VCIT vs. TREX.L
VCIT (Vanguard Intermediate-Term Corporate Bond ETF) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both exchange-traded funds - VCIT is a Corporate Bonds fund tracking the Bloomberg U.S. 5-10 Year Corporate Bond 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, VCIT returned 1.11%/yr vs -1.05%/yr for TREX.L. A 0.65 correlation means they provide meaningful diversification when combined. VCIT charges 0.03%/yr vs 0.06%/yr for TREX.L.
Performance
VCIT vs. TREX.L - Performance Comparison
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Returns By Period
In the year-to-date period, VCIT achieves a 0.41% return, which is significantly higher than TREX.L's -0.74% return.
VCIT
- 1D
- -0.07%
- 1M
- 0.40%
- YTD
- 0.41%
- 6M
- 0.89%
- 1Y
- 6.00%
- 3Y*
- 6.37%
- 5Y*
- 1.11%
- 10Y*
- 2.93%
TREX.L
- 1D
- 0.40%
- 1M
- 0.12%
- YTD
- -0.74%
- 6M
- -0.02%
- 1Y
- 4.21%
- 3Y*
- 2.99%
- 5Y*
- -1.05%
- 10Y*
- —
VCIT vs. TREX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VCIT Vanguard Intermediate-Term Corporate Bond ETF | 0.41% | 9.34% | 3.20% | 8.98% | -13.98% | -1.77% | 9.46% | 13.76% |
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist | -0.74% | 8.41% | -0.22% | 3.58% | -14.94% | -3.02% | 9.76% | 8.50% |
Correlation
The correlation between VCIT and TREX.L is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.65 |
The correlation between VCIT and TREX.L has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.
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Return for Risk
VCIT vs. TREX.L — Risk / Return Rank
VCIT
TREX.L
VCIT vs. TREX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Corporate Bond ETF (VCIT) 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.
| VCIT | TREX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.15 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.96 | +0.92 |
| Martin ratioReturn relative to average drawdown | 6.07 | 2.81 | +3.26 |
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Drawdowns
VCIT vs. TREX.L - Drawdown Comparison
The maximum VCIT drawdown since its inception was -20.56%, smaller than the maximum TREX.L drawdown of -23.38%. Use the drawdown chart below to compare losses from any high point for VCIT and TREX.L.
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Drawdown Indicators
| VCIT | TREX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.56% | -23.38% | +2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -3.96% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -7.42% | +1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -20.56% | -20.96% | +0.40% |
Max Drawdown (10Y)Largest decline over 10 years | -20.56% | — | — |
Current DrawdownCurrent decline from peak | -1.13% | -10.23% | +9.10% |
Average DrawdownAverage peak-to-trough decline | -3.16% | -9.96% | +6.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.36% | -0.44% |
Volatility
VCIT vs. TREX.L - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Corporate Bond ETF (VCIT) is 1.48%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 1.82%. This indicates that VCIT 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.
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Volatility by Period
| VCIT | TREX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.82% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 3.34% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 4.50% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 7.49% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 6.93% | -0.65% |
VCIT vs. TREX.L - Expense Ratio Comparison
VCIT has a 0.03% expense ratio, which is lower than TREX.L's 0.06% 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
VCIT vs. TREX.L - Dividend Comparison
VCIT's dividend yield for the trailing twelve months is around 4.79%, more than TREX.L's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | 4.79% | 4.62% | 4.43% | 3.72% | 3.03% | 2.87% | 2.78% | 3.37% | 3.61% | 3.21% | 3.29% | 3.34% |
Frequently Asked Questions
VCIT and TREX.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VCIT is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VCIT is cheaper with a 0.03% expense ratio, compared with 0.06% for TREX.L.
VCIT is categorized as Corporate Bonds, while TREX.L is Government Bonds. VCIT tracks Bloomberg U.S. 5-10 Year Corporate Bond 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: 0.03% for VCIT and 0.06% for TREX.L.
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