TREX.L vs. GIGB

Last updated Jun 13, 2026

TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) and GIGB (Goldman Sachs Access Investment Grade Corporate Bond ETF) are both exchange-traded funds - TREX.L is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond Index, while GIGB is a Corporate Bonds fund tracking the FTSE Goldman Sachs Investment Grade Corporate Bond Index. Both are passively managed. Over the past 5 years, TREX.L returned -1.05%/yr vs 0.31%/yr for GIGB. A 0.62 correlation means they provide meaningful diversification when combined. TREX.L charges 0.06%/yr vs 0.14%/yr for GIGB.

Performance

TREX.L vs. GIGB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) and Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TREX.L achieves a -0.74% return, which is significantly lower than GIGB's 0.99% 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*: —

GIGB

• 1D: -0.02%
• 1M: 0.70%
• YTD: 0.99%
• 6M: 1.39%
• 1Y: 5.80%
• 3Y*: 5.40%
• 5Y*: 0.31%
• 10Y*: —

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

TREX.L vs. GIGB - 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%
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF	0.99%	7.58%	1.68%	8.80%	-15.80%	-1.64%	9.86%	14.49%

Correlation

The correlation between TREX.L and GIGB is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019	0.62

The correlation between TREX.L and GIGB has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

Return for Risk

TREX.L vs. GIGB — Risk / Return Rank

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

TREX.L

TREX.L Risk / Return Rank: 25
TREX.L Sharpe Ratio Rank: 26
TREX.L Sortino Ratio Rank: 26
TREX.L Omega Ratio Rank: 24
TREX.L Calmar Ratio Rank: 23
TREX.L Martin Ratio Rank: 24

GIGB

GIGB Risk / Return Rank: 39
GIGB Sharpe Ratio Rank: 39
GIGB Sortino Ratio Rank: 38
GIGB Omega Ratio Rank: 37
GIGB Calmar Ratio Rank: 42
GIGB Martin Ratio Rank: 40

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.

TREX.L vs. GIGB - 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 Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB). 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	GIGB	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.23	-0.38
Sortino ratio: Return per unit of downside risk	1.29	1.81	-0.53
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	0.96	1.84	-0.88
Martin ratio: Return relative to average drawdown	2.81	5.74	-2.93

TREX.L vs. GIGB - Sharpe Ratio Comparison

The current TREX.L Sharpe Ratio is 0.85, which is lower than the GIGB Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of TREX.L and GIGB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TREX.L vs. GIGB - Drawdown Comparison

The maximum TREX.L drawdown since its inception was -23.38%, which is greater than GIGB's maximum drawdown of -22.25%. Use the drawdown chart below to compare losses from any high point for TREX.L and GIGB.

Drawdown Indicators

	TREX.L	GIGB	Difference
Max Drawdown Largest peak-to-trough decline	-23.38%	-22.25%	-1.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-2.87%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.42%	-6.69%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-20.96%	-22.25%	+1.29%
Current Drawdown Current decline from peak	-10.23%	-0.64%	-9.59%
Average Drawdown Average peak-to-trough decline	-9.96%	-5.60%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.92%	+0.44%

Volatility

TREX.L vs. GIGB - Volatility Comparison

Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a higher volatility of 1.82% compared to Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) at 1.43%. This indicates that TREX.L's price experiences larger fluctuations and is considered to be riskier than GIGB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TREX.L	GIGB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	1.43%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	3.23%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	4.31%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.49%	7.25%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	7.66%	-0.73%

TREX.L vs. GIGB - Expense Ratio Comparison

TREX.L has a 0.06% expense ratio, which is lower than GIGB's 0.14% 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

TREX.L vs. GIGB - Dividend Comparison

TREX.L's dividend yield for the trailing twelve months is around 4.33%, less than GIGB's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF	4.60%	4.69%	4.45%	3.67%	3.12%	2.25%	2.62%	3.22%	3.31%	1.55%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TREX.L and GIGB in my portfolio?

TREX.L and GIGB have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TREX.L or GIGB?

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.

Which ETF is cheaper, TREX.L or GIGB?

TREX.L is cheaper with a 0.06% expense ratio, compared with 0.14% for GIGB.

What is the main difference between TREX.L and GIGB?

TREX.L is categorized as Government Bonds, while GIGB is Corporate Bonds. TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index, while GIGB tracks FTSE Goldman Sachs Investment Grade Corporate Bond Index. They also come from different issuers: Invesco and Goldman Sachs. Their fees differ too: 0.06% for TREX.L and 0.14% for GIGB.