TRFE.DE vs. VAGT.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and VAGT.DE (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while VAGT.DE tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 0.92%/yr vs 2.13%/yr for VAGT.DE. At a 0.35 correlation, their price movements are largely independent. TRFE.DE charges 0.10%/yr vs 0.05%/yr for VAGT.DE.
Performance
TRFE.DE vs. VAGT.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRFE.DE achieves a -1.43% return, which is significantly lower than VAGT.DE's 2.49% return.
TRFE.DE
- 1D
- 0.19%
- 1M
- -0.39%
- 6M
- -0.87%
- YTD
- -1.43%
- 1Y
- 1.36%
- 3Y*
- 0.92%
- 5Y*
- —
- 10Y*
- —
VAGT.DE
- 1D
- 0.00%
- 1M
- 0.81%
- 6M
- 1.16%
- YTD
- 2.49%
- 1Y
- 4.46%
- 3Y*
- 2.13%
- 5Y*
- —
- 10Y*
- —
TRFE.DE vs. VAGT.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | -1.43% | 4.63% | -1.17% | 2.15% |
VAGT.DE Vanguard USD Treasury Bond UCITS ETF Accumulating | 2.49% | -5.48% | 6.40% | -0.47% |
Correlation
The correlation between TRFE.DE and VAGT.DE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023 | 0.36 |
Over the past year, the correlation between TRFE.DE and VAGT.DE has dropped to 0.11 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
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Return for Risk
TRFE.DE vs. VAGT.DE — Risk / Return Rank
TRFE.DE
VAGT.DE
TRFE.DE vs. VAGT.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 Vanguard USD Treasury Bond UCITS ETF Accumulating (VAGT.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 | VAGT.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.15 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 1.12 | -0.72 |
| Martin ratioReturn relative to average drawdown | 0.99 | 2.88 | -1.89 |
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Drawdowns
TRFE.DE vs. VAGT.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, which is greater than VAGT.DE's maximum drawdown of -11.03%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and VAGT.DE.
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Drawdown Indicators
| TRFE.DE | VAGT.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -11.03% | -6.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -4.00% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -11.03% | +5.57% |
Current DrawdownCurrent decline from peak | -9.88% | -5.91% | -3.97% |
Average DrawdownAverage peak-to-trough decline | -10.81% | -5.06% | -5.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.56% | -0.18% |
Volatility
TRFE.DE vs. VAGT.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 1.02%, while Vanguard USD Treasury Bond UCITS ETF Accumulating (VAGT.DE) has a volatility of 1.23%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than VAGT.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 | VAGT.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.23% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 3.81% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 5.46% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.18% | 7.26% | +3.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.18% | 7.26% | +3.92% |
TRFE.DE vs. VAGT.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is higher than VAGT.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. VAGT.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.28%, while VAGT.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | 4.28% | 4.10% | 4.30% | 3.77% | 1.74% |
VAGT.DE Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRFE.DE and VAGT.DE have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGT.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGT.DE is cheaper with a 0.05% expense ratio, compared with 0.10% for TRFE.DE.
TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while VAGT.DE tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.10% for TRFE.DE and 0.05% for VAGT.DE.
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