TRDE.DE vs. SMLD.DE
TRDE.DE (Invesco US Treasury Bond 7-10 Year UCITS ETF EUR Hedged Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - TRDE.DE is a Government Bonds fund tracking the Bloomberg U.S. Treasury 7-10 Year Total Return Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, TRDE.DE returned -3.06%/yr vs 17.25%/yr for SMLD.DE. At a correlation of -0.23, they often move in opposite directions. TRDE.DE charges 0.10%/yr vs 0.50%/yr for SMLD.DE.
Performance
TRDE.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRDE.DE achieves a -1.23% return, which is significantly lower than SMLD.DE's 19.81% return.
TRDE.DE
- 1D
- -0.03%
- 1M
- 0.31%
- 6M
- -1.07%
- YTD
- -1.23%
- 1Y
- 1.30%
- 3Y*
- 1.18%
- 5Y*
- -3.06%
- 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%
TRDE.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRDE.DE Invesco US Treasury Bond 7-10 Year UCITS ETF EUR Hedged Dist | -1.23% | 6.20% | -2.34% | 1.23% | -17.08% | -3.96% | 8.23% | 4.48% |
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% | -5.61% |
Correlation
The correlation between TRDE.DE and SMLD.DE is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019 | -0.23 |
The correlation between TRDE.DE and SMLD.DE shifts across timeframes, from -0.27 (1 year) to -0.15 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRDE.DE vs. SMLD.DE — Risk / Return Rank
TRDE.DE
SMLD.DE
TRDE.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 7-10 Year UCITS ETF EUR Hedged Dist (TRDE.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.
| TRDE.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 1.63 | -1.32 |
| Martin ratioReturn relative to average drawdown | 0.80 | 3.59 | -2.79 |
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Drawdowns
TRDE.DE vs. SMLD.DE - Drawdown Comparison
The maximum TRDE.DE drawdown since its inception was -27.68%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for TRDE.DE and SMLD.DE.
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Drawdown Indicators
| TRDE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.68% | -83.65% | +55.97% |
Max Drawdown (1Y)Largest decline over 1 year | -4.14% | -9.68% | +5.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.64% | -22.99% | +15.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.70% | -22.99% | -1.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.32% | — |
Current DrawdownCurrent decline from peak | -19.64% | -4.21% | -15.43% |
Average DrawdownAverage peak-to-trough decline | -13.74% | -34.00% | +20.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 4.40% | -2.77% |
Volatility
TRDE.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond 7-10 Year UCITS ETF EUR Hedged Dist (TRDE.DE) is 1.24%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 4.56%. This indicates that TRDE.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
| TRDE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 4.56% | -3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 13.00% | -9.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.48% | 16.45% | -11.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.40% | 20.31% | -12.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.87% | 29.07% | -22.20% |
TRDE.DE vs. SMLD.DE - Expense Ratio Comparison
TRDE.DE has a 0.10% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
TRDE.DE vs. SMLD.DE - Dividend Comparison
TRDE.DE's dividend yield for the trailing twelve months is around 4.31%, 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% |
TRDE.DE Invesco US Treasury Bond 7-10 Year UCITS ETF EUR Hedged Dist | 4.31% | 4.15% | 4.39% | 3.47% | 2.43% | 1.62% | 1.75% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRDE.DE and SMLD.DE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRDE.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRDE.DE is cheaper with a 0.10% expense ratio, compared with 0.50% for SMLD.DE.
TRDE.DE is categorized as Government Bonds, while SMLD.DE is Energy Equities. TRDE.DE tracks Bloomberg U.S. Treasury 7-10 Year Total Return Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.10% for TRDE.DE and 0.50% for SMLD.DE.
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