IS04.DE vs. TRDL.DE
IS04.DE (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and TRDL.DE (Invesco US Treasury Bond 10+ Year UCITS ETF Dist) are both Government Bonds funds - IS04.DE tracks the ICE U.S. Treasury 20+ Year Bond Index while TRDL.DE tracks the Bloomberg US Long Treasury Index. Both are passively managed. Over the past 3 years, IS04.DE returned -2.70%/yr vs -2.03%/yr for TRDL.DE. With a 0.97 correlation, they move nearly in lockstep. IS04.DE charges 0.07%/yr vs 0.06%/yr for TRDL.DE.
Performance
IS04.DE vs. TRDL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS04.DE achieves a 5.35% return, which is significantly higher than TRDL.DE's 5.04% return.
IS04.DE
- 1D
- 0.00%
- 1M
- 5.35%
- YTD
- 5.35%
- 6M
- 5.74%
- 1Y
- 7.72%
- 3Y*
- -2.70%
- 5Y*
- -5.14%
- 10Y*
- -2.08%
TRDL.DE
- 1D
- 0.00%
- 1M
- 5.19%
- YTD
- 5.04%
- 6M
- 5.41%
- 1Y
- 7.57%
- 3Y*
- -2.03%
- 5Y*
- —
- 10Y*
- —
IS04.DE vs. TRDL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IS04.DE iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 5.35% | -7.08% | -2.45% | -1.26% | -6.31% |
TRDL.DE Invesco US Treasury Bond 10+ Year UCITS ETF Dist | 5.04% | -6.13% | -0.85% | -1.72% | -4.67% |
Correlation
The correlation between IS04.DE and TRDL.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2022 | 0.97 |
The correlation between IS04.DE and TRDL.DE has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
IS04.DE vs. TRDL.DE — Risk / Return Rank
IS04.DE
TRDL.DE
IS04.DE vs. TRDL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IS04.DE) and Invesco US Treasury Bond 10+ Year UCITS ETF Dist (TRDL.DE). 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.
| IS04.DE | TRDL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 1.18 | -0.14 |
| Martin ratioReturn relative to average drawdown | 2.21 | 2.56 | -0.35 |
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Drawdowns
IS04.DE vs. TRDL.DE - Drawdown Comparison
The maximum IS04.DE drawdown since its inception was -47.19%, which is greater than TRDL.DE's maximum drawdown of -20.55%. Use the drawdown chart below to compare losses from any high point for IS04.DE and TRDL.DE.
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Drawdown Indicators
| IS04.DE | TRDL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.19% | -20.55% | -26.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -6.45% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -18.34% | -16.55% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -39.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.19% | — | — |
Current DrawdownCurrent decline from peak | -41.19% | -11.75% | -29.44% |
Average DrawdownAverage peak-to-trough decline | -22.82% | -11.38% | -11.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 2.97% | +0.52% |
Volatility
IS04.DE vs. TRDL.DE - Volatility Comparison
iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IS04.DE) has a higher volatility of 2.51% compared to Invesco US Treasury Bond 10+ Year UCITS ETF Dist (TRDL.DE) at 2.33%. This indicates that IS04.DE's price experiences larger fluctuations and is considered to be riskier than TRDL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS04.DE | TRDL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 2.33% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 6.75% | 6.33% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.95% | 9.08% | +0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.27% | 13.20% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 13.20% | +1.45% |
IS04.DE vs. TRDL.DE - Expense Ratio Comparison
IS04.DE has a 0.07% expense ratio, which is higher than TRDL.DE's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IS04.DE vs. TRDL.DE - Dividend Comparison
IS04.DE's dividend yield for the trailing twelve months is around 4.51%, less than TRDL.DE's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS04.DE iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.51% | 4.38% | 4.61% | 3.82% | 3.04% | 1.71% | 1.86% | 2.49% | 2.78% | 2.73% | 2.57% | 2.14% |
TRDL.DE Invesco US Treasury Bond 10+ Year UCITS ETF Dist | 4.70% | 4.88% | 4.70% | 3.09% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, IS04.DE and TRDL.DE 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.
On fees, TRDL.DE is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRDL.DE is cheaper with a 0.06% expense ratio, compared with 0.07% for IS04.DE.
IS04.DE tracks ICE U.S. Treasury 20+ Year Bond Index, while TRDL.DE tracks Bloomberg US Long Treasury Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IS04.DE and 0.06% for TRDL.DE.
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