TRDS.DE vs. SMLD.DE
TRDS.DE (Invesco US Treasury Bond UCITS ETF Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - TRDS.DE is a Government Bonds fund tracking the Bloomberg US Treasury Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 5 years, TRDS.DE returned 0.24%/yr vs 25.24%/yr for SMLD.DE. At a correlation of -0.01, they often move in opposite directions. TRDS.DE charges 0.06%/yr vs 0.50%/yr for SMLD.DE.
Performance
TRDS.DE vs. SMLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRDS.DE achieves a 0.86% return, which is significantly lower than SMLD.DE's 20.75% return.
TRDS.DE
- 1D
- -0.02%
- 1M
- 0.72%
- YTD
- 0.86%
- 6M
- 0.02%
- 1Y
- 1.02%
- 3Y*
- -0.30%
- 5Y*
- 0.24%
- 10Y*
- —
SMLD.DE
- 1D
- -0.66%
- 1M
- 0.52%
- YTD
- 20.75%
- 6M
- 14.96%
- 1Y
- 13.71%
- 3Y*
- 20.56%
- 5Y*
- 25.24%
- 10Y*
- 15.33%
TRDS.DE vs. SMLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRDS.DE Invesco US Treasury Bond UCITS ETF Dist | 0.86% | -5.91% | 6.16% | 0.07% | -6.97% | 5.67% | -2.04% | 6.04% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 20.75% | -8.86% | 35.22% | 27.59% | 49.18% | 62.11% | -27.45% | 2.99% |
Correlation
The correlation between TRDS.DE and SMLD.DE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2019 | -0.01 |
The correlation between TRDS.DE and SMLD.DE shifts across timeframes, from -0.01 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TRDS.DE vs. SMLD.DE — Risk / Return Rank
TRDS.DE
SMLD.DE
TRDS.DE vs. SMLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond UCITS ETF Dist (TRDS.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.
| TRDS.DE | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.15 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | 0.92 | -0.68 |
| Martin ratioReturn relative to average drawdown | 0.60 | 1.91 | -1.31 |
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
| TRDS.DE | SMLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.18 | 0.51 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 1.10 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.29 | -0.24 |
Drawdowns
TRDS.DE vs. SMLD.DE - Drawdown Comparison
The maximum TRDS.DE drawdown since its inception was -17.77%, smaller than the maximum SMLD.DE drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for TRDS.DE and SMLD.DE.
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Drawdown Indicators
| TRDS.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.77% | -73.78% | +56.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.13% | -14.77% | +10.64% |
Max Drawdown (3Y)Largest decline over 3 years | -11.21% | -22.99% | +11.78% |
Max Drawdown (5Y)Largest decline over 5 years | -13.10% | -22.99% | +9.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -14.15% | -3.47% | -10.68% |
Average DrawdownAverage peak-to-trough decline | -10.46% | -17.76% | +7.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 7.16% | -5.48% |
Volatility
TRDS.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF Dist (TRDS.DE) is 0.93%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 5.38%. This indicates that TRDS.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
| TRDS.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 5.38% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 12.79% | -8.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.61% | 26.64% | -21.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.04% | 22.60% | -14.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.80% | 34.70% | -26.90% |
TRDS.DE vs. SMLD.DE - Expense Ratio Comparison
TRDS.DE has a 0.06% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
TRDS.DE vs. SMLD.DE - Dividend Comparison
TRDS.DE's dividend yield for the trailing twelve months is around 3.65%, less than SMLD.DE's 7.55% 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 | 7.55% | 8.45% | 12.45% | 18.33% | 14.40% | 17.94% | 25.01% | 18.21% | 21.61% | 18.39% | 14.39% | 20.63% |
TRDS.DE Invesco US Treasury Bond UCITS ETF Dist | 3.65% | 3.76% | 3.83% | 3.58% | 1.90% | 0.94% | 1.47% | 1.48% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRDS.DE and SMLD.DE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRDS.DE is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRDS.DE is cheaper with a 0.06% expense ratio, compared with 0.50% for SMLD.DE.
TRDS.DE is categorized as Government Bonds, while SMLD.DE is Energy Equities. TRDS.DE tracks Bloomberg US Treasury Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.06% for TRDS.DE and 0.50% for SMLD.DE.
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