TRFE.DE vs. EXHC.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and EXHC.DE (iShares eb.rexx Government Germany 2.5-5.5yr UCITS ETF (DE)) are both Government Bonds funds - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while EXHC.DE tracks the eb.rexx Government Germany 2.5-5.5 Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 2.33%/yr for EXHC.DE. A 0.67 correlation means they provide meaningful diversification when combined. TRFE.DE charges 0.10%/yr vs 0.16%/yr for EXHC.DE.
Performance
TRFE.DE vs. EXHC.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRFE.DE achieves a -1.24% return, which is significantly lower than EXHC.DE's 0.37% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
EXHC.DE
- 1D
- -0.17%
- 1M
- 0.67%
- 6M
- 0.42%
- YTD
- 0.37%
- 1Y
- 0.40%
- 3Y*
- 2.33%
- 5Y*
- -0.87%
- 10Y*
- -0.63%
TRFE.DE vs. EXHC.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | -1.24% | 4.63% | -1.17% | 1.55% | 4.74% |
EXHC.DE iShares eb.rexx Government Germany 2.5-5.5yr UCITS ETF (DE) | 0.37% | 1.16% | 1.57% | 4.17% | -9.59% |
Correlation
The correlation between TRFE.DE and EXHC.DE is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | 0.67 |
The correlation between TRFE.DE and EXHC.DE has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.
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Return for Risk
TRFE.DE vs. EXHC.DE — Risk / Return Rank
TRFE.DE
EXHC.DE
TRFE.DE vs. EXHC.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) and iShares eb.rexx Government Germany 2.5-5.5yr UCITS ETF (DE) (EXHC.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.
| TRFE.DE | EXHC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.03 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 0.19 | +0.11 |
| Martin ratioReturn relative to average drawdown | 0.79 | 0.46 | +0.33 |
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Drawdowns
TRFE.DE vs. EXHC.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, which is greater than EXHC.DE's maximum drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and EXHC.DE.
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Drawdown Indicators
| TRFE.DE | EXHC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -14.39% | -2.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -2.06% | -1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -2.33% | -3.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.39% | — |
Current DrawdownCurrent decline from peak | -9.71% | -6.78% | -2.93% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -2.90% | -7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.87% | +0.42% |
Volatility
TRFE.DE vs. EXHC.DE - Volatility Comparison
Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) has a higher volatility of 0.87% compared to iShares eb.rexx Government Germany 2.5-5.5yr UCITS ETF (DE) (EXHC.DE) at 0.52%. This indicates that TRFE.DE's price experiences larger fluctuations and is considered to be riskier than EXHC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRFE.DE | EXHC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.52% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 2.06% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 2.39% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 3.59% | +7.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 2.76% | +8.47% |
TRFE.DE vs. EXHC.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is lower than EXHC.DE's 0.16% 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
TRFE.DE vs. EXHC.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, more than EXHC.DE's 1.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXHC.DE iShares eb.rexx Government Germany 2.5-5.5yr UCITS ETF (DE) | 1.40% | 1.38% | 1.11% | 0.81% | 0.41% | 0.68% | 0.86% | 1.08% | 0.91% | 1.34% | 1.65% | 1.82% |
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | 4.27% | 4.10% | 4.30% | 3.77% | 1.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRFE.DE and EXHC.DE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRFE.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRFE.DE is cheaper with a 0.10% expense ratio, compared with 0.16% for EXHC.DE.
TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while EXHC.DE tracks eb.rexx Government Germany 2.5-5.5 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.10% for TRFE.DE and 0.16% for EXHC.DE.
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