TRXG.L vs. VUTA.L
TRXG.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - TRXG.L tracks the Bloomberg US 7-10 Year Treasury Bond Index while VUTA.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, TRXG.L returned 0.15%/yr vs 0.65%/yr for VUTA.L. With a 0.97 correlation, they move nearly in lockstep. TRXG.L charges 0.06%/yr vs 0.05%/yr for VUTA.L.
Performance
TRXG.L vs. VUTA.L - Performance Comparison
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Different Trading Currencies
TRXG.L is traded in GBp, while VUTA.L is traded in GBP. To make them comparable, the VUTA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, TRXG.L achieves a -0.62% return, which is significantly lower than VUTA.L's 0.03% return.
TRXG.L
- 1D
- 0.23%
- 1M
- 0.98%
- YTD
- -0.62%
- 6M
- -1.17%
- 1Y
- 4.95%
- 3Y*
- 0.11%
- 5Y*
- 0.15%
- 10Y*
- —
VUTA.L
- 1D
- 0.21%
- 1M
- 1.16%
- YTD
- 0.03%
- 6M
- -0.52%
- 1Y
- 4.50%
- 3Y*
- 0.21%
- 5Y*
- 0.65%
- 10Y*
- —
TRXG.L vs. VUTA.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 | -0.62% | 1.07% | 1.43% | -2.16% | -4.76% | -1.80% | 6.08% | 6.92% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.03% | -1.12% | 2.50% | -1.89% | -1.88% | -1.09% | 3.97% | 5.44% |
Correlation
The correlation between TRXG.L and VUTA.L is 0.97 - 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 | 0.97 |
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 Feb 22, 2019 | 0.97 |
The correlation between TRXG.L and VUTA.L has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
TRXG.L vs. VUTA.L — Risk / Return Rank
TRXG.L
VUTA.L
TRXG.L vs. VUTA.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 Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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.
| TRXG.L | VUTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.86 | +0.02 |
| Martin ratioReturn relative to average drawdown | 2.12 | 2.08 | +0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRXG.L | VUTA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 0.75 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.08 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.08 | -0.02 |
Drawdowns
TRXG.L vs. VUTA.L - Drawdown Comparison
The maximum TRXG.L drawdown since its inception was -26.41%, which is greater than VUTA.L's maximum drawdown of -23.40%. Use the drawdown chart below to compare losses from any high point for TRXG.L and VUTA.L.
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Drawdown Indicators
| TRXG.L | VUTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.41% | -23.40% | -3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.60% | -5.21% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.91% | -8.20% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -16.17% | -0.07% |
Current DrawdownCurrent decline from peak | -21.20% | -18.49% | -2.71% |
Average DrawdownAverage peak-to-trough decline | -16.98% | -15.38% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 2.16% | +0.17% |
Volatility
TRXG.L vs. VUTA.L - Volatility Comparison
Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TRXG.L) has a higher volatility of 1.66% compared to Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) at 1.39%. This indicates that TRXG.L's price experiences larger fluctuations and is considered to be riskier than VUTA.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 | VUTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.39% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.66% | 4.40% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.33% | 5.98% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 8.70% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.17% | 9.39% | +0.78% |
TRXG.L vs. VUTA.L - Expense Ratio Comparison
TRXG.L has a 0.06% expense ratio, which is higher than VUTA.L's 0.05% expense ratio. However, 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. VUTA.L - Dividend Comparison
TRXG.L's dividend yield for the trailing twelve months is around 4.28%, while VUTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
TRXG.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.28% | 4.25% | 4.24% | 3.55% | 2.38% | 1.60% | 1.94% | 2.07% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, TRXG.L and VUTA.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.
On fees, VUTA.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTA.L is cheaper with a 0.05% expense ratio, compared with 0.06% for TRXG.L.
TRXG.L tracks Bloomberg US 7-10 Year Treasury Bond Index, while VUTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.06% for TRXG.L and 0.05% for VUTA.L.
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