XT01.L vs. T3GB.L

Last updated Jul 16, 2026

XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) and T3GB.L (Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist) are both Government Bonds funds - XT01.L tracks the FTSE US Treasury Short Duration Index while T3GB.L tracks the Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist. Both are passively managed. Over the past 5 years, XT01.L returned 4.00%/yr vs 1.45%/yr for T3GB.L. At a correlation of -0.22, they often move in opposite directions. XT01.L charges 0.06%/yr vs 0.10%/yr for T3GB.L.

Performance

XT01.L vs. T3GB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) and Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist (T3GB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XT01.L is traded in GBP, while T3GB.L is traded in GBp. To make them comparable, the T3GB.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, XT01.L achieves a 2.09% return, which is significantly higher than T3GB.L's 0.73% return.

XT01.L

• 1D: -0.11%
• 1M: 0.45%
• 6M: 1.96%
• YTD: 2.09%
• 1Y: 3.71%
• 3Y*: 3.85%
• 5Y*: 4.00%
• 10Y*: —

T3GB.L

• 1D: 0.08%
• 1M: 0.14%
• 6M: 0.68%
• YTD: 0.73%
• 1Y: 3.20%
• 3Y*: 4.01%
• 5Y*: 1.45%
• 10Y*: —

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

XT01.L vs. T3GB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	2.09%	-2.79%	6.91%	-0.75%	12.89%	1.36%	-4.63%
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist	0.73%	4.94%	3.79%	3.35%	-4.53%	-0.90%	-0.04%

Correlation

The correlation between XT01.L and T3GB.L is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.28
Correlation (5Y) Calculated over the trailing 5-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Sep 10, 2020	-0.22

The correlation between XT01.L and T3GB.L shifts across timeframes, from -0.33 (1 year) to -0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XT01.L vs. T3GB.L — Risk / Return Rank

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

XT01.L

XT01.L Risk / Return Rank: 20
XT01.L Sharpe Ratio Rank: 20
XT01.L Sortino Ratio Rank: 19
XT01.L Omega Ratio Rank: 18
XT01.L Calmar Ratio Rank: 22
XT01.L Martin Ratio Rank: 22

T3GB.L

T3GB.L Risk / Return Rank: 93
T3GB.L Sharpe Ratio Rank: 93
T3GB.L Sortino Ratio Rank: 95
T3GB.L Omega Ratio Rank: 94
T3GB.L Calmar Ratio Rank: 90
T3GB.L Martin Ratio Rank: 91

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.

XT01.L vs. T3GB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) and Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist (T3GB.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.

	XT01.L	T3GB.L	Difference
Sharpe ratio: Return per unit of total volatility	0.58	2.66	-2.08
Sortino ratio: Return per unit of downside risk	0.89	4.29	-3.40
Omega ratio: Gain probability vs. loss probability	1.10	1.55	-0.45
Calmar ratio: Return relative to maximum drawdown	0.83	4.45	-3.63
Martin ratio: Return relative to average drawdown	2.07	16.64	-14.57

XT01.L vs. T3GB.L - Sharpe Ratio Comparison

The current XT01.L Sharpe Ratio is 0.58, which is lower than the T3GB.L Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of XT01.L and T3GB.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.

Drawdowns

XT01.L vs. T3GB.L - Drawdown Comparison

The maximum XT01.L drawdown since its inception was -15.30%, which is greater than T3GB.L's maximum drawdown of -6.48%. Use the drawdown chart below to compare losses from any high point for XT01.L and T3GB.L.

Drawdown Indicators

	XT01.L	T3GB.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.30%	-6.48%	-8.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.47%	-0.72%	-3.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.74%	-0.91%	-8.83%
Max Drawdown (5Y) Largest decline over 5 years	-15.30%	-6.38%	-8.92%
Current Drawdown Current decline from peak	-5.15%	0.00%	-5.15%
Average Drawdown Average peak-to-trough decline	-7.24%	-1.53%	-5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.19%	+1.60%

Volatility

XT01.L vs. T3GB.L - Volatility Comparison

Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) has a higher volatility of 1.65% compared to Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist (T3GB.L) at 0.35%. This indicates that XT01.L's price experiences larger fluctuations and is considered to be riskier than T3GB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XT01.L	T3GB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.35%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	4.70%	0.87%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	6.36%	1.20%	+5.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.35%	2.03%	+6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.30%	1.81%	+6.49%

XT01.L vs. T3GB.L - Expense Ratio Comparison

XT01.L has a 0.06% expense ratio, which is lower than T3GB.L's 0.10% 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

XT01.L vs. T3GB.L - Dividend Comparison

XT01.L has not paid dividends to shareholders, while T3GB.L's dividend yield for the trailing twelve months is around 3.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist	3.84%	3.95%	4.36%	4.05%	1.98%	0.28%	1.15%	0.81%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XT01.L and T3GB.L in my portfolio?

XT01.L and T3GB.L have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XT01.L or T3GB.L?

On fees, XT01.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, XT01.L or T3GB.L?

XT01.L is cheaper with a 0.06% expense ratio, compared with 0.10% for T3GB.L.

What is the main difference between XT01.L and T3GB.L?

XT01.L tracks FTSE US Treasury Short Duration Index, while T3GB.L tracks Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hdg Dist. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.06% for XT01.L and 0.10% for T3GB.L.