VCEB vs. TREX.L
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both exchange-traded funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index, while TREX.L is a Government Bonds fund tracking the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, VCEB returned 0.38%/yr vs -1.05%/yr for TREX.L. A 0.66 correlation means they provide meaningful diversification when combined. VCEB charges 0.12%/yr vs 0.06%/yr for TREX.L.
Performance
VCEB vs. TREX.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VCEB achieves a 0.56% return, which is significantly higher than TREX.L's -0.74% return.
VCEB
- 1D
- -0.07%
- 1M
- 0.67%
- YTD
- 0.56%
- 6M
- 1.06%
- 1Y
- 5.13%
- 3Y*
- 5.34%
- 5Y*
- 0.38%
- 10Y*
- —
TREX.L
- 1D
- 0.40%
- 1M
- 0.12%
- YTD
- -0.74%
- 6M
- -0.02%
- 1Y
- 4.21%
- 3Y*
- 2.99%
- 5Y*
- -1.05%
- 10Y*
- —
VCEB vs. TREX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.56% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.74% | 8.41% | -0.22% | 3.58% | -14.94% | -3.02% | -1.29% |
Correlation
The correlation between VCEB and TREX.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.66 |
The correlation between VCEB and TREX.L has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VCEB vs. TREX.L — Risk / Return Rank
VCEB
TREX.L
VCEB vs. TREX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) 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.
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.
| VCEB | TREX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 0.96 | +0.69 |
| Martin ratioReturn relative to average drawdown | 5.02 | 2.81 | +2.21 |
Loading charts...
Drawdowns
VCEB vs. TREX.L - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, smaller than the maximum TREX.L drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for VCEB and TREX.L.
Loading charts...
Drawdown Indicators
| VCEB | TREX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -23.38% | +1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -3.96% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -7.42% | +1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -20.96% | -0.43% |
Current DrawdownCurrent decline from peak | -0.81% | -10.23% | +9.42% |
Average DrawdownAverage peak-to-trough decline | -7.60% | -9.96% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.36% | -0.43% |
Volatility
VCEB vs. TREX.L - Volatility Comparison
The current volatility for Vanguard ESG U.S. Corporate Bond ETF (VCEB) is 1.43%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 1.82%. This indicates that VCEB 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.
Loading charts...
Volatility by Period
| VCEB | TREX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.82% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 3.34% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 4.50% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.84% | 7.49% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.65% | 6.93% | -0.28% |
VCEB vs. TREX.L - Expense Ratio Comparison
VCEB has a 0.12% 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
VCEB vs. TREX.L - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.64%, more than TREX.L's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | 4.33% | 4.23% | 4.34% | 3.48% | 2.41% | 1.63% | 1.81% | 2.02% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.64% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% | 0.00% |
Frequently Asked Questions
VCEB and TREX.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TREX.L is cheaper with a 0.06% expense ratio, compared with 0.12% for VCEB.
VCEB is categorized as Corporate Bonds, while TREX.L is Government Bonds. VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while TREX.L tracks Bloomberg US 7-10 Year Treasury Bond Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.12% for VCEB and 0.06% for TREX.L.
Find the right allocation for VCEB and TREX.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer