TRXG.L vs. IBTL.L
TRXG.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both Government Bonds funds - TRXG.L tracks the Bloomberg US 7-10 Year Treasury Bond Index while IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, TRXG.L returned 0.22%/yr vs -5.07%/yr for IBTL.L. Their correlation of 0.86 suggests significant overlap in exposure. TRXG.L charges 0.06%/yr vs 0.07%/yr for IBTL.L.
Performance
TRXG.L vs. IBTL.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRXG.L achieves a 1.77% return, which is significantly lower than IBTL.L's 3.31% return.
TRXG.L
- 1D
- -0.18%
- 1M
- 2.87%
- YTD
- 1.77%
- 6M
- 2.67%
- 1Y
- 7.09%
- 3Y*
- 1.68%
- 5Y*
- 0.22%
- 10Y*
- —
IBTL.L
- 1D
- -0.27%
- 1M
- 4.99%
- YTD
- 3.31%
- 6M
- 4.26%
- 1Y
- 8.60%
- 3Y*
- -2.60%
- 5Y*
- -5.07%
- 10Y*
- -1.77%
TRXG.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRXG.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 1.77% | 1.08% | 1.43% | -2.16% | -4.76% | -1.80% | 6.08% | -17.78% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 3.31% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | 13.06% | 11.93% |
Correlation
The correlation between TRXG.L and IBTL.L is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.86 |
The correlation between TRXG.L and IBTL.L has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.
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Return for Risk
TRXG.L vs. IBTL.L — Risk / Return Rank
TRXG.L
IBTL.L
TRXG.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TRXG.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| TRXG.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.04 | +0.22 |
| Martin ratioReturn relative to average drawdown | 2.95 | 2.18 | +0.77 |
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Drawdowns
TRXG.L vs. IBTL.L - Drawdown Comparison
The maximum TRXG.L drawdown since its inception was -26.41%, smaller than the maximum IBTL.L drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for TRXG.L and IBTL.L.
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Drawdown Indicators
| TRXG.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.41% | -48.85% | +22.44% |
Max Drawdown (1Y)Largest decline over 1 year | -5.60% | -8.26% | +2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -7.91% | -17.10% | +9.19% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -39.34% | +23.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.85% | — |
Current DrawdownCurrent decline from peak | -19.30% | -43.08% | +23.78% |
Average DrawdownAverage peak-to-trough decline | -18.97% | -22.76% | +3.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 3.95% | -1.55% |
Volatility
TRXG.L vs. IBTL.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TRXG.L) is 1.76%, while iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a volatility of 2.87%. This indicates that TRXG.L experiences smaller price fluctuations and is considered to be less risky than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRXG.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 2.87% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 6.75% | -1.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.36% | 9.64% | -3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 15.42% | -5.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.06% | 15.86% | -2.80% |
TRXG.L vs. IBTL.L - Expense Ratio Comparison
TRXG.L has a 0.06% expense ratio, which is lower than IBTL.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
TRXG.L vs. IBTL.L - Dividend Comparison
TRXG.L's dividend yield for the trailing twelve months is around 4.24%, less than IBTL.L's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.57% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
TRXG.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.24% | 4.26% | 4.24% | 3.55% | 2.38% | 1.60% | 1.94% | 2.07% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRXG.L and IBTL.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRXG.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRXG.L is cheaper with a 0.06% expense ratio, compared with 0.07% for IBTL.L.
TRXG.L tracks Bloomberg US 7-10 Year Treasury Bond Index, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRXG.L and 0.07% for IBTL.L.
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