TRES.L vs. IBTL.L
TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.28%/yr vs -6.02%/yr for IBTL.L. Their correlation of 0.86 suggests significant overlap in exposure. TRES.L charges 0.06%/yr vs 0.07%/yr for IBTL.L.
Performance
TRES.L vs. IBTL.L - Performance Comparison
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Different Trading Currencies
TRES.L is traded in USD, while IBTL.L is traded in GBp. To make them comparable, the IBTL.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TRES.L achieves a 0.33% return, which is significantly lower than IBTL.L's 1.30% return.
TRES.L
- 1D
- 0.11%
- 1M
- 0.99%
- YTD
- 0.33%
- 6M
- 0.55%
- 1Y
- 3.60%
- 3Y*
- 3.08%
- 5Y*
- -0.28%
- 10Y*
- —
IBTL.L
- 1D
- -0.06%
- 1M
- 3.01%
- YTD
- 1.30%
- 6M
- 1.89%
- 1Y
- 4.88%
- 3Y*
- -1.38%
- 5Y*
- -6.02%
- 10Y*
- -1.79%
TRES.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRES.L Invesco US Treasury Bond UCITS ETF Dist | 0.33% | 6.40% | 0.91% | 3.83% | -12.32% | -2.35% | 7.76% | 6.98% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 1.30% | 4.53% | -7.08% | 1.47% | -30.49% | -4.20% | 16.53% | 16.37% |
Correlation
The correlation between TRES.L and IBTL.L is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.86 |
The correlation between TRES.L and IBTL.L shifts across timeframes, from 0.73 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRES.L vs. IBTL.L — Risk / Return Rank
TRES.L
IBTL.L
TRES.L vs. IBTL.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 20+yr UCITS ETF (Dist) (IBTL.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.
| TRES.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.09 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 0.63 | +0.59 |
| Martin ratioReturn relative to average drawdown | 3.53 | 1.53 | +2.00 |
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Drawdowns
TRES.L vs. IBTL.L - Drawdown Comparison
The maximum TRES.L drawdown since its inception was -18.76%, smaller than the maximum IBTL.L drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for TRES.L and IBTL.L.
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Drawdown Indicators
| TRES.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -48.47% | +29.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -7.69% | +4.76% |
Max Drawdown (3Y)Largest decline over 3 years | -5.06% | -18.09% | +13.03% |
Max Drawdown (5Y)Largest decline over 5 years | -16.41% | -42.83% | +26.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.47% | — |
Current DrawdownCurrent decline from peak | -6.16% | -39.40% | +33.24% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -20.66% | +12.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 3.19% | -2.17% |
Volatility
TRES.L vs. IBTL.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF Dist (TRES.L) is 0.96%, while iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a volatility of 2.60%. This indicates that TRES.L experiences smaller price fluctuations and is considered to be less risky than IBTL.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 | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 2.60% | -1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 6.75% | -4.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 9.94% | -5.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 15.30% | -9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 14.76% | -9.42% |
TRES.L vs. IBTL.L - Expense Ratio Comparison
TRES.L has a 0.06% expense ratio, which is lower than IBTL.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. IBTL.L - Dividend Comparison
TRES.L's dividend yield for the trailing twelve months is around 4.26%, less than IBTL.L's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.57% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
TRES.L Invesco US Treasury Bond UCITS ETF Dist | 4.26% | 4.19% | 4.25% | 3.78% | 1.96% | 1.14% | 1.58% | 1.95% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRES.L and IBTL.L have a correlation of 0.73, 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 IBTL.L.
TRES.L tracks Bloomberg US Treasury Index, while IBTL.L tracks ICE U.S. Treasury 20+ 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 IBTL.L.
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