TREX.L vs. VCEB
TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) and VCEB (Vanguard ESG U.S. 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 VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index. Both are passively managed. Over the past 5 years, TREX.L returned -1.05%/yr vs 0.38%/yr for VCEB. A 0.66 correlation means they provide meaningful diversification when combined. TREX.L charges 0.06%/yr vs 0.12%/yr for VCEB.
Performance
TREX.L vs. VCEB - Performance Comparison
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Returns By Period
In the year-to-date period, TREX.L achieves a -0.74% return, which is significantly lower than VCEB's 0.56% 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*
- —
VCEB
- 1D
- -0.07%
- 1M
- 0.67%
- YTD
- 0.56%
- 6M
- 1.06%
- 1Y
- 5.13%
- 3Y*
- 5.34%
- 5Y*
- 0.38%
- 10Y*
- —
TREX.L vs. VCEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.74% | 8.41% | -0.22% | 3.58% | -14.94% | -3.02% | -1.29% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.56% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
Correlation
The correlation between TREX.L and VCEB is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.66 |
The correlation between TREX.L and VCEB has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
TREX.L vs. VCEB — Risk / Return Rank
TREX.L
VCEB
TREX.L vs. VCEB - 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 Vanguard ESG U.S. Corporate Bond ETF (VCEB). 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 | VCEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.19 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.65 | -0.69 |
| Martin ratioReturn relative to average drawdown | 2.81 | 5.02 | -2.21 |
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Drawdowns
TREX.L vs. VCEB - Drawdown Comparison
The maximum TREX.L drawdown since its inception was -23.38%, which is greater than VCEB's maximum drawdown of -21.60%. Use the drawdown chart below to compare losses from any high point for TREX.L and VCEB.
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Drawdown Indicators
| TREX.L | VCEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.38% | -21.60% | -1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -2.82% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.42% | -6.09% | -1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -20.96% | -21.39% | +0.43% |
Current DrawdownCurrent decline from peak | -10.23% | -0.81% | -9.42% |
Average DrawdownAverage peak-to-trough decline | -9.96% | -7.60% | -2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.93% | +0.43% |
Volatility
TREX.L vs. VCEB - Volatility Comparison
Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a higher volatility of 1.82% compared to Vanguard ESG U.S. Corporate Bond ETF (VCEB) at 1.43%. This indicates that TREX.L's price experiences larger fluctuations and is considered to be riskier than VCEB 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 | VCEB | 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% | 3.21% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 4.22% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.49% | 6.84% | +0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 6.65% | +0.28% |
TREX.L vs. VCEB - Expense Ratio Comparison
TREX.L has a 0.06% expense ratio, which is lower than VCEB's 0.12% 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. VCEB - Dividend Comparison
TREX.L's dividend yield for the trailing twelve months is around 4.33%, less than VCEB's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.64% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% | 0.00% |
Frequently Asked Questions
TREX.L and VCEB have a correlation of 0.63, 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 0.12% for VCEB.
TREX.L is categorized as Government Bonds, while VCEB is Corporate Bonds. TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index, while VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.06% for TREX.L and 0.12% for VCEB.
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