TRFE.DE vs. XCS2.DE
TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) and XCS2.DE (Xtrackers II Australia Government Bond UCITS ETF (Acc)) are both Government Bonds funds - TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index while XCS2.DE tracks the FTSE Australian Government Bond Index. Both are passively managed. Over the past 3 years, TRFE.DE returned 1.17%/yr vs 2.45%/yr for XCS2.DE. A 0.52 correlation means they provide meaningful diversification when combined. TRFE.DE charges 0.10%/yr vs 0.25%/yr for XCS2.DE.
Performance
TRFE.DE vs. XCS2.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 XCS2.DE's 8.74% return.
TRFE.DE
- 1D
- -0.16%
- 1M
- 0.24%
- 6M
- -0.59%
- YTD
- -1.24%
- 1Y
- 1.02%
- 3Y*
- 1.17%
- 5Y*
- —
- 10Y*
- —
XCS2.DE
- 1D
- 0.64%
- 1M
- 0.17%
- 6M
- 8.57%
- YTD
- 8.74%
- 1Y
- 9.20%
- 3Y*
- 2.45%
- 5Y*
- -1.91%
- 10Y*
- -0.09%
TRFE.DE vs. XCS2.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% |
XCS2.DE Xtrackers II Australia Government Bond UCITS ETF (Acc) | 8.74% | -2.17% | -1.70% | 0.78% | -10.59% |
Correlation
The correlation between TRFE.DE and XCS2.DE is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | 0.52 |
The correlation between TRFE.DE and XCS2.DE shifts across timeframes, from 0.33 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRFE.DE vs. XCS2.DE — Risk / Return Rank
TRFE.DE
XCS2.DE
TRFE.DE vs. XCS2.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 Xtrackers II Australia Government Bond UCITS ETF (Acc) (XCS2.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 | XCS2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 2.01 | -1.71 |
| Martin ratioReturn relative to average drawdown | 0.79 | 6.68 | -5.89 |
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Drawdowns
TRFE.DE vs. XCS2.DE - Drawdown Comparison
The maximum TRFE.DE drawdown since its inception was -17.11%, smaller than the maximum XCS2.DE drawdown of -41.58%. Use the drawdown chart below to compare losses from any high point for TRFE.DE and XCS2.DE.
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Drawdown Indicators
| TRFE.DE | XCS2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -41.58% | +24.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -4.56% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -12.00% | +6.54% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.58% | — |
Current DrawdownCurrent decline from peak | -9.71% | -32.78% | +23.07% |
Average DrawdownAverage peak-to-trough decline | -10.82% | -25.75% | +14.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.37% | -0.08% |
Volatility
TRFE.DE vs. XCS2.DE - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) is 0.87%, while Xtrackers II Australia Government Bond UCITS ETF (Acc) (XCS2.DE) has a volatility of 2.20%. This indicates that TRFE.DE experiences smaller price fluctuations and is considered to be less risky than XCS2.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 | XCS2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 2.20% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 7.40% | -4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 8.80% | -4.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 10.13% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 21.02% | -9.79% |
TRFE.DE vs. XCS2.DE - Expense Ratio Comparison
TRFE.DE has a 0.10% expense ratio, which is lower than XCS2.DE's 0.25% expense ratio. Despite the difference, 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. XCS2.DE - Dividend Comparison
TRFE.DE's dividend yield for the trailing twelve months is around 4.27%, while XCS2.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | 4.27% | 4.10% | 4.30% | 3.77% | 1.74% |
XCS2.DE Xtrackers II Australia Government Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRFE.DE and XCS2.DE have a correlation of 0.33, 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 0.25% for XCS2.DE.
TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index, while XCS2.DE tracks FTSE Australian Government Bond Index. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.10% for TRFE.DE and 0.25% for XCS2.DE.
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