TRFE.DE vs. P500.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and P500.DE (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - TRFE.DE is a Government Bonds fund tracking the Bloomberg U.S. Treasury Total Return Index, while P500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 18.56%/yr for P500.DE. At a correlation of -0.05, they often move in opposite directions. TRFE.DE charges 0.10%/yr vs 0.05%/yr for P500.DE.
Performance
TRFE.DE vs. P500.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 P500.DE's 12.30% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
P500.DE
- 1D
- 0.23%
- 1M
- 0.61%
- 6M
- 13.07%
- YTD
- 12.30%
- 1Y
- 24.17%
- 3Y*
- 18.56%
- 5Y*
- 13.90%
- 10Y*
- 15.07%
TRFE.DE vs. P500.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% |
P500.DE Invesco S&P 500 UCITS ETF | 12.30% | 4.83% | 32.66% | 22.56% | -8.64% |
Correlation
The correlation between TRFE.DE and P500.DE is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | -0.05 |
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Return for Risk
TRFE.DE vs. P500.DE — Risk / Return Rank
TRFE.DE
P500.DE
TRFE.DE vs. P500.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 Invesco S&P 500 UCITS ETF (P500.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 | P500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.37 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 3.39 | -3.09 |
| Martin ratioReturn relative to average drawdown | 0.79 | 12.01 | -11.22 |
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Drawdowns
TRFE.DE vs. P500.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, smaller than the maximum P500.DE drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and P500.DE.
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Drawdown Indicators
| TRFE.DE | P500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -33.85% | +16.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -7.10% | +3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -23.39% | +17.93% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.39% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.85% | — |
Current DrawdownCurrent decline from peak | -9.71% | -0.60% | -9.11% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -3.84% | -6.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 2.01% | -0.72% |
Volatility
TRFE.DE vs. P500.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.87%, while Invesco S&P 500 UCITS ETF (P500.DE) has a volatility of 3.66%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than P500.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 | P500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 3.66% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 8.08% | -5.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 12.00% | -8.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 15.22% | -3.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 16.07% | -4.84% |
TRFE.DE vs. P500.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is higher than P500.DE's 0.05% 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. P500.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, while P500.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
P500.DE Invesco S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | 4.27% | 4.10% | 4.30% | 3.77% | 1.74% |
Frequently Asked Questions
TRFE.DE and P500.DE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, P500.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
P500.DE is cheaper with a 0.05% expense ratio, compared with 0.10% for TRFE.DE.
TRFE.DE is categorized as Government Bonds, while P500.DE is S&P 500. TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while P500.DE tracks S&P 500 Index. Their fees differ too: 0.10% for TRFE.DE and 0.05% for P500.DE.
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