TRD1.DE vs. TRFE.DE
TRD1.DE (Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist) and TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) are both Government Bonds funds from Invesco - TRD1.DE tracks the Bloomberg US Treasury Coupons Index while TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index. Both are passively managed. Over the past 3 years, TRD1.DE returned 3.93%/yr vs 0.92%/yr for TRFE.DE. At a correlation of -0.26, they often move in opposite directions. TRD1.DE charges 0.06%/yr vs 0.10%/yr for TRFE.DE.
Performance
TRD1.DE vs. TRFE.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TRD1.DE achieves a 4.62% return, which is significantly higher than TRFE.DE's -1.43% return.
TRD1.DE
- 1D
- 0.00%
- 1M
- 1.46%
- 6M
- 2.92%
- YTD
- 4.62%
- 1Y
- 5.14%
- 3Y*
- 3.93%
- 5Y*
- 3.97%
- 10Y*
- —
TRFE.DE
- 1D
- 0.19%
- 1M
- -0.39%
- 6M
- -0.87%
- YTD
- -1.43%
- 1Y
- 1.36%
- 3Y*
- 0.92%
- 5Y*
- —
- 10Y*
- —
TRD1.DE vs. TRFE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TRD1.DE Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist | 4.62% | -7.35% | 11.23% | 1.38% | 5.61% |
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | -1.43% | 4.63% | -1.17% | 1.55% | 4.74% |
Correlation
The correlation between TRD1.DE and TRFE.DE is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | -0.26 |
The correlation between TRD1.DE and TRFE.DE shifts across timeframes, from -0.38 (1 year) to -0.26 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TRD1.DE vs. TRFE.DE — Risk / Return Rank
TRD1.DE
TRFE.DE
TRD1.DE vs. TRFE.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 US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.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 | TRFE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.06 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.40 | +0.98 |
| Martin ratioReturn relative to average drawdown | 3.62 | 0.99 | +2.63 |
Loading charts...
Drawdowns
TRD1.DE vs. TRFE.DE - Drawdown Comparison
The maximum TRD1.DE drawdown since its inception was -17.81%, roughly equal to the maximum TRFE.DE drawdown of -17.11%. Use the drawdown chart below to compare losses from any high point for TRD1.DE and TRFE.DE.
Loading charts...
Drawdown Indicators
| TRD1.DE | TRFE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.81% | -17.11% | -0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.70% | -3.40% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -11.60% | -5.46% | -6.14% |
Max Drawdown (5Y)Largest decline over 5 years | -11.70% | — | — |
Current DrawdownCurrent decline from peak | -5.39% | -9.88% | +4.49% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -10.81% | +2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 1.38% | +0.04% |
Volatility
TRD1.DE vs. TRFE.DE - Volatility Comparison
Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist (TRD1.DE) has a higher volatility of 1.12% compared to Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) at 1.02%. This indicates that TRD1.DE's price experiences larger fluctuations and is considered to be riskier than TRFE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TRD1.DE | TRFE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.02% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.63% | 2.75% | +1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.21% | 3.99% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.48% | 11.18% | -3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.09% | 11.18% | -3.09% |
TRD1.DE vs. TRFE.DE - Expense Ratio Comparison
TRD1.DE has a 0.06% expense ratio, which is lower than TRFE.DE'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
TRD1.DE vs. TRFE.DE - Dividend Comparison
TRD1.DE's dividend yield for the trailing twelve months is around 3.86%, less than TRFE.DE's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | 4.28% | 4.10% | 4.30% | 3.77% | 1.74% | 0.00% | 0.00% |
Frequently Asked Questions
TRD1.DE and TRFE.DE have a correlation of -0.38, 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 0.10% for TRFE.DE.
TRD1.DE tracks Bloomberg US Treasury Coupons Index, while TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index. Their fees differ too: 0.06% for TRD1.DE and 0.10% for TRFE.DE.
Find the right allocation for TRD1.DE and TRFE.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer