TRIS.L vs. CU31.L

Last updated Jun 5, 2026

TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both Government Bonds funds - TRIS.L tracks the Bloomberg US Treasury Coupons Index while CU31.L tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, TRIS.L returned 4.36%/yr vs 2.92%/yr for CU31.L. With a 0.97 correlation, they move nearly in lockstep. TRIS.L charges 0.06%/yr vs 0.07%/yr for CU31.L.

Performance

TRIS.L vs. CU31.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRIS.L achieves a 1.60% return, which is significantly higher than CU31.L's 0.66% return.

TRIS.L

• 1D: 0.05%
• 1M: 1.33%
• YTD: 1.60%
• 6M: 1.14%
• 1Y: 4.90%
• 3Y*: 2.01%
• 5Y*: 4.36%
• 10Y*: —

CU31.L

• 1D: 0.11%
• 1M: 1.13%
• YTD: 0.66%
• 6M: 0.30%
• 1Y: 4.42%
• 3Y*: 1.49%
• 5Y*: 2.92%
• 10Y*: 2.48%

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

TRIS.L vs. CU31.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	1.60%	-2.79%	6.84%	-0.75%	12.57%	1.25%	-3.44%
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)	0.66%	-1.98%	5.81%	-1.58%	7.82%	0.48%	-1.57%

Correlation

The correlation between TRIS.L and CU31.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 27, 2020	0.97

The correlation between TRIS.L and CU31.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

TRIS.L vs. CU31.L — Risk / Return Rank

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

TRIS.L

TRIS.L Risk / Return Rank: 22
TRIS.L Sharpe Ratio Rank: 23
TRIS.L Sortino Ratio Rank: 22
TRIS.L Omega Ratio Rank: 21
TRIS.L Calmar Ratio Rank: 24
TRIS.L Martin Ratio Rank: 22

CU31.L

CU31.L Risk / Return Rank: 21
CU31.L Sharpe Ratio Rank: 22
CU31.L Sortino Ratio Rank: 21
CU31.L Omega Ratio Rank: 20
CU31.L Calmar Ratio Rank: 22
CU31.L Martin Ratio Rank: 21

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.

TRIS.L vs. CU31.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.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.

	TRIS.L	CU31.L	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.72	+0.04
Sortino ratio: Return per unit of downside risk	1.13	1.08	+0.04
Omega ratio: Gain probability vs. loss probability	1.13	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	1.09	0.97	+0.11
Martin ratio: Return relative to average drawdown	2.75	2.47	+0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRIS.L vs. CU31.L - Sharpe Ratio Comparison

The current TRIS.L Sharpe Ratio is 0.76, which is comparable to the CU31.L Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of TRIS.L and CU31.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRIS.L	CU31.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.72	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.36	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.28	-0.02

Drawdowns

TRIS.L vs. CU31.L - Drawdown Comparison

The maximum TRIS.L drawdown since its inception was -18.99%, roughly equal to the maximum CU31.L drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for TRIS.L and CU31.L.

Drawdown Indicators

	TRIS.L	CU31.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.99%	-18.80%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-4.51%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-9.71%	-8.91%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-15.37%	-16.29%	+0.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.80%	—
Current Drawdown Current decline from peak	-5.66%	-7.61%	+1.95%
Average Drawdown Average peak-to-trough decline	-9.81%	-8.23%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.78%	0.00%

Volatility

TRIS.L vs. CU31.L - Volatility Comparison

Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) has a higher volatility of 2.02% compared to iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) at 1.63%. This indicates that TRIS.L's price experiences larger fluctuations and is considered to be riskier than CU31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRIS.L	CU31.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	1.63%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	4.46%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.45%	6.11%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.34%	8.05%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.80%	9.19%	-0.39%

TRIS.L vs. CU31.L - Expense Ratio Comparison

TRIS.L has a 0.06% expense ratio, which is lower than CU31.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%.

Dividends

TRIS.L vs. CU31.L - Dividend Comparison

TRIS.L's dividend yield for the trailing twelve months is around 4.01%, while CU31.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	4.01%	4.26%	4.87%	4.68%	1.52%	0.10%	0.57%

Frequently Asked Questions

Can I hold both TRIS.L and CU31.L in my portfolio?

With a correlation of 0.98, TRIS.L and CU31.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TRIS.L or CU31.L?

On fees, TRIS.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, TRIS.L or CU31.L?

TRIS.L is cheaper with a 0.06% expense ratio, compared with 0.07% for CU31.L.

What is the main difference between TRIS.L and CU31.L?

TRIS.L tracks Bloomberg US Treasury Coupons Index, while CU31.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRIS.L and 0.07% for CU31.L.