XCS2.DE vs. TRFE.DE
XCS2.DE (Xtrackers II Australia Government Bond UCITS ETF (Acc)) and TRFE.DE (Invesco US Treasury Bond UCITS ETF EUR Hdg Dist) are both Government Bonds funds - XCS2.DE tracks the FTSE Australian Government Bond Index while TRFE.DE tracks the Bloomberg U.S. Treasury Total Return Index. Both are passively managed. Over the past 3 years, XCS2.DE returned 2.56%/yr vs 0.92%/yr for TRFE.DE. A 0.52 correlation means they provide meaningful diversification when combined. XCS2.DE charges 0.25%/yr vs 0.10%/yr for TRFE.DE.
Performance
XCS2.DE vs. TRFE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XCS2.DE achieves a 8.53% return, which is significantly higher than TRFE.DE's -1.43% return.
XCS2.DE
- 1D
- -0.03%
- 1M
- -0.78%
- 6M
- 6.96%
- YTD
- 8.53%
- 1Y
- 9.41%
- 3Y*
- 2.56%
- 5Y*
- -1.97%
- 10Y*
- -0.24%
TRFE.DE
- 1D
- 0.19%
- 1M
- -0.39%
- 6M
- -0.87%
- YTD
- -1.43%
- 1Y
- 1.36%
- 3Y*
- 0.92%
- 5Y*
- —
- 10Y*
- —
XCS2.DE vs. TRFE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XCS2.DE Xtrackers II Australia Government Bond UCITS ETF (Acc) | 8.53% | -2.17% | -1.70% | 0.78% | -10.59% |
TRFE.DE Invesco US Treasury Bond UCITS ETF EUR Hdg Dist | -1.43% | 4.63% | -1.17% | 1.55% | 4.74% |
Correlation
The correlation between XCS2.DE and TRFE.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 XCS2.DE and TRFE.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
XCS2.DE vs. TRFE.DE — Risk / Return Rank
XCS2.DE
TRFE.DE
XCS2.DE vs. TRFE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Australia Government Bond UCITS ETF (Acc) (XCS2.DE) and Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.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.
| XCS2.DE | TRFE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.06 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 0.40 | +1.65 |
| Martin ratioReturn relative to average drawdown | 6.71 | 0.99 | +5.72 |
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Drawdowns
XCS2.DE vs. TRFE.DE - Drawdown Comparison
The maximum XCS2.DE drawdown since its inception was -41.58%, which is greater than TRFE.DE's maximum drawdown of -17.11%. Use the drawdown chart below to compare losses from any high point for XCS2.DE and TRFE.DE.
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Drawdown Indicators
| XCS2.DE | TRFE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.58% | -17.11% | -24.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.56% | -3.40% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -12.00% | -5.46% | -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 | -32.91% | -9.88% | -23.03% |
Average DrawdownAverage peak-to-trough decline | -25.77% | -10.81% | -14.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 1.38% | +0.02% |
Volatility
XCS2.DE vs. TRFE.DE - Volatility Comparison
Xtrackers II Australia Government Bond UCITS ETF (Acc) (XCS2.DE) has a higher volatility of 2.72% compared to Invesco US Treasury Bond UCITS ETF EUR Hdg Dist (TRFE.DE) at 1.02%. This indicates that XCS2.DE's price experiences larger fluctuations and is considered to be riskier than TRFE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCS2.DE | TRFE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 1.02% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.34% | 2.75% | +4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 3.99% | +4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.16% | 11.18% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.02% | 11.18% | +9.84% |
XCS2.DE vs. TRFE.DE - Expense Ratio Comparison
XCS2.DE has a 0.25% expense ratio, which is higher than TRFE.DE's 0.10% 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
XCS2.DE vs. TRFE.DE - Dividend Comparison
XCS2.DE has not paid dividends to shareholders, while TRFE.DE's dividend yield for the trailing twelve months is around 4.28%.
| 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% |
XCS2.DE Xtrackers II Australia Government Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XCS2.DE and TRFE.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.
XCS2.DE tracks FTSE Australian Government Bond Index, while TRFE.DE tracks Bloomberg U.S. Treasury Total Return Index. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.25% for XCS2.DE and 0.10% for TRFE.DE.
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