TRES.L vs. CBU7.L
TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and CBU7.L (iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while CBU7.L tracks the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.40%/yr vs 0.35%/yr for CBU7.L. A 0.78 correlation means they provide meaningful diversification when combined. TRES.L charges 0.06%/yr vs 0.07%/yr for CBU7.L.
Performance
TRES.L vs. CBU7.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRES.L achieves a -0.48% return, which is significantly higher than CBU7.L's -0.71% return.
TRES.L
- 1D
- -0.21%
- 1M
- -0.22%
- YTD
- -0.48%
- 6M
- -0.24%
- 1Y
- 3.85%
- 3Y*
- 2.81%
- 5Y*
- -0.40%
- 10Y*
- —
CBU7.L
- 1D
- -0.22%
- 1M
- -0.48%
- YTD
- -0.71%
- 6M
- -0.39%
- 1Y
- 3.36%
- 3Y*
- 3.68%
- 5Y*
- 0.35%
- 10Y*
- 1.35%
TRES.L vs. CBU7.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRES.L Invesco US Treasury Bond UCITS ETF Dist | -0.48% | 6.57% | 0.75% | 3.82% | -12.15% | -2.44% | 8.00% | 5.79% |
CBU7.L iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc | -0.71% | 7.34% | 2.16% | 4.26% | -9.35% | -2.35% | 6.98% | 4.85% |
Correlation
The correlation between TRES.L and CBU7.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019 | 0.78 |
The correlation between TRES.L and CBU7.L has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
TRES.L vs. CBU7.L — Risk / Return Rank
TRES.L
CBU7.L
TRES.L vs. CBU7.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond UCITS ETF Dist (TRES.L) and iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc (CBU7.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.
| TRES.L | CBU7.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 1.34 | -0.03 |
| Martin ratioReturn relative to average drawdown | 4.11 | 4.36 | -0.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRES.L | CBU7.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 1.14 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 0.07 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.57 | -0.35 |
Drawdowns
TRES.L vs. CBU7.L - Drawdown Comparison
The maximum TRES.L drawdown since its inception was -18.77%, which is greater than CBU7.L's maximum drawdown of -14.18%. Use the drawdown chart below to compare losses from any high point for TRES.L and CBU7.L.
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Drawdown Indicators
| TRES.L | CBU7.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.77% | -14.18% | -4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.50% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -5.16% | -3.66% | -1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -16.40% | -13.55% | -2.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.18% | — |
Current DrawdownCurrent decline from peak | -6.94% | -1.79% | -5.15% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -3.34% | -5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.77% | +0.17% |
Volatility
TRES.L vs. CBU7.L - Volatility Comparison
Invesco US Treasury Bond UCITS ETF Dist (TRES.L) has a higher volatility of 1.36% compared to iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc (CBU7.L) at 1.12%. This indicates that TRES.L's price experiences larger fluctuations and is considered to be riskier than CBU7.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRES.L | CBU7.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.12% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 2.16% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 2.95% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 4.70% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 4.10% | +1.57% |
TRES.L vs. CBU7.L - Expense Ratio Comparison
TRES.L has a 0.06% expense ratio, which is lower than CBU7.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
TRES.L vs. CBU7.L - Dividend Comparison
TRES.L's dividend yield for the trailing twelve months is around 4.26%, while CBU7.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CBU7.L iShares $ Treasury Bond 3-7yr UCITS ETF USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRES.L Invesco US Treasury Bond UCITS ETF Dist | 4.26% | 4.19% | 4.26% | 3.78% | 1.96% | 1.14% | 1.58% | 1.96% |
Frequently Asked Questions
TRES.L and CBU7.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRES.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRES.L is cheaper with a 0.06% expense ratio, compared with 0.07% for CBU7.L.
TRES.L tracks Bloomberg US Treasury Index, while CBU7.L tracks ICE U.S. Treasury 3-7 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRES.L and 0.07% for CBU7.L.
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