TREX.L vs. VGIVX

Last updated Jun 13, 2026

TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) and VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) are both Government Bonds funds. Over the past 5 years, TREX.L returned -1.05%/yr vs 2.07%/yr for VGIVX. At a 0.46 correlation, their price movements are largely independent. TREX.L charges 0.06%/yr vs 0.18%/yr for VGIVX.

Performance

TREX.L vs. VGIVX - 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 Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX). 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 VGIVX's 1.51% 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*: —

VGIVX

• 1D: 0.45%
• 1M: 0.71%
• YTD: 1.51%
• 6M: 2.06%
• 1Y: 10.33%
• 3Y*: 9.47%
• 5Y*: 2.07%
• 10Y*: 3.58%

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

TREX.L vs. VGIVX - 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%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	1.51%	13.05%	6.31%	10.48%	-16.72%	-2.41%	5.83%	12.68%

Correlation

The correlation between TREX.L and VGIVX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019	0.46

The correlation between TREX.L and VGIVX shifts across timeframes, from 0.46 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TREX.L vs. VGIVX — 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

VGIVX

VGIVX Risk / Return Rank: 78
VGIVX Sharpe Ratio Rank: 87
VGIVX Sortino Ratio Rank: 89
VGIVX Omega Ratio Rank: 85
VGIVX Calmar Ratio Rank: 65
VGIVX Martin Ratio Rank: 66

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. VGIVX - 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 Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX). 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	VGIVX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.47	-1.62
Sortino ratio: Return per unit of downside risk	1.29	3.90	-2.61
Omega ratio: Gain probability vs. loss probability	1.15	1.49	-0.34
Calmar ratio: Return relative to maximum drawdown	0.96	2.59	-1.63
Martin ratio: Return relative to average drawdown	2.81	10.36	-7.55

TREX.L vs. VGIVX - Sharpe Ratio Comparison

The current TREX.L Sharpe Ratio is 0.85, which is lower than the VGIVX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of TREX.L and VGIVX, 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. VGIVX - Drawdown Comparison

The maximum TREX.L drawdown since its inception was -23.38%, smaller than the maximum VGIVX drawdown of -26.79%. Use the drawdown chart below to compare losses from any high point for TREX.L and VGIVX.

Drawdown Indicators

	TREX.L	VGIVX	Difference
Max Drawdown Largest peak-to-trough decline	-23.38%	-26.79%	+3.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-3.93%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-7.42%	-7.14%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-20.96%	-26.79%	+5.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.79%	—
Current Drawdown Current decline from peak	-10.23%	-0.25%	-9.98%
Average Drawdown Average peak-to-trough decline	-9.96%	-4.69%	-5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.98%	+0.38%

Volatility

TREX.L vs. VGIVX - Volatility Comparison

Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a higher volatility of 1.82% compared to Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) at 1.51%. This indicates that TREX.L's price experiences larger fluctuations and is considered to be riskier than VGIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TREX.L	VGIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	1.51%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	3.39%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	4.15%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.49%	6.30%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	6.36%	+0.57%

TREX.L vs. VGIVX - Expense Ratio Comparison

TREX.L has a 0.06% expense ratio, which is lower than VGIVX's 0.18% 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. VGIVX - Dividend Comparison

TREX.L's dividend yield for the trailing twelve months is around 4.33%, less than VGIVX's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	4.33%	4.23%	4.34%	3.48%	2.41%	1.63%	1.81%	2.02%	0.00%	0.00%	0.00%	0.00%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	5.89%	5.95%	6.58%	5.53%	5.32%	3.53%	4.21%	4.62%	4.62%	4.67%	4.76%	4.55%

Frequently Asked Questions

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

TREX.L and VGIVX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.