TRD3.DE vs. SMLD.DE
TRD3.DE (Invesco US Treasury Bond 1-3 Year UCITS ETF USD Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - TRD3.DE is a Government Bonds fund tracking the Bloomberg US Treasury 1-3 Year Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, TRD3.DE returned 2.62%/yr vs 17.25%/yr for SMLD.DE. At a 0.12 correlation, their price movements are largely independent. TRD3.DE charges 0.06%/yr vs 0.50%/yr for SMLD.DE.
Performance
TRD3.DE vs. SMLD.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 SMLD.DE's 19.81% 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*
- —
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%
TRD3.DE vs. SMLD.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% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 19.81% | -8.84% | 28.79% | 15.50% | 39.45% | 46.81% | -37.59% | -0.78% |
Correlation
The correlation between TRD3.DE and SMLD.DE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2019 | 0.12 |
Over the past year, TRD3.DE and SMLD.DE have become more correlated (0.39) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
TRD3.DE vs. SMLD.DE — Risk / Return Rank
TRD3.DE
SMLD.DE
TRD3.DE vs. SMLD.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 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.
| TRD3.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 1.63 | +0.17 |
| Martin ratioReturn relative to average drawdown | 4.34 | 3.59 | +0.75 |
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Drawdowns
TRD3.DE vs. SMLD.DE - Drawdown Comparison
The maximum TRD3.DE drawdown since its inception was -13.49%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for TRD3.DE and SMLD.DE.
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Drawdown Indicators
| TRD3.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -83.65% | +70.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -9.68% | +6.26% |
Max Drawdown (3Y)Largest decline over 3 years | -10.90% | -22.99% | +12.09% |
Max Drawdown (5Y)Largest decline over 5 years | -12.49% | -22.99% | +10.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.32% | — |
Current DrawdownCurrent decline from peak | -5.25% | -4.21% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -7.13% | -34.00% | +26.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 4.40% | -2.98% |
Volatility
TRD3.DE vs. SMLD.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 Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 4.56%. This indicates that TRD3.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
| TRD3.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 4.56% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 13.00% | -8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.82% | 16.45% | -10.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.20% | 20.31% | -13.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 29.07% | -21.16% |
TRD3.DE vs. SMLD.DE - Expense Ratio Comparison
TRD3.DE has a 0.06% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
TRD3.DE vs. SMLD.DE - Dividend Comparison
TRD3.DE's dividend yield for the trailing twelve months is around 3.83%, 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% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRD3.DE and SMLD.DE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRD3.DE is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRD3.DE is cheaper with a 0.06% expense ratio, compared with 0.50% for SMLD.DE.
TRD3.DE is categorized as Government Bonds, while SMLD.DE is Energy Equities. TRD3.DE tracks Bloomberg US Treasury 1-3 Year Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.06% for TRD3.DE and 0.50% for SMLD.DE.
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