
TREI.L vs. T1AP.L - Expense Ratio Comparison
Both TREI.L and T1AP.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TREI.L vs. T1AP.L - Dividend Comparison
TREI.L's dividend yield for the trailing twelve months is around 3.92%, while T1AP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (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 T1AP.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TREI.L and T1AP.L have the same expense ratio: 0.06% per year.
TREI.L is categorized as Government Bonds, while T1AP.L is Ultrashort Bond. Both ETFs track Bloomberg US Treasury Coupons Index.
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