TRFE.DE vs. VX6F.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and VX6F.DE (Vanguard U.K. Gilt UCITS ETF GBP Accumulation) are both Government Bonds funds - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while VX6F.DE tracks the Bloomberg Sterling Gilt Float Adjusted Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 0.94%/yr vs 2.65%/yr for VX6F.DE. A 0.67 correlation means they provide meaningful diversification when combined. TRFE.DE charges 0.10%/yr vs 0.05%/yr for VX6F.DE.
Performance
TRFE.DE vs. VX6F.DE - Performance Comparison
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Returns By Period
In the year-to-date period, TRFE.DE achieves a -1.53% return, which is significantly lower than VX6F.DE's 0.77% return.
TRFE.DE
- 1D
- 0.16%
- 1M
- -0.36%
- 6M
- -1.25%
- YTD
- -1.53%
- 1Y
- 1.55%
- 3Y*
- 0.94%
- 5Y*
- —
- 10Y*
- —
VX6F.DE
- 1D
- 0.00%
- 1M
- 0.30%
- 6M
- -0.99%
- YTD
- 0.77%
- 1Y
- 3.78%
- 3Y*
- 2.65%
- 5Y*
- -2.74%
- 10Y*
- —
TRFE.DE vs. VX6F.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | -1.53% | 4.63% | -1.17% | 1.55% | 4.74% |
VX6F.DE Vanguard U.K. Gilt UCITS ETF GBP Accumulation | 0.77% | 0.53% | -0.19% | 18.92% | -23.74% |
Correlation
The correlation between TRFE.DE and VX6F.DE is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | 0.67 |
The correlation between TRFE.DE and VX6F.DE shifts across timeframes, from 0.53 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRFE.DE vs. VX6F.DE — Risk / Return Rank
TRFE.DE
VX6F.DE
TRFE.DE vs. VX6F.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 U.K. Gilt UCITS ETF GBP Accumulation (VX6F.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 | VX6F.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.09 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 0.71 | -0.25 |
| Martin ratioReturn relative to average drawdown | 1.14 | 2.18 | -1.04 |
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Drawdowns
TRFE.DE vs. VX6F.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, smaller than the maximum VX6F.DE drawdown of -38.93%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and VX6F.DE.
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Drawdown Indicators
| TRFE.DE | VX6F.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -38.93% | +21.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -5.35% | +1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -9.02% | +3.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.83% | — |
Current DrawdownCurrent decline from peak | -9.97% | -18.84% | +8.87% |
Average DrawdownAverage peak-to-trough decline | -10.81% | -14.84% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 1.74% | -0.38% |
Volatility
TRFE.DE vs. VX6F.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.99%, while Vanguard U.K. Gilt UCITS ETF GBP Accumulation (VX6F.DE) has a volatility of 1.99%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than VX6F.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 | VX6F.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.99% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 6.25% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 7.82% | -3.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.19% | 12.94% | -1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 12.04% | -0.85% |
TRFE.DE vs. VX6F.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is higher than VX6F.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. VX6F.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.29%, while VX6F.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | 4.29% | 4.10% | 4.30% | 3.77% | 1.74% |
VX6F.DE Vanguard U.K. Gilt UCITS ETF GBP Accumulation | 0.00% | 0.37% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRFE.DE and VX6F.DE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VX6F.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VX6F.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 VX6F.DE tracks Bloomberg Sterling Gilt 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 VX6F.DE.
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