TRFE.DE vs. VGTY.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and VGTY.DE (Vanguard USD Treasury Bond UCITS ETF Distributing) are both Government Bonds funds - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while VGTY.DE tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 1.47%/yr for VGTY.DE. At a 0.38 correlation, their price movements are largely independent. TRFE.DE charges 0.10%/yr vs 0.05%/yr for VGTY.DE.
Performance
TRFE.DE vs. VGTY.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 VGTY.DE's 2.87% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
VGTY.DE
- 1D
- -0.05%
- 1M
- 1.91%
- 6M
- 2.81%
- YTD
- 2.87%
- 1Y
- 6.01%
- 3Y*
- 1.47%
- 5Y*
- 0.19%
- 10Y*
- —
TRFE.DE vs. VGTY.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% |
VGTY.DE Vanguard USD Treasury Bond UCITS ETF Distributing | 2.87% | -5.53% | 6.49% | 0.32% | -6.36% |
Correlation
The correlation between TRFE.DE and VGTY.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 Feb 1, 2022 | 0.38 |
Over the past year, the correlation between TRFE.DE and VGTY.DE has dropped to 0.11 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.
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Return for Risk
TRFE.DE vs. VGTY.DE — Risk / Return Rank
TRFE.DE
VGTY.DE
TRFE.DE vs. VGTY.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 Distributing (VGTY.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 | VGTY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.20 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 1.50 | -1.20 |
| Martin ratioReturn relative to average drawdown | 0.79 | 3.90 | -3.11 |
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Drawdowns
TRFE.DE vs. VGTY.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, roughly equal to the maximum VGTY.DE drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and VGTY.DE.
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Drawdown Indicators
| TRFE.DE | VGTY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -17.51% | +0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -3.98% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -11.05% | +5.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.99% | — |
Current DrawdownCurrent decline from peak | -9.71% | -11.40% | +1.69% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -9.06% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.54% | -0.25% |
Volatility
TRFE.DE vs. VGTY.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.87%, while Vanguard USD Treasury Bond UCITS ETF Distributing (VGTY.DE) has a volatility of 1.57%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than VGTY.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 | VGTY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.57% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 3.81% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 5.47% | -1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 7.99% | +3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 7.66% | +3.57% |
TRFE.DE vs. VGTY.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is higher than VGTY.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. VGTY.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, more than VGTY.DE's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGTY.DE Vanguard USD Treasury Bond UCITS ETF Distributing | 4.19% | 4.49% | 3.94% | 3.47% | 2.14% | 1.17% | 1.67% | 2.35% | 2.28% | 0.30% |
Frequently Asked Questions
TRFE.DE and VGTY.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, VGTY.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGTY.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 VGTY.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 VGTY.DE.
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