XT01.L vs. TREI.L

Last updated Jul 16, 2026

XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - XT01.L tracks the FTSE US Treasury Short Duration Index while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, XT01.L returned 4.00%/yr vs 3.99%/yr for TREI.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.06% expense ratio.

Performance

XT01.L vs. TREI.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 0-1 Year UCITS ETF (TREI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XT01.L is traded in GBP, while TREI.L is traded in USD. To make them comparable, the TREI.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 lower than TREI.L's 2.42% 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*: —

TREI.L

• 1D: -0.31%
• 1M: 0.38%
• 6M: 2.09%
• YTD: 2.42%
• 1Y: 3.88%
• 3Y*: 3.85%
• 5Y*: 3.99%
• 10Y*: —

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

XT01.L vs. TREI.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%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF	2.42%	-3.12%	7.01%	-0.27%	12.48%	0.92%	-4.82%

Correlation

The correlation between XT01.L and TREI.L is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 10, 2020	0.81

The correlation between XT01.L and TREI.L has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

XT01.L vs. TREI.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

TREI.L

TREI.L Risk / Return Rank: 99
TREI.L Sharpe Ratio Rank: 99
TREI.L Sortino Ratio Rank: 99
TREI.L Omega Ratio Rank: 99
TREI.L Calmar Ratio Rank: 98
TREI.L Martin Ratio Rank: 99

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. TREI.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 0-1 Year UCITS ETF (TREI.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	TREI.L	Difference
Sharpe ratio: Return per unit of total volatility	0.58	0.64	-0.06
Sortino ratio: Return per unit of downside risk	0.89	0.95	-0.06
Omega ratio: Gain probability vs. loss probability	1.10	1.11	-0.01
Calmar ratio: Return relative to maximum drawdown	0.83	0.83	0.00
Martin ratio: Return relative to average drawdown	2.07	2.27	-0.20

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

The current XT01.L Sharpe Ratio is 0.58, which is comparable to the TREI.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of XT01.L and TREI.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. TREI.L - Drawdown Comparison

The maximum XT01.L drawdown since its inception was -15.30%, smaller than the maximum TREI.L drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for XT01.L and TREI.L.

Drawdown Indicators

	XT01.L	TREI.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.30%	-19.00%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.47%	-5.11%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-9.74%	-9.81%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.30%	-15.98%	+0.68%
Current Drawdown Current decline from peak	-5.15%	-5.65%	+0.50%
Average Drawdown Average peak-to-trough decline	-7.24%	-10.06%	+2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.87%	-0.08%

Volatility

XT01.L vs. TREI.L - Volatility Comparison

The current volatility for Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) is 1.65%, while Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) has a volatility of 1.74%. This indicates that XT01.L experiences smaller price fluctuations and is considered to be less risky than TREI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XT01.L	TREI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.74%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	4.70%	5.04%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	6.36%	6.59%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.35%	8.41%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.30%	8.77%	-0.47%

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

Both XT01.L and TREI.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XT01.L vs. TREI.L - Dividend Comparison

XT01.L has not paid dividends to shareholders, while TREI.L's dividend yield for the trailing twelve months is around 3.92%.

Position	TTM	2025	2024	2023	2022	2021	2020
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF	3.92%	4.23%	4.98%	4.59%	1.51%	0.10%	0.69%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

XT01.L and TREI.L have a correlation of 0.79, 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 TREI.L?

Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XT01.L or TREI.L?

XT01.L and TREI.L have the same expense ratio: 0.06% per year.

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

XT01.L tracks FTSE US Treasury Short Duration Index, while TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF. They also come from different issuers: Xtrackers and Invesco.