TREX.L vs. IBTM.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) and iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L).

TREX.L and IBTM.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TREX.L is a passively managed fund by Invesco that tracks the performance of the Bloomberg US Treasury 7-10 Year Index. It was launched on Feb 20, 2024. IBTM.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Government TR USD. It was launched on Dec 8, 2006. Both TREX.L and IBTM.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TREX.L vs. IBTM.L - 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 iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L). The values are adjusted to include any dividend payments, if applicable.

TREX.L vs. IBTM.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	-0.44%	8.42%	-0.22%	3.57%	-14.95%	-3.02%	9.77%	7.52%
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)	-0.39%	9.99%	0.85%	3.70%	-14.60%	-2.24%	9.71%	10.08%

Different Trading Currencies

TREX.L is traded in USD, while IBTM.L is traded in GBP. To make them comparable, the IBTM.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 -0.44% return, which is significantly lower than IBTM.L's -0.39% return.

TREX.L

• 1D: 0.18%
• 1M: -1.64%
• YTD: -0.44%
• 6M: 0.80%
• 1Y: 3.81%
• 3Y*: 2.58%
• 5Y*: -0.58%
• 10Y*: —

IBTM.L

• 1D: 0.19%
• 1M: -1.94%
• YTD: -0.39%
• 6M: 1.45%
• 1Y: 5.17%
• 3Y*: 3.75%
• 5Y*: 0.19%
• 10Y*: 1.58%

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

TREX.L vs. IBTM.L - Expense Ratio Comparison

TREX.L has a 0.06% expense ratio, which is lower than IBTM.L's 0.07% 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%.

IBTM.L

iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)

TREX.L

Invesco US Treasury Bond 7-10 Year UCITS ETF Dist

Return for Risk

TREX.L vs. IBTM.L — 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: 31
TREX.L Sharpe Ratio Rank: 34
TREX.L Sortino Ratio Rank: 33
TREX.L Omega Ratio Rank: 30
TREX.L Calmar Ratio Rank: 32
TREX.L Martin Ratio Rank: 27

IBTM.L

IBTM.L Risk / Return Rank: 20
IBTM.L Sharpe Ratio Rank: 23
IBTM.L Sortino Ratio Rank: 21
IBTM.L Omega Ratio Rank: 20
IBTM.L Calmar Ratio Rank: 20
IBTM.L Martin Ratio Rank: 17

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. IBTM.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 iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.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.

	TREX.L	IBTM.L	Difference
Sharpe ratio Return per unit of total volatility	0.72	0.86	-0.14
Sortino ratio Return per unit of downside risk	1.05	1.30	-0.25
Omega ratio Gain probability vs. loss probability	1.13	1.15	-0.02
Calmar ratio Return relative to maximum drawdown	0.98	1.46	-0.49
Martin ratio Return relative to average drawdown	2.74	4.21	-1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TREX.L vs. IBTM.L - Sharpe Ratio Comparison

The current TREX.L Sharpe Ratio is 0.72, which is comparable to the IBTM.L Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of TREX.L and IBTM.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TREX.L	IBTM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.86	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.02	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.52	-0.36

Correlation

The correlation between TREX.L and IBTM.L is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TREX.L vs. IBTM.L - Dividend Comparison

TREX.L's dividend yield for the trailing twelve months is around 4.28%, less than IBTM.L's 5.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	4.28%	4.23%	4.34%	3.48%	2.41%	1.63%	1.81%	1.10%	0.00%	0.00%	0.00%	0.00%
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)	5.47%	5.55%	5.00%	3.93%	2.34%	1.57%	2.13%	3.25%	3.07%	2.64%	2.40%	3.01%

Drawdowns

TREX.L vs. IBTM.L - Drawdown Comparison

The maximum TREX.L drawdown since its inception was -23.36%, roughly equal to the maximum IBTM.L drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for TREX.L and IBTM.L.

Drawdown Indicators

	TREX.L	IBTM.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.36%	-25.39%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.12%	-6.93%	+2.81%
Max Drawdown (5Y) Largest decline over 5 years	-20.95%	-15.83%	-5.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.39%	—
Current Drawdown Current decline from peak	-9.95%	-16.31%	+6.36%
Average Drawdown Average peak-to-trough decline	-9.97%	-10.45%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	3.83%	-2.36%

Volatility

TREX.L vs. IBTM.L - Volatility Comparison

The current volatility for Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) is 1.67%, while iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) has a volatility of 2.17%. This indicates that TREX.L experiences smaller price fluctuations and is considered to be less risky than IBTM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TREX.L	IBTM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	2.17%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	3.87%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.30%	6.56%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	8.53%	-1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	7.86%	-0.90%