XUT3.L vs. TREI.L
XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF) are both Government Bonds funds - XUT3.L tracks the iBoxx USD Treasuries 1-3 Index while TREI.L tracks the Invesco US Treasury Bond 0-1 Year UCITS ETF. Both are passively managed. Over the past 5 years, XUT3.L returned 1.91%/yr vs 3.32%/yr for TREI.L. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.06% expense ratio.
Performance
XUT3.L vs. TREI.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUT3.L achieves a 0.68% return, which is significantly lower than TREI.L's 1.77% return.
XUT3.L
- 1D
- 0.09%
- 1M
- 0.04%
- 6M
- 0.64%
- YTD
- 0.68%
- 1Y
- 3.22%
- 3Y*
- 4.20%
- 5Y*
- 1.91%
- 10Y*
- 1.73%
TREI.L
- 1D
- 0.00%
- 1M
- 0.22%
- 6M
- 1.65%
- YTD
- 1.77%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.32%
- 10Y*
- —
XUT3.L vs. TREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 0.68% | 5.06% | 4.13% | 4.10% | -3.60% | -0.62% | 2.93% |
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF | 1.77% | 4.31% | 5.17% | 4.98% | 0.53% | -0.02% | 1.12% |
Correlation
The correlation between XUT3.L and TREI.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.47 |
The correlation between XUT3.L and TREI.L shifts across timeframes, from 0.33 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XUT3.L vs. TREI.L — Risk / Return Rank
XUT3.L
TREI.L
XUT3.L vs. TREI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.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.
| XUT3.L | TREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.81 | ||
| Sortino ratioReturn per unit of downside risk | -6.43 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 4.71 | -3.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.65 | 13.21 | -8.56 |
| Martin ratioReturn relative to average drawdown | 17.93 | 159.95 | -142.02 |
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Drawdowns
XUT3.L vs. TREI.L - Drawdown Comparison
The maximum XUT3.L drawdown since its inception was -5.45%, which is greater than TREI.L's maximum drawdown of -0.68%. Use the drawdown chart below to compare losses from any high point for XUT3.L and TREI.L.
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Drawdown Indicators
| XUT3.L | TREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.45% | -0.68% | -4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -0.29% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -0.91% | -0.29% | -0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -5.45% | -0.67% | -4.78% |
Max Drawdown (10Y)Largest decline over 10 years | -5.45% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | 0.00% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -0.06% | -0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 0.02% | +0.15% |
Volatility
XUT3.L vs. TREI.L - Volatility Comparison
Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) has a higher volatility of 0.36% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF (TREI.L) at 0.10%. This indicates that XUT3.L's price experiences larger fluctuations and is considered to be riskier than TREI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XUT3.L | TREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 0.10% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 0.50% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.13% | 0.59% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.89% | 0.55% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.49% | 0.56% | +0.93% |
XUT3.L vs. TREI.L - Expense Ratio Comparison
Both XUT3.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
XUT3.L vs. TREI.L - Dividend Comparison
XUT3.L's dividend yield for the trailing twelve months is around 2.83%, less than TREI.L's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.83% | 2.70% | 2.35% | 1.80% | 1.00% | 2.89% | 2.43% | 1.16% | 1.00% | 0.69% |
Frequently Asked Questions
XUT3.L and TREI.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.
Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XUT3.L and TREI.L have the same expense ratio: 0.06% per year.
XUT3.L tracks iBoxx USD Treasuries 1-3 Index, while TREI.L tracks Invesco US Treasury Bond 0-1 Year UCITS ETF. They also come from different issuers: Xtrackers and Invesco.
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