TRGB.L vs. USTY.L
TRGB.L (Invesco US Treasury Bond UCITS ETF GBP Hedged (Dist)) and USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) are both Government Bonds funds tracking the Bloomberg US Treasury Index, from Invesco and State Street respectively. Both are passively managed. Over the past 5 years, TRGB.L returned -1.46%/yr vs -0.20%/yr for USTY.L. At a 0.40 correlation, their price movements are largely independent. TRGB.L charges 0.10%/yr vs 0.05%/yr for USTY.L.
Performance
TRGB.L vs. USTY.L - Performance Comparison
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Different Trading Currencies
TRGB.L is traded in GBp, while USTY.L is traded in GBP. To make them comparable, the USTY.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, TRGB.L achieves a -0.27% return, which is significantly lower than USTY.L's -0.10% return.
TRGB.L
- 1D
- 0.24%
- 1M
- -0.24%
- 6M
- 0.04%
- YTD
- -0.27%
- 1Y
- 2.16%
- 3Y*
- 2.21%
- 5Y*
- -1.46%
- 10Y*
- —
USTY.L
- 1D
- 0.47%
- 1M
- -0.69%
- 6M
- -0.39%
- YTD
- -0.10%
- 1Y
- 3.38%
- 3Y*
- 1.94%
- 5Y*
- -0.20%
- 10Y*
- 0.52%
TRGB.L vs. USTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRGB.L Invesco US Treasury Bond UCITS ETF GBP Hedged (Dist) | -0.27% | 4.97% | 0.47% | 2.80% | -13.39% | -2.58% | 7.03% | 0.90% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | -0.10% | -0.90% | 2.50% | -1.93% | -1.98% | -1.22% | 3.99% | -2.15% |
Correlation
The correlation between TRGB.L and USTY.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 | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019 | 0.40 |
The correlation between TRGB.L and USTY.L shifts across timeframes, from 0.24 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRGB.L vs. USTY.L — Risk / Return Rank
TRGB.L
USTY.L
TRGB.L vs. USTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond UCITS ETF GBP Hedged (Dist) (TRGB.L) and SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.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.
| TRGB.L | USTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.10 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.65 | +0.07 |
| Martin ratioReturn relative to average drawdown | 1.70 | 1.49 | +0.22 |
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Drawdowns
TRGB.L vs. USTY.L - Drawdown Comparison
The maximum TRGB.L drawdown since its inception was -20.75%, smaller than the maximum USTY.L drawdown of -36.73%. Use the drawdown chart below to compare losses from any high point for TRGB.L and USTY.L.
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Drawdown Indicators
| TRGB.L | USTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.75% | -36.73% | +15.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -5.20% | +2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.18% | -8.14% | +2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -18.24% | -16.24% | -2.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.92% | — |
Current DrawdownCurrent decline from peak | -10.73% | -18.99% | +8.26% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -14.80% | +4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 2.27% | -1.01% |
Volatility
TRGB.L vs. USTY.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF GBP Hedged (Dist) (TRGB.L) is 0.98%, while SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a volatility of 1.51%. This indicates that TRGB.L experiences smaller price fluctuations and is considered to be less risky than USTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRGB.L | USTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.51% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 4.76% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 6.29% | -2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 8.69% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 9.26% | -3.85% |
TRGB.L vs. USTY.L - Expense Ratio Comparison
TRGB.L has a 0.10% expense ratio, which is higher than USTY.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TRGB.L vs. USTY.L - Dividend Comparison
TRGB.L's dividend yield for the trailing twelve months is around 3.19%, less than USTY.L's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRGB.L Invesco US Treasury Bond UCITS ETF GBP Hedged (Dist) | 3.19% | 3.05% | 4.21% | 3.73% | 1.95% | 1.10% | 1.53% | 0.81% | 0.00% | 0.00% | 0.00% | 0.00% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 3.62% | 3.58% | 2.98% | 2.23% | 1.24% | 0.95% | 1.91% | 2.22% | 1.56% | 1.63% | 1.20% | 1.90% |
Frequently Asked Questions
TRGB.L and USTY.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, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L is cheaper with a 0.05% expense ratio, compared with 0.10% for TRGB.L.
Both ETFs track Bloomberg US Treasury Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.10% for TRGB.L and 0.05% for USTY.L.
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