TRES.L vs. MDBU.L
TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and MDBU.L (UBS ETF (LU) Sustainable Development Bank Bonds UCITS ETF (USD) A-dis) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while MDBU.L tracks the Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.37%/yr vs 0.95%/yr for MDBU.L. At a 0.37 correlation, their price movements are largely independent. TRES.L charges 0.06%/yr vs 0.18%/yr for MDBU.L.
Performance
TRES.L vs. MDBU.L - Performance Comparison
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Different Trading Currencies
TRES.L is traded in USD, while MDBU.L is traded in GBp. To make them comparable, the MDBU.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 -0.30% return, which is significantly lower than MDBU.L's -0.12% 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*
- —
MDBU.L
- 1D
- 0.22%
- 1M
- 0.12%
- YTD
- -0.12%
- 6M
- 0.52%
- 1Y
- 3.44%
- 3Y*
- 3.82%
- 5Y*
- 0.95%
- 10Y*
- —
TRES.L vs. MDBU.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% |
MDBU.L UBS ETF (LU) Sustainable Development Bank Bonds UCITS ETF (USD) A-dis | -0.12% | 6.36% | 3.23% | 3.92% | -7.56% | -1.25% | 4.41% | 6.26% |
Correlation
The correlation between TRES.L and MDBU.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019 | 0.37 |
The correlation between TRES.L and MDBU.L shifts across timeframes, from 0.34 (1 year) to 0.44 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRES.L vs. MDBU.L — Risk / Return Rank
TRES.L
MDBU.L
TRES.L vs. MDBU.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 UBS ETF (LU) Sustainable Development Bank Bonds UCITS ETF (USD) A-dis (MDBU.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 | MDBU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.13 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.63 | -0.40 |
| Martin ratioReturn relative to average drawdown | 3.84 | 4.69 | -0.85 |
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 | MDBU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.89 | 0.75 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 0.15 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.33 | -0.11 |
Drawdowns
TRES.L vs. MDBU.L - Drawdown Comparison
The maximum TRES.L drawdown since its inception was -18.77%, which is greater than MDBU.L's maximum drawdown of -12.15%. Use the drawdown chart below to compare losses from any high point for TRES.L and MDBU.L.
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Drawdown Indicators
| TRES.L | MDBU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.77% | -12.15% | -6.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.12% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -5.16% | -2.70% | -2.46% |
Max Drawdown (5Y)Largest decline over 5 years | -16.40% | -11.72% | -4.68% |
Current DrawdownCurrent decline from peak | -6.77% | -1.38% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -3.44% | -5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.74% | +0.20% |
Volatility
TRES.L vs. MDBU.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF Dist (TRES.L) is 1.36%, while UBS ETF (LU) Sustainable Development Bank Bonds UCITS ETF (USD) A-dis (MDBU.L) has a volatility of 1.46%. This indicates that TRES.L experiences smaller price fluctuations and is considered to be less risky than MDBU.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 | MDBU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.46% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 3.55% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 4.62% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 6.32% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 6.38% | -0.71% |
TRES.L vs. MDBU.L - Expense Ratio Comparison
TRES.L has a 0.06% expense ratio, which is lower than MDBU.L's 0.18% 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. MDBU.L - Dividend Comparison
TRES.L's dividend yield for the trailing twelve months is around 4.25%, more than MDBU.L's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
MDBU.L UBS ETF (LU) Sustainable Development Bank Bonds UCITS ETF (USD) A-dis | 3.14% | 3.96% | 2.14% | 1.92% | 0.75% | 0.74% | 1.73% | 1.66% |
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 MDBU.L have a correlation of 0.34, 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 0.18% for MDBU.L.
TRES.L tracks Bloomberg US Treasury Index, while MDBU.L tracks Solactive Global Multilateral Development Bank Bond USD 25% Issuer Capped Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.06% for TRES.L and 0.18% for MDBU.L.
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