TRD3.DE vs. P500.DE
TRD3.DE (Invesco US Treasury Bond 1-3 Year UCITS ETF USD Dist) and P500.DE (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - TRD3.DE is a Government Bonds fund tracking the Bloomberg US Treasury 1-3 Year Index, while P500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, TRD3.DE returned 2.62%/yr vs 13.90%/yr for P500.DE. At a 0.10 correlation, their price movements are largely independent. TRD3.DE charges 0.06%/yr vs 0.05%/yr for P500.DE.
Performance
TRD3.DE vs. P500.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRD3.DE achieves a 3.63% return, which is significantly lower than P500.DE's 12.30% return.
TRD3.DE
- 1D
- 0.06%
- 1M
- 1.73%
- 6M
- 3.44%
- YTD
- 3.63%
- 1Y
- 6.18%
- 3Y*
- 2.75%
- 5Y*
- 2.62%
- 10Y*
- —
P500.DE
- 1D
- 0.23%
- 1M
- 0.61%
- 6M
- 13.07%
- YTD
- 12.30%
- 1Y
- 24.17%
- 3Y*
- 18.56%
- 5Y*
- 13.90%
- 10Y*
- 15.07%
TRD3.DE vs. P500.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRD3.DE Invesco US Treasury Bond 1-3 Year UCITS ETF USD Dist | 3.63% | -6.54% | 10.06% | 0.57% | 2.12% | 7.70% | -6.02% | -7.51% |
P500.DE Invesco S&P 500 UCITS ETF | 12.30% | 4.83% | 32.66% | 22.56% | -14.02% | 41.17% | 6.99% | 31.27% |
Correlation
The correlation between TRD3.DE and P500.DE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.10 |
The correlation between TRD3.DE and P500.DE shifts across timeframes, from 0.09 (5 years) to 0.21 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRD3.DE vs. P500.DE — Risk / Return Rank
TRD3.DE
P500.DE
TRD3.DE vs. P500.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 1-3 Year UCITS ETF USD Dist (TRD3.DE) and Invesco S&P 500 UCITS ETF (P500.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.
| TRD3.DE | P500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.37 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 3.39 | -1.59 |
| Martin ratioReturn relative to average drawdown | 4.34 | 12.01 | -7.67 |
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Drawdowns
TRD3.DE vs. P500.DE - Drawdown Comparison
The maximum TRD3.DE drawdown since its inception was -13.49%, smaller than the maximum P500.DE drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for TRD3.DE and P500.DE.
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Drawdown Indicators
| TRD3.DE | P500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -33.85% | +20.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -7.10% | +3.68% |
Max Drawdown (3Y)Largest decline over 3 years | -10.90% | -23.39% | +12.49% |
Max Drawdown (5Y)Largest decline over 5 years | -12.49% | -23.39% | +10.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.85% | — |
Current DrawdownCurrent decline from peak | -5.25% | -0.60% | -4.65% |
Average DrawdownAverage peak-to-trough decline | -7.13% | -3.84% | -3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 2.01% | -0.59% |
Volatility
TRD3.DE vs. P500.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond 1-3 Year UCITS ETF USD Dist (TRD3.DE) is 1.68%, while Invesco S&P 500 UCITS ETF (P500.DE) has a volatility of 3.66%. This indicates that TRD3.DE experiences smaller price fluctuations and is considered to be less risky than P500.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRD3.DE | P500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 3.66% | -1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 8.08% | -3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.82% | 12.00% | -6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.20% | 15.22% | -8.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 16.07% | -8.16% |
TRD3.DE vs. P500.DE - Expense Ratio Comparison
TRD3.DE has a 0.06% expense ratio, which is higher than P500.DE's 0.05% 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
TRD3.DE vs. P500.DE - Dividend Comparison
TRD3.DE's dividend yield for the trailing twelve months is around 3.83%, while P500.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
P500.DE Invesco S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRD3.DE Invesco US Treasury Bond 1-3 Year UCITS ETF USD Dist | 3.83% | 4.18% | 4.28% | 4.20% | 2.04% | 0.31% | 1.28% | 1.96% |
Frequently Asked Questions
TRD3.DE and P500.DE have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, P500.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
P500.DE is cheaper with a 0.05% expense ratio, compared with 0.06% for TRD3.DE.
TRD3.DE is categorized as Government Bonds, while P500.DE is S&P 500. TRD3.DE tracks Bloomberg US Treasury 1-3 Year Index, while P500.DE tracks S&P 500 Index. Their fees differ too: 0.06% for TRD3.DE and 0.05% for P500.DE.
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