U10C.L vs. TREI.L

Last updated Jul 18, 2026

U10C.L (Amundi US Treasury Bond 10+Y UCITS ETF Acc) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) are both Government Bonds funds - U10C.L tracks the Bloomberg US Long Treasury Index while TREI.L tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 3 years, U10C.L returned -0.78%/yr vs 4.64%/yr for TREI.L. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.06% expense ratio.

Performance

U10C.L vs. TREI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi US Treasury Bond 10+Y UCITS ETF Acc (U10C.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, U10C.L achieves a -2.19% return, which is significantly lower than TREI.L's 1.85% return.

U10C.L

• 1D: -0.28%
• 1M: -2.06%
• 6M: -1.92%
• YTD: -2.19%
• 1Y: 3.48%
• 3Y*: -0.78%
• 5Y*: —
• 10Y*: —

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)

U10C.L vs. TREI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
U10C.L Amundi US Treasury Bond 10+Y UCITS ETF Acc	-2.19%	5.49%	-5.72%	2.66%	-28.78%	-0.29%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)	1.85%	4.31%	5.17%	4.98%	0.53%	-0.05%

Correlation

The correlation between U10C.L and TREI.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.27

The correlation between U10C.L and TREI.L shifts across timeframes, from 0.14 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

U10C.L vs. TREI.L — Risk / Return Rank

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

U10C.L

U10C.L Risk / Return Rank: 19
U10C.L Sharpe Ratio Rank: 20
U10C.L Sortino Ratio Rank: 19
U10C.L Omega Ratio Rank: 18
U10C.L Calmar Ratio Rank: 20
U10C.L Martin Ratio Rank: 20

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.

U10C.L vs. TREI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi US Treasury Bond 10+Y UCITS ETF Acc (U10C.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.

	U10C.L	TREI.L	Difference
Sharpe ratio: Return per unit of total volatility	0.50	6.57	-6.07
Sortino ratio: Return per unit of downside risk	0.77	10.91	-10.14
Omega ratio: Gain probability vs. loss probability	1.09	4.71	-3.62
Calmar ratio: Return relative to maximum drawdown	0.62	13.21	-12.59
Martin ratio: Return relative to average drawdown	1.49	159.95	-158.45

U10C.L vs. TREI.L - Sharpe Ratio Comparison

The current U10C.L Sharpe Ratio is 0.50, which is lower than the TREI.L Sharpe Ratio of 6.57. The chart below compares the historical Sharpe Ratios of U10C.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

U10C.L vs. TREI.L - Drawdown Comparison

The maximum U10C.L drawdown since its inception was -40.19%, 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 U10C.L and TREI.L.

Drawdown Indicators

	U10C.L	TREI.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.19%	-0.68%	-39.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-0.29%	-6.76%
Max Drawdown (3Y) Largest decline over 3 years	-16.12%	-0.29%	-15.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.67%	—
Current Drawdown Current decline from peak	-31.01%	0.00%	-31.01%
Average Drawdown Average peak-to-trough decline	-26.89%	-0.06%	-26.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	0.02%	+2.91%

Volatility

U10C.L vs. TREI.L - Volatility Comparison

Amundi US Treasury Bond 10+Y UCITS ETF Acc (U10C.L) has a higher volatility of 2.43% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) at 0.11%. This indicates that U10C.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

	U10C.L	TREI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	0.11%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	0.50%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	8.75%	0.59%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	0.55%	+13.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	0.56%	+13.27%

U10C.L vs. TREI.L - Expense Ratio Comparison

Both U10C.L and TREI.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

U10C.L vs. TREI.L - Dividend Comparison

U10C.L has not paid dividends to shareholders, while TREI.L's dividend yield for the trailing twelve months is around 3.92%.

Position	TTM	2025	2024	2023	2022	2021	2020
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%
U10C.L Amundi US Treasury Bond 10+Y UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both U10C.L and TREI.L in my portfolio?

U10C.L and TREI.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, U10C.L or TREI.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, U10C.L or TREI.L?

U10C.L and TREI.L have the same expense ratio: 0.06% per year.

What is the main difference between U10C.L and TREI.L?

U10C.L tracks Bloomberg US Long Treasury Index, while TREI.L tracks Bloomberg US Treasury Coupons Index. They also come from different issuers: Amundi and Invesco.