TRFE.DE vs. TRD1.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and TRD1.DE (Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist) are both Government Bonds funds from Invesco - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while TRD1.DE tracks the Bloomberg US Treasury Coupons Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 2.97%/yr for TRD1.DE. At a correlation of -0.26, they often move in opposite directions. TRFE.DE charges 0.10%/yr vs 0.06%/yr for TRD1.DE.
Performance
TRFE.DE vs. TRD1.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 TRD1.DE's 4.56% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
TRD1.DE
- 1D
- 0.20%
- 1M
- 2.07%
- 6M
- 4.34%
- YTD
- 4.56%
- 1Y
- 6.79%
- 3Y*
- 2.97%
- 5Y*
- 4.03%
- 10Y*
- —
TRFE.DE vs. TRD1.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% |
TRD1.DE Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist | 4.56% | -7.35% | 11.23% | 1.38% | 5.61% |
Correlation
The correlation between TRFE.DE and TRD1.DE is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
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. TRD1.DE — Risk / Return Rank
TRFE.DE
TRD1.DE
TRFE.DE vs. TRD1.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 US Treasury Bond 0-1 Year UCITS ETF USD Dist (TRD1.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 | TRD1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 1.83 | -1.53 |
| Martin ratioReturn relative to average drawdown | 0.79 | 4.77 | -3.98 |
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Drawdowns
TRFE.DE vs. TRD1.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, roughly equal to the maximum TRD1.DE drawdown of -17.81%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and TRD1.DE.
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Drawdown Indicators
| TRFE.DE | TRD1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -17.81% | +0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -3.70% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -11.60% | +6.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.70% | — |
Current DrawdownCurrent decline from peak | -9.71% | -5.44% | -4.27% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -8.30% | -2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.42% | -0.13% |
Volatility
TRFE.DE vs. TRD1.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.87%, while Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist (TRD1.DE) has a volatility of 1.79%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than TRD1.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 | TRD1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.79% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 4.67% | -1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 6.32% | -2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 7.48% | +3.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 8.11% | +3.12% |
TRFE.DE vs. TRD1.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is higher than TRD1.DE's 0.06% 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. TRD1.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, more than TRD1.DE's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
TRD1.DE Invesco US Treasury Bond 0-1 Year UCITS ETF USD Dist | 3.86% | 4.35% | 4.82% | 4.70% | 1.55% | 0.10% | 0.74% |
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% |
Frequently Asked Questions
TRFE.DE and TRD1.DE have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRD1.DE is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRD1.DE is cheaper with a 0.06% expense ratio, compared with 0.10% for TRFE.DE.
TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while TRD1.DE tracks Bloomberg US Treasury Coupons Index. Their fees differ too: 0.10% for TRFE.DE and 0.06% for TRD1.DE.
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