VDTY.L vs. TRES.L

Last updated Jun 5, 2026

VDTY.L (Vanguard USD Treasury Bond UCITS ETF) and TRES.L (Invesco US Treasury Bond UCITS ETF Dist) are both Government Bonds funds - VDTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index while TRES.L tracks the Bloomberg US Treasury Index. Both are passively managed. Over the past 5 years, VDTY.L returned -0.36%/yr vs -0.37%/yr for TRES.L. Their correlation of 0.91 suggests significant overlap in exposure. VDTY.L charges 0.05%/yr vs 0.06%/yr for TRES.L.

Performance

VDTY.L vs. TRES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard USD Treasury Bond UCITS ETF (VDTY.L) and Invesco US Treasury Bond UCITS ETF Dist (TRES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VDTY.L achieves a -0.23% return, which is significantly higher than TRES.L's -0.30% return.

VDTY.L

• 1D: 0.24%
• 1M: 0.17%
• YTD: -0.23%
• 6M: 0.04%
• 1Y: 3.47%
• 3Y*: 2.95%
• 5Y*: -0.36%
• 10Y*: 0.95%

TRES.L

• 1D: 0.18%
• 1M: 0.17%
• YTD: -0.30%
• 6M: 0.09%
• 1Y: 3.62%
• 3Y*: 2.90%
• 5Y*: -0.37%
• 10Y*: —

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

VDTY.L vs. TRES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VDTY.L Vanguard USD Treasury Bond UCITS ETF	-0.23%	6.26%	1.10%	3.77%	-12.32%	-2.40%	7.68%	6.15%
TRES.L Invesco US Treasury Bond UCITS ETF Dist	-0.30%	6.57%	0.75%	3.82%	-12.15%	-2.44%	8.00%	5.79%

Correlation

The correlation between VDTY.L and TRES.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019	0.91

The correlation between VDTY.L and TRES.L has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

Return for Risk

VDTY.L vs. TRES.L — Risk / Return Rank

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

VDTY.L

VDTY.L Risk / Return Rank: 27
VDTY.L Sharpe Ratio Rank: 28
VDTY.L Sortino Ratio Rank: 28
VDTY.L Omega Ratio Rank: 26
VDTY.L Calmar Ratio Rank: 25
VDTY.L Martin Ratio Rank: 27

TRES.L

TRES.L Risk / Return Rank: 26
TRES.L Sharpe Ratio Rank: 26
TRES.L Sortino Ratio Rank: 26
TRES.L Omega Ratio Rank: 24
TRES.L Calmar Ratio Rank: 27
TRES.L Martin Ratio Rank: 28

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.

VDTY.L vs. TRES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Treasury Bond UCITS ETF (VDTY.L) and Invesco US Treasury Bond UCITS ETF Dist (TRES.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.

	VDTY.L	TRES.L	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.89	+0.08
Sortino ratio: Return per unit of downside risk	1.49	1.36	+0.13
Omega ratio: Gain probability vs. loss probability	1.17	1.16	+0.01
Calmar ratio: Return relative to maximum drawdown	1.16	1.23	-0.07
Martin ratio: Return relative to average drawdown	3.67	3.84	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDTY.L vs. TRES.L - Sharpe Ratio Comparison

The current VDTY.L Sharpe Ratio is 0.97, which is comparable to the TRES.L Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of VDTY.L and TRES.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

	VDTY.L	TRES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.89	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.07	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.23	-0.03

Drawdowns

VDTY.L vs. TRES.L - Drawdown Comparison

The maximum VDTY.L drawdown since its inception was -18.99%, roughly equal to the maximum TRES.L drawdown of -18.77%. Use the drawdown chart below to compare losses from any high point for VDTY.L and TRES.L.

Drawdown Indicators

	VDTY.L	TRES.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.99%	-18.77%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-2.93%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.35%	-5.16%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.60%	-16.40%	-0.20%
Max Drawdown (10Y) Largest decline over 10 years	-18.99%	—	—
Current Drawdown Current decline from peak	-6.76%	-6.77%	+0.01%
Average Drawdown Average peak-to-trough decline	-6.62%	-8.61%	+1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.94%	0.00%

Volatility

VDTY.L vs. TRES.L - Volatility Comparison

Vanguard USD Treasury Bond UCITS ETF (VDTY.L) and Invesco US Treasury Bond UCITS ETF Dist (TRES.L) have volatilities of 1.42% and 1.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDTY.L	TRES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.36%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	2.75%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	4.08%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.54%	5.73%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	5.67%	-0.81%

VDTY.L vs. TRES.L - Expense Ratio Comparison

VDTY.L has a 0.05% expense ratio, which is lower than TRES.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

VDTY.L vs. TRES.L - Dividend Comparison

VDTY.L's dividend yield for the trailing twelve months is around 4.25%, which matches TRES.L's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TRES.L Invesco US Treasury Bond UCITS ETF Dist	4.25%	4.19%	4.26%	3.78%	1.96%	1.14%	1.58%	1.96%	0.00%	0.00%	0.00%
VDTY.L Vanguard USD Treasury Bond UCITS ETF	4.25%	4.29%	4.31%	3.40%	2.09%	1.21%	1.54%	2.34%	2.33%	1.57%	0.99%

Frequently Asked Questions

Can I hold both VDTY.L and TRES.L in my portfolio?

VDTY.L and TRES.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VDTY.L or TRES.L?

On fees, VDTY.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, VDTY.L or TRES.L?

VDTY.L is cheaper with a 0.05% expense ratio, compared with 0.06% for TRES.L.

What is the main difference between VDTY.L and TRES.L?

VDTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index, while TRES.L tracks Bloomberg US Treasury Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.05% for VDTY.L and 0.06% for TRES.L.