TRD1.DE vs. SMLD.DE
TRD1.DE (Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - TRD1.DE is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, TRD1.DE returned 4.03%/yr vs 17.25%/yr for SMLD.DE. At a 0.15 correlation, their price movements are largely independent. TRD1.DE charges 0.06%/yr vs 0.50%/yr for SMLD.DE.
Performance
TRD1.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRD1.DE achieves a 4.56% return, which is significantly lower than SMLD.DE's 19.81% return.
TRD1.DE
- 1D
- 0.20%
- 1M
- 2.07%
- 6M
- 4.34%
- YTD
- 4.56%
- 1Y
- 6.79%
- 3Y*
- 2.97%
- 5Y*
- 4.03%
- 10Y*
- —
SMLD.DE
- 1D
- 0.81%
- 1M
- -1.44%
- 6M
- 18.91%
- YTD
- 19.81%
- 1Y
- 15.83%
- 3Y*
- 15.35%
- 5Y*
- 17.25%
- 10Y*
- 6.59%
TRD1.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TRD1.DE Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist | 4.56% | -7.35% | 11.23% | 1.38% | 6.73% | 8.36% | -17.72% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 19.81% | -8.84% | 28.79% | 15.50% | 39.45% | 46.81% | -39.65% |
Correlation
The correlation between TRD1.DE and SMLD.DE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.15 |
Over the past year, TRD1.DE and SMLD.DE have become more correlated (0.42) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
TRD1.DE vs. SMLD.DE — Risk / Return Rank
TRD1.DE
SMLD.DE
TRD1.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist (TRD1.DE) and Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.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.
| TRD1.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.63 | +0.20 |
| Martin ratioReturn relative to average drawdown | 4.77 | 3.59 | +1.18 |
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Drawdowns
TRD1.DE vs. SMLD.DE - Drawdown Comparison
The maximum TRD1.DE drawdown since its inception was -17.81%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for TRD1.DE and SMLD.DE.
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Drawdown Indicators
| TRD1.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.81% | -83.65% | +65.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.70% | -9.68% | +5.98% |
Max Drawdown (3Y)Largest decline over 3 years | -11.60% | -22.99% | +11.39% |
Max Drawdown (5Y)Largest decline over 5 years | -11.70% | -22.99% | +11.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.32% | — |
Current DrawdownCurrent decline from peak | -5.44% | -4.21% | -1.23% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -34.00% | +25.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 4.40% | -2.98% |
Volatility
TRD1.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist (TRD1.DE) is 1.79%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 4.56%. This indicates that TRD1.DE experiences smaller price fluctuations and is considered to be less risky than SMLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRD1.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 4.56% | -2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 13.00% | -8.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.32% | 16.45% | -10.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.48% | 20.31% | -12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.11% | 29.07% | -20.96% |
TRD1.DE vs. SMLD.DE - Expense Ratio Comparison
TRD1.DE has a 0.06% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
TRD1.DE vs. SMLD.DE - Dividend Comparison
TRD1.DE's dividend yield for the trailing twelve months is around 3.86%, less than SMLD.DE's 7.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 7.76% | 8.45% | 7.99% | 8.81% | 8.09% | 8.24% | 11.54% | 9.90% | 9.70% | 8.60% | 7.76% | 9.80% |
TRD1.DE Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist | 3.86% | 4.35% | 4.82% | 4.70% | 1.55% | 0.10% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRD1.DE and SMLD.DE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRD1.DE is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRD1.DE is cheaper with a 0.06% expense ratio, compared with 0.50% for SMLD.DE.
TRD1.DE is categorized as Government Bonds, while SMLD.DE is Energy Equities. TRD1.DE tracks Bloomberg US Treasury Coupons Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.06% for TRD1.DE and 0.50% for SMLD.DE.
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