In order to increase the overall solar energy gain of evacuated tube collectors, rear-side reflectors are used. In this way, the otherwise unused incident radiation between the tubes can be reflected back to the absorber, and the performance of the collector can be improved. In this paper, the use of a low-cost, diffusely reflecting, trapezoidal roof covering made from a galvanized metal sheet is investigated and compared to a high-quality, specularly reflecting plane reflector made of aluminum. For this purpose, ray-tracing analysis and TRNSYS simulations were carried out. In the ray-tracing analysis, the experimentally determined zero-loss collector efficiency η0 as well as the incident angle modifiers for each reflector can be reproduced with an error lower than 7.5%. Thermal system simulations show that the performance of both reflectors is comparable. The use of the low-cost reflector leads to an increase in annual collector output of around 30% compared to an increase with the specular reflector of around 33%. Considering a typical domestic hot water system, both reflectors enable an increase in the solar annual yield of approx. 11%.