TRES.L vs. TFRN.L
TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while TFRN.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.28%/yr vs 3.65%/yr for TFRN.L. At a correlation of -0.02, they often move in opposite directions. TRES.L charges 0.06%/yr vs 0.15%/yr for TFRN.L.
Performance
TRES.L vs. TFRN.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRES.L achieves a 0.33% return, which is significantly lower than TFRN.L's 1.82% 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*
- —
TFRN.L
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.75%
- 1Y
- 4.02%
- 3Y*
- 4.68%
- 5Y*
- 3.65%
- 10Y*
- —
TRES.L vs. TFRN.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% | 5.97% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 1.82% | 4.10% | 5.44% | 4.94% | 2.04% | -0.15% | 0.57% | 1.59% |
Correlation
The correlation between TRES.L and TFRN.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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | -0.02 |
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Return for Risk
TRES.L vs. TFRN.L — Risk / Return Rank
TRES.L
TFRN.L
TRES.L vs. TFRN.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.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 | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.63 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 4.10 | -2.88 |
| Martin ratioReturn relative to average drawdown | 3.53 | 35.75 | -32.22 |
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Drawdowns
TRES.L vs. TFRN.L - Drawdown Comparison
The maximum TRES.L drawdown since its inception was -18.76%, which is greater than TFRN.L's maximum drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for TRES.L and TFRN.L.
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Drawdown Indicators
| TRES.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -3.10% | -15.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -0.98% | -1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -5.06% | -0.98% | -4.08% |
Max Drawdown (5Y)Largest decline over 5 years | -16.41% | -0.98% | -15.43% |
Current DrawdownCurrent decline from peak | -6.16% | 0.00% | -6.16% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -0.09% | -7.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.11% | +0.91% |
Volatility
TRES.L vs. TFRN.L - Volatility Comparison
Invesco US Treasury Bond UCITS ETF Dist (TRES.L) has a higher volatility of 0.96% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) at 0.14%. This indicates that TRES.L's price experiences larger fluctuations and is considered to be riskier than TFRN.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 | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.14% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 0.91% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 1.92% | +2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 1.51% | +4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 1.88% | +3.46% |
TRES.L vs. TFRN.L - Expense Ratio Comparison
TRES.L has a 0.06% expense ratio, which is lower than TFRN.L's 0.15% 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. TFRN.L - Dividend Comparison
TRES.L's dividend yield for the trailing twelve months is around 4.26%, while TFRN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
TFRN.L WisdomTree USD Floating Rate Treasury Bond 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% | 4.25% | 3.78% | 1.96% | 1.14% | 1.58% | 1.95% |
Frequently Asked Questions
TRES.L and TFRN.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.
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 0.15% for TFRN.L.
TRES.L tracks Bloomberg US Treasury Index, while TFRN.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.06% for TRES.L and 0.15% for TFRN.L.
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