TRFE.DE vs. IBCC.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and IBCC.DE (iShares $ Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both Government Bonds funds - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while IBCC.DE tracks the ICE US Treasury Short Bond Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 3.02%/yr for IBCC.DE. At a correlation of -0.26, they often move in opposite directions. TRFE.DE charges 0.10%/yr vs 0.07%/yr for IBCC.DE.
Performance
TRFE.DE vs. IBCC.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 IBCC.DE's 4.60% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
IBCC.DE
- 1D
- 0.23%
- 1M
- 1.87%
- 6M
- 4.60%
- YTD
- 4.60%
- 1Y
- 6.83%
- 3Y*
- 3.02%
- 5Y*
- 4.17%
- 10Y*
- —
TRFE.DE vs. IBCC.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% |
IBCC.DE iShares $ Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.60% | -7.23% | 11.42% | 1.23% | 6.05% |
Correlation
The correlation between TRFE.DE and IBCC.DE is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | -0.26 |
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Return for Risk
TRFE.DE vs. IBCC.DE — Risk / Return Rank
TRFE.DE
IBCC.DE
TRFE.DE vs. IBCC.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 $ Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBCC.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 | IBCC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.20 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 2.10 | -1.80 |
| Martin ratioReturn relative to average drawdown | 0.79 | 4.78 | -3.99 |
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Drawdowns
TRFE.DE vs. IBCC.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, which is greater than IBCC.DE's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and IBCC.DE.
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Drawdown Indicators
| TRFE.DE | IBCC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -16.17% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -3.24% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -11.59% | +6.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.69% | — |
Current DrawdownCurrent decline from peak | -9.71% | -5.33% | -4.38% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -7.99% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.43% | -0.14% |
Volatility
TRFE.DE vs. IBCC.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.87%, while iShares $ Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBCC.DE) has a volatility of 1.88%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than IBCC.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 | IBCC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.88% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 4.35% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 6.23% | -2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 7.57% | +3.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 8.43% | +2.80% |
TRFE.DE vs. IBCC.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is higher than IBCC.DE's 0.07% expense ratio. However, 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. IBCC.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, more than IBCC.DE's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBCC.DE iShares $ Treasury Bond 0-1yr UCITS ETF USD (Dist) | 3.99% | 4.63% | 6.49% | 4.14% | 0.47% | 0.09% | 1.39% | 1.22% |
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% |
Frequently Asked Questions
TRFE.DE and IBCC.DE have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCC.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCC.DE is cheaper with a 0.07% expense ratio, compared with 0.10% for TRFE.DE.
TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while IBCC.DE tracks ICE US Treasury Short Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.10% for TRFE.DE and 0.07% for IBCC.DE.
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