TREX.L vs. AUCP.L
TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) and AUCP.L (L&G Gold Mining UCITS ETF) are both exchange-traded funds - TREX.L is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond Index, while AUCP.L is a Precious Metals fund tracking the STOXX Global Gold Miners. Both are passively managed. Over the past 5 years, TREX.L returned -1.05%/yr vs 20.80%/yr for AUCP.L. At a 0.25 correlation, their price movements are largely independent. TREX.L charges 0.06%/yr vs 0.55%/yr for AUCP.L.
Performance
TREX.L vs. AUCP.L - Performance Comparison
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Different Trading Currencies
TREX.L is traded in USD, while AUCP.L is traded in GBp. To make them comparable, the AUCP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TREX.L achieves a -0.74% return, which is significantly higher than AUCP.L's -8.09% return.
TREX.L
- 1D
- 0.40%
- 1M
- 0.12%
- YTD
- -0.74%
- 6M
- -0.02%
- 1Y
- 4.21%
- 3Y*
- 2.99%
- 5Y*
- -1.05%
- 10Y*
- —
AUCP.L
- 1D
- 5.80%
- 1M
- -15.28%
- YTD
- -8.09%
- 6M
- -6.21%
- 1Y
- 49.02%
- 3Y*
- 47.06%
- 5Y*
- 20.80%
- 10Y*
- 14.65%
TREX.L vs. AUCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.74% | 8.41% | -0.22% | 3.58% | -14.94% | -3.02% | 9.76% | 8.50% |
AUCP.L L&G Gold Mining UCITS ETF | -8.09% | 181.76% | 18.19% | 14.43% | -14.30% | -9.74% | 21.20% | 41.69% |
Correlation
The correlation between TREX.L and AUCP.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.25 |
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Return for Risk
TREX.L vs. AUCP.L — Risk / Return Rank
TREX.L
AUCP.L
TREX.L vs. AUCP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) and L&G Gold Mining UCITS ETF (AUCP.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.
| TREX.L | AUCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.20 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.43 | -0.46 |
| Martin ratioReturn relative to average drawdown | 2.81 | 3.98 | -1.17 |
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Drawdowns
TREX.L vs. AUCP.L - Drawdown Comparison
The maximum TREX.L drawdown since its inception was -23.38%, smaller than the maximum AUCP.L drawdown of -82.34%. Use the drawdown chart below to compare losses from any high point for TREX.L and AUCP.L.
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Drawdown Indicators
| TREX.L | AUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.38% | -82.34% | +58.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -36.15% | +32.19% |
Max Drawdown (3Y)Largest decline over 3 years | -7.42% | -36.15% | +28.73% |
Max Drawdown (5Y)Largest decline over 5 years | -20.96% | -49.52% | +28.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -54.94% | — |
Current DrawdownCurrent decline from peak | -10.23% | -31.41% | +21.18% |
Average DrawdownAverage peak-to-trough decline | -9.96% | -52.20% | +42.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 12.93% | -11.57% |
Volatility
TREX.L vs. AUCP.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) is 1.82%, while L&G Gold Mining UCITS ETF (AUCP.L) has a volatility of 15.50%. This indicates that TREX.L experiences smaller price fluctuations and is considered to be less risky than AUCP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TREX.L | AUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 15.50% | -13.68% |
Volatility (6M)Calculated over the trailing 6-month period | 3.34% | 36.95% | -33.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 46.89% | -42.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.49% | 41.52% | -34.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 37.83% | -30.90% |
TREX.L vs. AUCP.L - Expense Ratio Comparison
TREX.L has a 0.06% expense ratio, which is lower than AUCP.L's 0.55% expense ratio.
Dividends
TREX.L vs. AUCP.L - Dividend Comparison
TREX.L's dividend yield for the trailing twelve months is around 4.33%, while AUCP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AUCP.L L&G Gold Mining UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.33% | 4.23% | 4.34% | 3.48% | 2.41% | 1.63% | 1.81% | 2.02% |
Frequently Asked Questions
TREX.L and AUCP.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TREX.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TREX.L is cheaper with a 0.06% expense ratio, compared with 0.55% for AUCP.L.
TREX.L is categorized as Government Bonds, while AUCP.L is Precious Metals. TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index, while AUCP.L tracks STOXX Global Gold Miners. They also come from different issuers: Invesco and Legal & General. Their fees differ too: 0.06% for TREX.L and 0.55% for AUCP.L.
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