TRIS.L vs. DRGG.L

Last updated Jul 16, 2026

TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) and DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) are both Government Bonds funds - TRIS.L tracks the Bloomberg US Treasury Coupons Index while DRGG.L tracks the J.P. Morgan China Custom Liquid ESG Capped Index. Both are passively managed. Over the past 5 years, TRIS.L returned 3.58%/yr vs 2.65%/yr for DRGG.L. A 0.80 correlation means they provide meaningful diversification when combined. TRIS.L charges 0.06%/yr vs 0.30%/yr for DRGG.L.

Performance

TRIS.L vs. DRGG.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 L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.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 1.55% return, which is significantly lower than DRGG.L's 3.22% return.

TRIS.L

• 1D: -0.64%
• 1M: -0.12%
• 6M: 1.38%
• YTD: 1.55%
• 1Y: 2.23%
• 3Y*: 3.33%
• 5Y*: 3.58%
• 10Y*: —

DRGG.L

• 1D: -0.64%
• 1M: -0.78%
• 6M: 2.97%
• YTD: 3.22%
• 1Y: 6.08%
• 3Y*: 3.64%
• 5Y*: 2.65%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	1.55%	-3.73%	6.84%	-0.75%	12.57%	1.25%	-1.16%
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	3.22%	-1.73%	4.79%	-5.00%	5.94%	8.52%	-25.93%

Correlation

The correlation between TRIS.L and DRGG.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.80

The correlation between TRIS.L and DRGG.L has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

TRIS.L vs. DRGG.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: 14
TRIS.L Sharpe Ratio Rank: 15
TRIS.L Sortino Ratio Rank: 13
TRIS.L Omega Ratio Rank: 13
TRIS.L Calmar Ratio Rank: 15
TRIS.L Martin Ratio Rank: 14

DRGG.L

DRGG.L Risk / Return Rank: 37
DRGG.L Sharpe Ratio Rank: 34
DRGG.L Sortino Ratio Rank: 36
DRGG.L Omega Ratio Rank: 33
DRGG.L Calmar Ratio Rank: 42
DRGG.L Martin Ratio Rank: 42

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. DRGG.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 L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.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.

	TRIS.L	DRGG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.04	-0.70
Sortino ratio: Return per unit of downside risk	0.52	1.59	-1.07
Omega ratio: Gain probability vs. loss probability	1.06	1.19	-0.13
Calmar ratio: Return relative to maximum drawdown	0.41	1.78	-1.37
Martin ratio: Return relative to average drawdown	0.97	5.39	-4.43

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

The current TRIS.L Sharpe Ratio is 0.34, which is lower than the DRGG.L Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of TRIS.L and DRGG.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.

Drawdowns

TRIS.L vs. DRGG.L - Drawdown Comparison

The maximum TRIS.L drawdown since its inception was -28.86%, roughly equal to the maximum DRGG.L drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for TRIS.L and DRGG.L.

Drawdown Indicators

	TRIS.L	DRGG.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.86%	-27.90%	-0.96%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-3.40%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-9.71%	-9.04%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-15.37%	-15.77%	+0.40%
Current Drawdown Current decline from peak	-12.69%	-14.39%	+1.70%
Average Drawdown Average peak-to-trough decline	-17.94%	-18.79%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	1.13%	+1.17%

Volatility

TRIS.L vs. DRGG.L - Volatility Comparison

Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) has a higher volatility of 1.80% compared to L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) at 1.44%. This indicates that TRIS.L's price experiences larger fluctuations and is considered to be riskier than DRGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRIS.L	DRGG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	1.44%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	4.47%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	6.60%	5.85%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.36%	7.33%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.70%	12.96%	-0.26%

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

TRIS.L has a 0.06% expense ratio, which is lower than DRGG.L's 0.30% expense ratio.

Dividends

TRIS.L vs. DRGG.L - Dividend Comparison

TRIS.L's dividend yield for the trailing twelve months is around 2.95%, more than DRGG.L's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	0.87%	2.04%	2.27%	2.48%	2.61%	1.40%	0.00%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	2.95%	3.27%	4.87%	4.68%	1.52%	0.10%	0.57%

Frequently Asked Questions

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

TRIS.L and DRGG.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TRIS.L is cheaper with a 0.06% expense ratio, compared with 0.30% for DRGG.L.

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

TRIS.L tracks Bloomberg US Treasury Coupons Index, while DRGG.L tracks J.P. Morgan China Custom Liquid ESG Capped Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.06% for TRIS.L and 0.30% for DRGG.L.