TRES.L vs. IB01.L
TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and IB01.L (iShares USD Treasury Bond 0-1yr UCITS ETF (Acc)) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while IB01.L tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.37%/yr vs 3.39%/yr for IB01.L. At a 0.15 correlation, their price movements are largely independent. TRES.L charges 0.06%/yr vs 0.07%/yr for IB01.L.
Performance
TRES.L vs. IB01.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRES.L achieves a -0.30% return, which is significantly lower than IB01.L's 1.45% return.
TRES.L
- 1D
- 0.18%
- 1M
- 0.17%
- YTD
- -0.30%
- 6M
- 0.09%
- 1Y
- 3.62%
- 3Y*
- 2.90%
- 5Y*
- -0.37%
- 10Y*
- —
IB01.L
- 1D
- 0.03%
- 1M
- 0.28%
- YTD
- 1.45%
- 6M
- 1.75%
- 1Y
- 3.98%
- 3Y*
- 4.73%
- 5Y*
- 3.39%
- 10Y*
- —
TRES.L vs. IB01.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRES.L Invesco US Treasury Bond UCITS ETF Dist | -0.30% | 6.57% | 0.75% | 3.82% | -12.15% | -2.44% | 8.00% | 5.79% |
IB01.L iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) | 1.45% | 4.34% | 5.25% | 4.92% | 1.08% | 0.00% | 0.88% | 1.91% |
Correlation
The correlation between TRES.L and IB01.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019 | 0.15 |
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Return for Risk
TRES.L vs. IB01.L — Risk / Return Rank
TRES.L
IB01.L
TRES.L vs. IB01.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 USD Treasury Bond 0-1yr UCITS ETF (Acc) (IB01.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 | IB01.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.05 | ||
| Sortino ratioReturn per unit of downside risk | -35.60 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 8.02 | -6.86 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 115.45 | -114.22 |
| Martin ratioReturn relative to average drawdown | 3.84 | 569.86 | -566.02 |
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 | IB01.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.89 | 11.94 | -11.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 9.24 | -9.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 3.79 | -3.56 |
Drawdowns
TRES.L vs. IB01.L - Drawdown Comparison
The maximum TRES.L drawdown since its inception was -18.77%, which is greater than IB01.L's maximum drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for TRES.L and IB01.L.
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Drawdown Indicators
| TRES.L | IB01.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.77% | -0.91% | -17.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -0.03% | -2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -5.16% | -0.09% | -5.07% |
Max Drawdown (5Y)Largest decline over 5 years | -16.40% | -0.29% | -16.11% |
Current DrawdownCurrent decline from peak | -6.77% | 0.00% | -6.77% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -0.08% | -8.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.01% | +0.93% |
Volatility
TRES.L vs. IB01.L - Volatility Comparison
Invesco US Treasury Bond UCITS ETF Dist (TRES.L) has a higher volatility of 1.36% compared to iShares USD Treasury Bond 0-1yr UCITS ETF (Acc) (IB01.L) at 0.10%. This indicates that TRES.L's price experiences larger fluctuations and is considered to be riskier than IB01.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 | IB01.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 0.10% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 0.24% | +2.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 0.33% | +3.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 0.37% | +5.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 0.72% | +4.95% |
TRES.L vs. IB01.L - Expense Ratio Comparison
TRES.L has a 0.06% expense ratio, which is lower than IB01.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. IB01.L - Dividend Comparison
TRES.L's dividend yield for the trailing twelve months is around 4.25%, while IB01.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IB01.L iShares USD Treasury Bond 0-1yr UCITS ETF (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 | 4.25% | 4.19% | 4.26% | 3.78% | 1.96% | 1.14% | 1.58% | 1.96% |
Frequently Asked Questions
TRES.L and IB01.L have a correlation of 0.13, 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 IB01.L.
TRES.L tracks Bloomberg US Treasury Index, while IB01.L tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRES.L and 0.07% for IB01.L.
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