TRDL.DE vs. SPP3.DE

Last updated Jun 5, 2026

TRDL.DE (Invesco US Treasury Bond 10+ Year UCITS ETF Dist) and SPP3.DE (SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF) are both Government Bonds funds - TRDL.DE tracks the Bloomberg US Long Treasury Index while SPP3.DE tracks the Bloomberg US 3-7 Year Treasury Bond. Both are passively managed. Over the past 3 years, TRDL.DE returned -4.02%/yr vs 0.87%/yr for SPP3.DE. A 0.61 correlation means they provide meaningful diversification when combined. TRDL.DE charges 0.06%/yr vs 0.15%/yr for SPP3.DE.

Performance

TRDL.DE vs. SPP3.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco US Treasury Bond 10+ Year UCITS ETF Dist (TRDL.DE) and SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (SPP3.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRDL.DE achieves a 0.56% return, which is significantly lower than SPP3.DE's 0.86% return.

TRDL.DE

• 1D: 0.19%
• 1M: 0.81%
• YTD: 0.56%
• 6M: -0.74%
• 1Y: 1.84%
• 3Y*: -4.02%
• 5Y*: —
• 10Y*: —

SPP3.DE

• 1D: 0.03%
• 1M: 0.72%
• YTD: 0.86%
• 6M: 0.17%
• 1Y: 1.75%
• 3Y*: 0.87%
• 5Y*: 1.43%
• 10Y*: 1.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TRDL.DE vs. SPP3.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%
SPP3.DE SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF	0.86%	-4.58%	7.72%	1.58%	-6.10%

Correlation

The correlation between TRDL.DE and SPP3.DE is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 19, 2022	0.61

The correlation between TRDL.DE and SPP3.DE has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

TRDL.DE vs. SPP3.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TRDL.DE

TRDL.DE Risk / Return Rank: 11
TRDL.DE Sharpe Ratio Rank: 12
TRDL.DE Sortino Ratio Rank: 11
TRDL.DE Omega Ratio Rank: 10
TRDL.DE Calmar Ratio Rank: 12
TRDL.DE Martin Ratio Rank: 11

SPP3.DE

SPP3.DE Risk / Return Rank: 13
SPP3.DE Sharpe Ratio Rank: 13
SPP3.DE Sortino Ratio Rank: 12
SPP3.DE Omega Ratio Rank: 12
SPP3.DE Calmar Ratio Rank: 13
SPP3.DE Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TRDL.DE vs. SPP3.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 SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (SPP3.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	SPP3.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.18	0.26	-0.09
Sortino ratio: Return per unit of downside risk	0.31	0.42	-0.11
Omega ratio: Gain probability vs. loss probability	1.04	1.05	-0.01
Calmar ratio: Return relative to maximum drawdown	0.23	0.34	-0.11
Martin ratio: Return relative to average drawdown	0.51	0.87	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRDL.DE vs. SPP3.DE - Sharpe Ratio Comparison

The current TRDL.DE Sharpe Ratio is 0.18, which is lower than the SPP3.DE Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of TRDL.DE and SPP3.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRDL.DE	SPP3.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	0.26	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.18	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.12	-0.41

Drawdowns

TRDL.DE vs. SPP3.DE - Drawdown Comparison

The maximum TRDL.DE drawdown since its inception was -21.20%, which is greater than SPP3.DE's maximum drawdown of -16.82%. Use the drawdown chart below to compare losses from any high point for TRDL.DE and SPP3.DE.

Drawdown Indicators

	TRDL.DE	SPP3.DE	Difference
Max Drawdown Largest peak-to-trough decline	-21.20%	-16.82%	-4.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.76%	-4.06%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-9.95%	-6.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.82%	—
Current Drawdown Current decline from peak	-16.50%	-6.25%	-10.25%
Average Drawdown Average peak-to-trough decline	-11.77%	-6.75%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.61%	+1.48%

Volatility

TRDL.DE vs. SPP3.DE - Volatility Comparison

Invesco US Treasury Bond 10+ Year UCITS ETF Dist (TRDL.DE) has a higher volatility of 2.50% compared to SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF (SPP3.DE) at 0.76%. This indicates that TRDL.DE's price experiences larger fluctuations and is considered to be riskier than SPP3.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRDL.DE	SPP3.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	0.76%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	6.26%	3.64%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.00%	5.29%	+3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.14%	7.72%	+5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.14%	7.35%	+5.79%

TRDL.DE vs. SPP3.DE - Expense Ratio Comparison

TRDL.DE has a 0.06% expense ratio, which is lower than SPP3.DE's 0.15% 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. SPP3.DE - Dividend Comparison

TRDL.DE's dividend yield for the trailing twelve months is around 4.15%, more than SPP3.DE's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPP3.DE SPDR Bloomberg 3-7 Year US Treasury Bond UCITS ETF	3.91%	3.96%	3.14%	2.90%	1.13%	0.93%	1.80%	2.12%	1.59%	1.48%	0.44%
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%

Frequently Asked Questions

Can I hold both TRDL.DE and SPP3.DE in my portfolio?

TRDL.DE and SPP3.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TRDL.DE or SPP3.DE?

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.

Which ETF is cheaper, TRDL.DE or SPP3.DE?

TRDL.DE is cheaper with a 0.06% expense ratio, compared with 0.15% for SPP3.DE.

What is the main difference between TRDL.DE and SPP3.DE?

TRDL.DE tracks Bloomberg US Long Treasury Index, while SPP3.DE tracks Bloomberg US 3-7 Year Treasury Bond. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.06% for TRDL.DE and 0.15% for SPP3.DE.