TRS5.L vs. TREI.L

Last updated Jul 18, 2026

TRS5.L (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) are both Government Bonds funds - TRS5.L tracks the Bloomberg US 3-7 Year Treasury Bond Index while TREI.L tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 5 years, TRS5.L returned 0.30%/yr vs 3.34%/yr for TREI.L. At a 0.37 correlation, their price movements are largely independent. TRS5.L charges 0.05%/yr vs 0.06%/yr for TREI.L.

Performance

TRS5.L vs. TREI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRS5.L achieves a -0.24% return, which is significantly lower than TREI.L's 1.85% return.

TRS5.L

• 1D: 0.18%
• 1M: -0.04%
• 6M: 0.15%
• YTD: -0.24%
• 1Y: 3.04%
• 3Y*: 3.76%
• 5Y*: 0.30%
• 10Y*: 1.24%

TREI.L

• 1D: 0.00%
• 1M: 0.27%
• 6M: 1.70%
• YTD: 1.85%
• 1Y: 3.91%
• 3Y*: 4.64%
• 5Y*: 3.34%
• 10Y*: —

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

TRS5.L vs. TREI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF	-0.24%	7.28%	2.01%	4.18%	-9.49%	-2.44%	6.47%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)	1.85%	4.31%	5.17%	4.98%	0.53%	-0.02%	1.12%

Correlation

The correlation between TRS5.L and TREI.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.37

The correlation between TRS5.L and TREI.L shifts across timeframes, from 0.22 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRS5.L vs. TREI.L — Risk / Return Rank

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

TRS5.L

TRS5.L Risk / Return Rank: 34
TRS5.L Sharpe Ratio Rank: 37
TRS5.L Sortino Ratio Rank: 38
TRS5.L Omega Ratio Rank: 36
TRS5.L Calmar Ratio Rank: 31
TRS5.L Martin Ratio Rank: 30

TREI.L

TREI.L Risk / Return Rank: 99
TREI.L Sharpe Ratio Rank: 99
TREI.L Sortino Ratio Rank: 99
TREI.L Omega Ratio Rank: 99
TREI.L Calmar Ratio Rank: 98
TREI.L Martin Ratio Rank: 99

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.

TRS5.L vs. TREI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.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.

	TRS5.L	TREI.L	Difference
Sharpe ratio: Return per unit of total volatility	1.05	6.57	-5.52
Sortino ratio: Return per unit of downside risk	1.57	10.91	-9.34
Omega ratio: Gain probability vs. loss probability	1.19	4.71	-3.53
Calmar ratio: Return relative to maximum drawdown	1.21	13.21	-12.00
Martin ratio: Return relative to average drawdown	3.17	159.95	-156.78

TRS5.L vs. TREI.L - Sharpe Ratio Comparison

The current TRS5.L Sharpe Ratio is 1.05, which is lower than the TREI.L Sharpe Ratio of 6.57. The chart below compares the historical Sharpe Ratios of TRS5.L and TREI.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

TRS5.L vs. TREI.L - Drawdown Comparison

The maximum TRS5.L drawdown since its inception was -14.35%, which is greater than TREI.L's maximum drawdown of -0.68%. Use the drawdown chart below to compare losses from any high point for TRS5.L and TREI.L.

Drawdown Indicators

	TRS5.L	TREI.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.35%	-0.68%	-13.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.50%	-0.29%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.72%	-0.29%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-13.64%	-0.67%	-12.97%
Max Drawdown (10Y) Largest decline over 10 years	-14.35%	—	—
Current Drawdown Current decline from peak	-1.44%	0.00%	-1.44%
Average Drawdown Average peak-to-trough decline	-3.77%	-0.06%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.02%	+0.94%

Volatility

TRS5.L vs. TREI.L - Volatility Comparison

SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (TRS5.L) has a higher volatility of 0.83% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) at 0.11%. This indicates that TRS5.L's price experiences larger fluctuations and is considered to be riskier than TREI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRS5.L	TREI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.11%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	0.50%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	0.59%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.72%	0.55%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.77%	0.56%	+3.21%

TRS5.L vs. TREI.L - Expense Ratio Comparison

TRS5.L has a 0.05% expense ratio, which is lower than TREI.L's 0.06% 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

TRS5.L vs. TREI.L - Dividend Comparison

TRS5.L's dividend yield for the trailing twelve months is around 3.92%, which matches TREI.L's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)	3.92%	4.23%	4.98%	4.59%	1.51%	0.10%	0.69%	0.00%	0.00%	0.00%	0.00%
TRS5.L SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF	3.92%	3.68%	3.24%	1.97%	1.12%	0.98%	1.66%	2.13%	1.66%	1.40%	0.47%

Frequently Asked Questions

Can I hold both TRS5.L and TREI.L in my portfolio?

TRS5.L and TREI.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TRS5.L or TREI.L?

On fees, TRS5.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRS5.L or TREI.L?

TRS5.L is cheaper with a 0.05% expense ratio, compared with 0.06% for TREI.L.

What is the main difference between TRS5.L and TREI.L?

TRS5.L tracks Bloomberg US 3-7 Year Treasury Bond Index, while TREI.L tracks Bloomberg US Treasury Coupons Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.05% for TRS5.L and 0.06% for TREI.L.