TRES.L vs. VDTY.L

Last updated Jun 5, 2026

TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and VDTY.L (Vanguard USD Treasury Bond UCITS ETF) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while VDTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.37%/yr vs -0.36%/yr for VDTY.L. Their correlation of 0.91 suggests significant overlap in exposure. TRES.L charges 0.06%/yr vs 0.05%/yr for VDTY.L.

Performance

TRES.L vs. VDTY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco US Treasury Bond UCITS ETF Dist (TRES.L) and Vanguard USD Treasury Bond UCITS ETF (VDTY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRES.L achieves a -0.30% return, which is significantly lower than VDTY.L's -0.23% 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*: —

VDTY.L

• 1D: 0.24%
• 1M: 0.17%
• YTD: -0.23%
• 6M: 0.04%
• 1Y: 3.47%
• 3Y*: 2.95%
• 5Y*: -0.36%
• 10Y*: 0.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TRES.L vs. VDTY.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%
VDTY.L Vanguard USD Treasury Bond UCITS ETF	-0.23%	6.26%	1.10%	3.77%	-12.32%	-2.40%	7.68%	6.15%

Correlation

The correlation between TRES.L and VDTY.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019	0.91

The correlation between TRES.L and VDTY.L has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

Return for Risk

TRES.L vs. VDTY.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TRES.L

TRES.L Risk / Return Rank: 26
TRES.L Sharpe Ratio Rank: 26
TRES.L Sortino Ratio Rank: 26
TRES.L Omega Ratio Rank: 24
TRES.L Calmar Ratio Rank: 27
TRES.L Martin Ratio Rank: 28

VDTY.L

VDTY.L Risk / Return Rank: 27
VDTY.L Sharpe Ratio Rank: 28
VDTY.L Sortino Ratio Rank: 28
VDTY.L Omega Ratio Rank: 26
VDTY.L Calmar Ratio Rank: 25
VDTY.L Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TRES.L vs. VDTY.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 Vanguard USD Treasury Bond UCITS ETF (VDTY.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	VDTY.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.97	-0.08
Sortino ratio: Return per unit of downside risk	1.36	1.49	-0.13
Omega ratio: Gain probability vs. loss probability	1.16	1.17	-0.01
Calmar ratio: Return relative to maximum drawdown	1.23	1.16	+0.07
Martin ratio: Return relative to average drawdown	3.84	3.67	+0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRES.L vs. VDTY.L - Sharpe Ratio Comparison

The current TRES.L Sharpe Ratio is 0.89, which is comparable to the VDTY.L Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TRES.L and VDTY.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRES.L	VDTY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.97	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.07	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.20	+0.03

Drawdowns

TRES.L vs. VDTY.L - Drawdown Comparison

The maximum TRES.L drawdown since its inception was -18.77%, roughly equal to the maximum VDTY.L drawdown of -18.99%. Use the drawdown chart below to compare losses from any high point for TRES.L and VDTY.L.

Drawdown Indicators

	TRES.L	VDTY.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-18.99%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.97%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.16%	-5.35%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.40%	-16.60%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.99%	—
Current Drawdown Current decline from peak	-6.77%	-6.76%	-0.01%
Average Drawdown Average peak-to-trough decline	-8.61%	-6.62%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.94%	0.00%

Volatility

TRES.L vs. VDTY.L - Volatility Comparison

Invesco US Treasury Bond UCITS ETF Dist (TRES.L) and Vanguard USD Treasury Bond UCITS ETF (VDTY.L) have volatilities of 1.36% and 1.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRES.L	VDTY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.42%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.50%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	3.58%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	5.54%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.67%	4.86%	+0.81%

TRES.L vs. VDTY.L - Expense Ratio Comparison

TRES.L has a 0.06% expense ratio, which is higher than VDTY.L's 0.05% expense ratio. However, 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. VDTY.L - Dividend Comparison

TRES.L's dividend yield for the trailing twelve months is around 4.25%, which matches VDTY.L's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%	0.00%	0.00%
VDTY.L Vanguard USD Treasury Bond UCITS ETF	4.25%	4.29%	4.31%	3.40%	2.09%	1.21%	1.54%	2.34%	2.33%	1.57%	0.99%

Frequently Asked Questions

Can I hold both TRES.L and VDTY.L in my portfolio?

TRES.L and VDTY.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TRES.L or VDTY.L?

On fees, VDTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRES.L or VDTY.L?

VDTY.L is cheaper with a 0.05% expense ratio, compared with 0.06% for TRES.L.

What is the main difference between TRES.L and VDTY.L?

TRES.L tracks Bloomberg US Treasury Index, while VDTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.06% for TRES.L and 0.05% for VDTY.L.