VDTA.L vs. TREX.L

Last updated Jun 5, 2026

VDTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) and TREX.L (Invesco US Treasury Bond 7-10 Year UCITS ETF Dist) are both Government Bonds funds - VDTA.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted index while TREX.L tracks the Bloomberg US 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, VDTA.L returned -0.41%/yr vs -0.91%/yr for TREX.L. With a 0.95 correlation, they move nearly in lockstep. VDTA.L charges 0.05%/yr vs 0.06%/yr for TREX.L.

Performance

VDTA.L vs. TREX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard USD Treasury Bond UCITS ETF Accumulating (VDTA.L) 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, VDTA.L achieves a -0.23% return, which is significantly higher than TREX.L's -0.77% return.

VDTA.L

• 1D: 0.21%
• 1M: 0.17%
• YTD: -0.23%
• 6M: 0.10%
• 1Y: 3.61%
• 3Y*: 2.87%
• 5Y*: -0.41%
• 10Y*: —

TREX.L

• 1D: 0.23%
• 1M: -0.01%
• YTD: -0.77%
• 6M: -0.51%
• 1Y: 3.93%
• 3Y*: 2.76%
• 5Y*: -0.91%
• 10Y*: —

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

VDTA.L vs. TREX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VDTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating	-0.23%	6.25%	0.93%	3.71%	-12.37%	-2.33%	7.64%	6.63%
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	-0.77%	8.42%	-0.22%	3.57%	-14.95%	-3.02%	9.77%	7.10%

Correlation

The correlation between VDTA.L and TREX.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
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	0.95

The correlation between VDTA.L and TREX.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

VDTA.L vs. TREX.L — Risk / Return Rank

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

VDTA.L

VDTA.L Risk / Return Rank: 28
VDTA.L Sharpe Ratio Rank: 29
VDTA.L Sortino Ratio Rank: 29
VDTA.L Omega Ratio Rank: 27
VDTA.L Calmar Ratio Rank: 26
VDTA.L Martin Ratio Rank: 28

TREX.L

TREX.L Risk / Return Rank: 24
TREX.L Sharpe Ratio Rank: 25
TREX.L Sortino Ratio Rank: 25
TREX.L Omega Ratio Rank: 24
TREX.L Calmar Ratio Rank: 22
TREX.L Martin Ratio Rank: 24

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Treasury Bond UCITS ETF Accumulating (VDTA.L) 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.

	VDTA.L	TREX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.02	0.87	+0.15
Sortino ratio: Return per unit of downside risk	1.51	1.31	+0.20
Omega ratio: Gain probability vs. loss probability	1.18	1.15	+0.03
Calmar ratio: Return relative to maximum drawdown	1.23	0.99	+0.25
Martin ratio: Return relative to average drawdown	3.80	3.06	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDTA.L vs. TREX.L - Sharpe Ratio Comparison

The current VDTA.L Sharpe Ratio is 1.02, which is comparable to the TREX.L Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of VDTA.L 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

	VDTA.L	TREX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.87	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.12	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.16	+0.07

Drawdowns

VDTA.L vs. TREX.L - Drawdown Comparison

The maximum VDTA.L drawdown since its inception was -18.82%, smaller than the maximum TREX.L drawdown of -23.36%. Use the drawdown chart below to compare losses from any high point for VDTA.L and TREX.L.

Drawdown Indicators

	VDTA.L	TREX.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.82%	-23.36%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-3.96%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	-7.40%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-16.41%	-20.95%	+4.54%
Current Drawdown Current decline from peak	-6.97%	-10.25%	+3.28%
Average Drawdown Average peak-to-trough decline	-8.11%	-9.97%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.28%	-0.34%

Volatility

VDTA.L vs. TREX.L - Volatility Comparison

The current volatility for Vanguard USD Treasury Bond UCITS ETF Accumulating (VDTA.L) is 1.37%, while Invesco US Treasury Bond 7-10 Year UCITS ETF Dist (TREX.L) has a volatility of 1.83%. This indicates that VDTA.L 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

	VDTA.L	TREX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.83%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	3.29%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	4.53%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.57%	7.48%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.35%	6.93%	-1.58%

VDTA.L vs. TREX.L - Expense Ratio Comparison

VDTA.L has a 0.05% 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

VDTA.L vs. TREX.L - Dividend Comparison

VDTA.L has not paid dividends to shareholders, while TREX.L's dividend yield for the trailing twelve months is around 4.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
TREX.L Invesco US Treasury Bond 7-10 Year UCITS ETF Dist	4.29%	4.23%	4.34%	3.48%	2.41%	1.63%	1.81%	1.10%
VDTA.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

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

With a correlation of 0.95, VDTA.L and TREX.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.

Which ETF is better, VDTA.L or TREX.L?

On fees, VDTA.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VDTA.L or TREX.L?

VDTA.L is cheaper with a 0.05% expense ratio, compared with 0.06% for TREX.L.

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

VDTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted 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: 0.05% for VDTA.L and 0.06% for TREX.L.