TRFE.DE vs. SMLD.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and SMLD.DE (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist) are both exchange-traded funds - TRFE.DE is a Government Bonds fund tracking the Bloomberg U.S. Treasury Total Return Index, while SMLD.DE is a Energy Equities fund tracking the Morningstar MLP Composite. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 15.35%/yr for SMLD.DE. At a correlation of -0.19, they often move in opposite directions. TRFE.DE charges 0.10%/yr vs 0.50%/yr for SMLD.DE.
Performance
TRFE.DE vs. SMLD.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 SMLD.DE's 19.81% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
SMLD.DE
- 1D
- 0.81%
- 1M
- -1.44%
- 6M
- 18.91%
- YTD
- 19.81%
- 1Y
- 15.83%
- 3Y*
- 15.35%
- 5Y*
- 17.25%
- 10Y*
- 6.59%
TRFE.DE vs. SMLD.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% |
SMLD.DE Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist | 19.81% | -8.84% | 28.79% | 15.50% | 23.30% |
Correlation
The correlation between TRFE.DE and SMLD.DE is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | -0.19 |
The correlation between TRFE.DE and SMLD.DE shifts across timeframes, from -0.32 (1 year) to -0.17 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TRFE.DE vs. SMLD.DE — Risk / Return Rank
TRFE.DE
SMLD.DE
TRFE.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 EUR Hdg Dist (TRFE.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.
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 | SMLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 1.63 | -1.33 |
| Martin ratioReturn relative to average drawdown | 0.79 | 3.59 | -2.80 |
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Drawdowns
TRFE.DE vs. SMLD.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, smaller than the maximum SMLD.DE drawdown of -83.65%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and SMLD.DE.
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Drawdown Indicators
| TRFE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -83.65% | +66.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -9.68% | +6.28% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -22.99% | +17.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.99% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.32% | — |
Current DrawdownCurrent decline from peak | -9.71% | -4.21% | -5.50% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -34.00% | +23.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 4.40% | -3.11% |
Volatility
TRFE.DE vs. SMLD.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.87%, while Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist (SMLD.DE) has a volatility of 4.56%. This indicates that TRFE.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
| TRFE.DE | SMLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 4.56% | -3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 13.00% | -10.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 16.45% | -12.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 20.31% | -9.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 29.07% | -17.84% |
TRFE.DE vs. SMLD.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is lower than SMLD.DE's 0.50% expense ratio.
Dividends
TRFE.DE vs. SMLD.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, less than SMLD.DE's 7.76% 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 | 7.76% | 8.45% | 7.99% | 8.81% | 8.09% | 8.24% | 11.54% | 9.90% | 9.70% | 8.60% | 7.76% | 9.80% |
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 SMLD.DE have a correlation of -0.32, 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 0.50% for SMLD.DE.
TRFE.DE is categorized as Government Bonds, while SMLD.DE is Energy Equities. TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while SMLD.DE tracks Morningstar MLP Composite. Their fees differ too: 0.10% for TRFE.DE and 0.50% for SMLD.DE.
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