TRDL.DE vs. IS04.DE
TRDL.DE (Invesco US Treasury Bond 10+ Year UCITS ETF Dist) and IS04.DE (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both Government Bonds funds - TRDL.DE tracks the Bloomberg US Long Treasury Index while IS04.DE tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, TRDL.DE returned -4.02%/yr vs -4.20%/yr for IS04.DE. With a 0.99 correlation, they move nearly in lockstep. TRDL.DE charges 0.06%/yr vs 0.07%/yr for IS04.DE.
Performance
TRDL.DE vs. IS04.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRDL.DE achieves a 0.56% return, which is significantly lower than IS04.DE's 0.81% return.
TRDL.DE
- 1D
- 0.19%
- 1M
- 1.37%
- YTD
- 0.56%
- 6M
- -0.99%
- 1Y
- 1.59%
- 3Y*
- -4.02%
- 5Y*
- —
- 10Y*
- —
IS04.DE
- 1D
- 0.41%
- 1M
- 1.45%
- YTD
- 0.81%
- 6M
- -0.81%
- 1Y
- 2.13%
- 3Y*
- -4.20%
- 5Y*
- -5.21%
- 10Y*
- -1.74%
TRDL.DE vs. IS04.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TRDL.DE Invesco US Treasury Bond 10+ Year UCITS ETF Dist | 0.56% | -6.69% | -1.18% | -1.92% | -4.24% |
IS04.DE iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 0.81% | -6.95% | -2.51% | -1.21% | -4.42% |
Correlation
The correlation between TRDL.DE and IS04.DE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2022 | 0.99 |
The correlation between TRDL.DE and IS04.DE has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
TRDL.DE vs. IS04.DE — Risk / Return Rank
TRDL.DE
IS04.DE
TRDL.DE vs. IS04.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 10+ Year UCITS ETF Dist (TRDL.DE) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IS04.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.
| TRDL.DE | IS04.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.04 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 0.29 | -0.05 |
| Martin ratioReturn relative to average drawdown | 0.51 | 0.62 | -0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRDL.DE | IS04.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.18 | 0.22 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.34 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.28 | -0.09 | -0.19 |
Drawdowns
TRDL.DE vs. IS04.DE - Drawdown Comparison
The maximum TRDL.DE drawdown since its inception was -21.20%, smaller than the maximum IS04.DE drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for TRDL.DE and IS04.DE.
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Drawdown Indicators
| TRDL.DE | IS04.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.20% | -47.19% | +25.99% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -7.33% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -16.89% | -18.47% | +1.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.05% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.19% | — |
Current DrawdownCurrent decline from peak | -16.50% | -43.69% | +27.19% |
Average DrawdownAverage peak-to-trough decline | -11.77% | -21.89% | +10.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 3.45% | -0.36% |
Volatility
TRDL.DE vs. IS04.DE - Volatility Comparison
Invesco US Treasury Bond 10+ Year UCITS ETF Dist (TRDL.DE) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IS04.DE) have volatilities of 2.50% and 2.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRDL.DE | IS04.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 2.47% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 6.52% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.00% | 9.70% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.14% | 15.21% | -2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.14% | 14.69% | -1.55% |
TRDL.DE vs. IS04.DE - Expense Ratio Comparison
TRDL.DE has a 0.06% expense ratio, which is lower than IS04.DE's 0.07% 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
TRDL.DE vs. IS04.DE - Dividend Comparison
TRDL.DE's dividend yield for the trailing twelve months is around 4.15%, less than IS04.DE's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS04.DE iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.35% | 4.38% | 4.62% | 3.82% | 3.04% | 1.71% | 1.86% | 2.49% | 2.79% | 2.72% | 2.56% | 2.14% |
TRDL.DE Invesco US Treasury Bond 10+ Year UCITS ETF Dist | 4.15% | 4.26% | 4.36% | 2.87% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, TRDL.DE and IS04.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, TRDL.DE is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRDL.DE is cheaper with a 0.06% expense ratio, compared with 0.07% for IS04.DE.
TRDL.DE tracks Bloomberg US Long Treasury Index, while IS04.DE tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for TRDL.DE and 0.07% for IS04.DE.
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