TRIS.L vs. XUT3.L

Last updated Jun 5, 2026

TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) and XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) are both Government Bonds funds - TRIS.L tracks the Bloomberg US Treasury Coupons Index while XUT3.L tracks the iBoxx USD Treasuries 1-3 Index. Both are passively managed. Over the past 5 years, TRIS.L returned 4.36%/yr vs 2.96%/yr for XUT3.L. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.06% expense ratio.

Performance

TRIS.L vs. XUT3.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 Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TRIS.L is traded in GBp, while XUT3.L is traded in USD. To make them comparable, the XUT3.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, TRIS.L achieves a 1.60% return, which is significantly higher than XUT3.L's 0.95% return.

TRIS.L

• 1D: 0.05%
• 1M: 1.51%
• YTD: 1.60%
• 6M: 0.92%
• 1Y: 5.22%
• 3Y*: 2.01%
• 5Y*: 4.36%
• 10Y*: —

XUT3.L

• 1D: 0.10%
• 1M: 1.04%
• YTD: 0.95%
• 6M: 0.23%
• 1Y: 4.46%
• 3Y*: 1.56%
• 5Y*: 2.96%
• 10Y*: 2.49%

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

TRIS.L vs. XUT3.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%
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D	0.92%	-2.42%	5.95%	-1.10%	7.87%	0.32%	-1.65%

Correlation

The correlation between TRIS.L and XUT3.L is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 27, 2020	0.80

The correlation between TRIS.L and XUT3.L has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

TRIS.L vs. XUT3.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

XUT3.L

XUT3.L Risk / Return Rank: 91
XUT3.L Sharpe Ratio Rank: 90
XUT3.L Sortino Ratio Rank: 95
XUT3.L Omega Ratio Rank: 94
XUT3.L Calmar Ratio Rank: 88
XUT3.L Martin Ratio Rank: 89

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. XUT3.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 Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.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	XUT3.L	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.69	+0.06
Sortino ratio: Return per unit of downside risk	1.13	1.03	+0.10
Omega ratio: Gain probability vs. loss probability	1.13	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	1.09	0.85	+0.24
Martin ratio: Return relative to average drawdown	2.75	2.31	+0.44
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. XUT3.L - Sharpe Ratio Comparison

The current TRIS.L Sharpe Ratio is 0.76, which is comparable to the XUT3.L Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of TRIS.L and XUT3.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	XUT3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.69	+0.06
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	0.33	-0.08

Drawdowns

TRIS.L vs. XUT3.L - Drawdown Comparison

The maximum TRIS.L drawdown since its inception was -18.99%, roughly equal to the maximum XUT3.L drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for TRIS.L and XUT3.L.

Drawdown Indicators

	TRIS.L	XUT3.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.99%	-18.58%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-5.21%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-9.71%	-9.27%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-15.37%	-16.72%	+1.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.58%	—
Current Drawdown Current decline from peak	-5.66%	-8.02%	+2.36%
Average Drawdown Average peak-to-trough decline	-9.81%	-8.22%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.92%	-0.14%

Volatility

TRIS.L vs. XUT3.L - Volatility Comparison

Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) has a higher volatility of 2.02% compared to Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) at 1.65%. This indicates that TRIS.L's price experiences larger fluctuations and is considered to be riskier than XUT3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRIS.L	XUT3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	1.65%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	4.93%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	6.45%	6.41%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.34%	8.22%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.80%	9.43%	-0.63%

TRIS.L vs. XUT3.L - Expense Ratio Comparison

Both TRIS.L and XUT3.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TRIS.L vs. XUT3.L - Dividend Comparison

TRIS.L's dividend yield for the trailing twelve months is around 4.01%, more than XUT3.L's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%	0.00%	0.00%
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D	2.84%	2.70%	2.35%	1.80%	1.00%	2.89%	2.43%	1.16%	1.00%	0.69%

Frequently Asked Questions

Can I hold both TRIS.L and XUT3.L in my portfolio?

TRIS.L and XUT3.L have a correlation of 0.77, 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 XUT3.L?

Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRIS.L or XUT3.L?

TRIS.L and XUT3.L have the same expense ratio: 0.06% per year.

What is the main difference between TRIS.L and XUT3.L?

TRIS.L tracks Bloomberg US Treasury Coupons Index, while XUT3.L tracks iBoxx USD Treasuries 1-3 Index. They also come from different issuers: Invesco and Xtrackers.