TRES.L vs. XT01.L

Last updated Jun 5, 2026

TRES.L (Invesco US Treasury Bond UCITS ETF Dist) and XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) are both Government Bonds funds - TRES.L tracks the Bloomberg US Treasury Index while XT01.L tracks the FTSE US Treasury Short Duration Index. Both are passively managed. Over the past 5 years, TRES.L returned -0.37%/yr vs 3.37%/yr for XT01.L. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.06% expense ratio.

Performance

TRES.L vs. XT01.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 Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TRES.L is traded in USD, while XT01.L is traded in GBP. To make them comparable, the XT01.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 XT01.L's 1.35% 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*: —

XT01.L

• 1D: 0.15%
• 1M: 0.42%
• YTD: 1.35%
• 6M: 1.89%
• 1Y: 3.98%
• 3Y*: 4.64%
• 5Y*: 3.37%
• 10Y*: —

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

TRES.L vs. XT01.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TRES.L Invesco US Treasury Bond UCITS ETF Dist	-0.30%	6.57%	0.75%	3.82%	-12.15%	-2.44%	-0.71%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	1.35%	4.54%	5.13%	4.49%	0.82%	0.44%	0.55%

Correlation

The correlation between TRES.L and XT01.L is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020	-0.03

Return for Risk

TRES.L vs. XT01.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

XT01.L

XT01.L Risk / Return Rank: 23
XT01.L Sharpe Ratio Rank: 23
XT01.L Sortino Ratio Rank: 22
XT01.L Omega Ratio Rank: 21
XT01.L Calmar Ratio Rank: 24
XT01.L Martin Ratio Rank: 22

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. XT01.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 Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.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	XT01.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.95	-0.06
Sortino ratio: Return per unit of downside risk	1.36	1.43	-0.07
Omega ratio: Gain probability vs. loss probability	1.16	1.17	-0.01
Calmar ratio: Return relative to maximum drawdown	1.23	4.57	-3.33
Martin ratio: Return relative to average drawdown	3.84	13.51	-9.67
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. XT01.L - Sharpe Ratio Comparison

The current TRES.L Sharpe Ratio is 0.89, which is comparable to the XT01.L Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of TRES.L and XT01.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	XT01.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.95	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.71	-0.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.64	-0.41

Drawdowns

TRES.L vs. XT01.L - Drawdown Comparison

The maximum TRES.L drawdown since its inception was -18.77%, which is greater than XT01.L's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for TRES.L and XT01.L.

Drawdown Indicators

	TRES.L	XT01.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-2.42%	-16.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-0.87%	-2.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.16%	-1.04%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-16.40%	-2.42%	-13.98%
Current Drawdown Current decline from peak	-6.77%	-0.18%	-6.59%
Average Drawdown Average peak-to-trough decline	-8.61%	-0.49%	-8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.29%	+0.65%

Volatility

TRES.L vs. XT01.L - Volatility Comparison

The current volatility for Invesco US Treasury Bond UCITS ETF Dist (TRES.L) is 1.36%, while Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) has a volatility of 1.48%. This indicates that TRES.L experiences smaller price fluctuations and is considered to be less risky than XT01.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRES.L	XT01.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.48%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	3.50%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	4.18%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	4.75%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.67%	4.72%	+0.95%

TRES.L vs. XT01.L - Expense Ratio Comparison

Both TRES.L and XT01.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TRES.L vs. XT01.L - Dividend Comparison

TRES.L's dividend yield for the trailing twelve months is around 4.25%, while XT01.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRES.L and XT01.L in my portfolio?

TRES.L and XT01.L have a correlation of -0.04, 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 XT01.L?

Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRES.L or XT01.L?

TRES.L and XT01.L have the same expense ratio: 0.06% per year.

What is the main difference between TRES.L and XT01.L?

TRES.L tracks Bloomberg US Treasury Index, while XT01.L tracks FTSE US Treasury Short Duration Index. They also come from different issuers: Invesco and Xtrackers.