UFIV vs. TREX.L

Last updated Jun 4, 2026

UFIV (F/m US Treasury 5 Year Note ETF) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both Government Bonds funds - UFIV tracks the ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross while TREX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 3 years, UFIV returned 3.12%/yr vs 2.60%/yr for TREX.L. A 0.75 correlation means they provide meaningful diversification when combined. UFIV charges 0.15%/yr vs 0.06%/yr for TREX.L.

Performance

UFIV vs. TREX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 5 Year Note ETF (UFIV) and Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UFIV achieves a -0.60% return, which is significantly higher than TREX.L's -1.00% return.

UFIV

• 1D: -0.15%
• 1M: -0.24%
• YTD: -0.60%
• 6M: -0.75%
• 1Y: 2.93%
• 3Y*: 3.12%
• 5Y*: —
• 10Y*: —

TREX.L

• 1D: -0.30%
• 1M: -0.46%
• YTD: -1.00%
• 6M: -0.92%
• 1Y: 4.24%
• 3Y*: 2.60%
• 5Y*: -0.95%
• 10Y*: —

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

UFIV vs. TREX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UFIV F/m US Treasury 5 Year Note ETF	-0.60%	6.89%	1.09%	1.58%
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	-1.00%	8.42%	-0.22%	0.52%

Correlation

The correlation between UFIV and TREX.L is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.75

The correlation between UFIV and TREX.L has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

UFIV vs. TREX.L — Risk / Return Rank

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

UFIV

UFIV Risk / Return Rank: 25
UFIV Sharpe Ratio Rank: 26
UFIV Sortino Ratio Rank: 26
UFIV Omega Ratio Rank: 24
UFIV Calmar Ratio Rank: 24
UFIV Martin Ratio Rank: 25

TREX.L

TREX.L Risk / Return Rank: 25
TREX.L Sharpe Ratio Rank: 27
TREX.L Sortino Ratio Rank: 27
TREX.L Omega Ratio Rank: 25
TREX.L Calmar Ratio Rank: 24
TREX.L Martin Ratio Rank: 25

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.

UFIV vs. TREX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 5 Year Note ETF (UFIV) and Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.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.

	UFIV	TREX.L	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.93	-0.01
Sortino ratio Return per unit of downside risk	1.39	1.41	-0.02
Omega ratio Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio Return relative to maximum drawdown	1.09	1.06	+0.02
Martin ratio Return relative to average drawdown	3.26	3.32	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UFIV vs. TREX.L - Sharpe Ratio Comparison

The current UFIV Sharpe Ratio is 0.92, which is comparable to the TREX.L Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of UFIV and TREX.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

	UFIV	TREX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.93	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.15	+0.49

Drawdowns

UFIV vs. TREX.L - Drawdown Comparison

The maximum UFIV drawdown since its inception was -5.63%, smaller than the maximum TREX.L drawdown of -23.36%. Use the drawdown chart below to compare losses from any high point for UFIV and TREX.L.

Drawdown Indicators

	UFIV	TREX.L	Difference
Max Drawdown Largest peak-to-trough decline	-5.63%	-23.36%	+17.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-3.96%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-4.03%	-7.40%	+3.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.95%	—
Current Drawdown Current decline from peak	-2.08%	-10.45%	+8.37%
Average Drawdown Average peak-to-trough decline	-1.56%	-9.97%	+8.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.27%	-0.37%

Volatility

UFIV vs. TREX.L - Volatility Comparison

The current volatility for F/m US Treasury 5 Year Note ETF (UFIV) is 1.00%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 1.82%. This indicates that UFIV experiences smaller price fluctuations and is considered to be less risky than TREX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UFIV	TREX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.82%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	3.30%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	4.52%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.38%	7.49%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	6.93%	-2.55%

UFIV vs. TREX.L - Expense Ratio Comparison

UFIV has a 0.15% expense ratio, which is higher than TREX.L's 0.06% 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

UFIV vs. TREX.L - Dividend Comparison

UFIV's dividend yield for the trailing twelve months is around 3.57%, less than TREX.L's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	4.30%	4.23%	4.34%	3.48%	2.41%	1.63%	1.81%	1.10%
UFIV F/m US Treasury 5 Year Note ETF	3.57%	3.66%	4.00%	2.96%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UFIV and TREX.L in my portfolio?

UFIV and TREX.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UFIV or TREX.L?

On fees, TREX.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UFIV or TREX.L?

TREX.L is cheaper with a 0.06% expense ratio, compared with 0.15% for UFIV.

What is the main difference between UFIV and TREX.L?

UFIV tracks ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross, while TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: US Benchmark Series and Invesco. Their fees differ too: 0.15% for UFIV and 0.06% for TREX.L.