0FLE.L vs. U03A.L
0FLE.L (iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist)) and U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) are both Ultrashort Bond funds from iShares - 0FLE.L tracks the Bloomberg US Floating Rate Note<5 Years Index while U03A.L tracks the ICE 0-3 Month US Treasury Bill Index. Both are passively managed. Over the past year, 0FLE.L returned 3.40% vs 5.55% for U03A.L. At a correlation of -0.07, they often move in opposite directions. 0FLE.L charges 0.12%/yr vs 0.07%/yr for U03A.L.
Performance
0FLE.L vs. U03A.L - Performance Comparison
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Different Trading Currencies
0FLE.L is traded in EUR, while U03A.L is traded in USD. To make them comparable, the U03A.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 0FLE.L achieves a 2.21% return, which is significantly lower than U03A.L's 4.84% return.
0FLE.L
- 1D
- 0.54%
- 1M
- 1.01%
- 6M
- 1.97%
- YTD
- 2.21%
- 1Y
- 3.40%
- 3Y*
- 3.94%
- 5Y*
- 2.60%
- 10Y*
- —
U03A.L
- 1D
- 0.00%
- 1M
- 1.79%
- 6M
- 3.84%
- YTD
- 4.84%
- 1Y
- 5.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
0FLE.L vs. U03A.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
0FLE.L iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | 2.21% | 2.22% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 4.84% | -7.51% |
Correlation
The correlation between 0FLE.L and U03A.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025 | -0.07 |
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Return for Risk
0FLE.L vs. U03A.L — Risk / Return Rank
0FLE.L
U03A.L
0FLE.L vs. U03A.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) (0FLE.L) and iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L). 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.
| 0FLE.L | U03A.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.16 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 1.44 | +3.37 |
| Martin ratioReturn relative to average drawdown | 13.29 | 3.66 | +9.63 |
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Drawdowns
0FLE.L vs. U03A.L - Drawdown Comparison
The maximum 0FLE.L drawdown since its inception was -3.91%, smaller than the maximum U03A.L drawdown of -9.90%. Use the drawdown chart below to compare losses from any high point for 0FLE.L and U03A.L.
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Drawdown Indicators
| 0FLE.L | U03A.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.91% | -9.90% | +5.99% |
Max Drawdown (1Y)Largest decline over 1 year | -0.71% | -3.84% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -2.86% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -2.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.05% | +3.05% |
Average DrawdownAverage peak-to-trough decline | -1.25% | -6.53% | +5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 1.51% | -1.25% |
Volatility
0FLE.L vs. U03A.L - Volatility Comparison
iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) (0FLE.L) has a higher volatility of 1.57% compared to iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) at 1.46%. This indicates that 0FLE.L's price experiences larger fluctuations and is considered to be riskier than U03A.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 0FLE.L | U03A.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 1.46% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.14% | 4.41% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 6.18% | -3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.74% | 7.19% | -3.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 7.19% | -4.12% |
0FLE.L vs. U03A.L - Expense Ratio Comparison
0FLE.L has a 0.12% expense ratio, which is higher than U03A.L's 0.07% 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
0FLE.L vs. U03A.L - Dividend Comparison
0FLE.L's dividend yield for the trailing twelve months is around 4.69%, while U03A.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
0FLE.L iShares $ Floating Rate Bond UCITS ETF EUR Hedged (Dist) | 4.69% | 5.04% | 6.01% | 5.52% | 1.49% | 0.58% | 1.60% | 2.96% | 2.07% | 0.36% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
0FLE.L and U03A.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.12% for 0FLE.L.
0FLE.L tracks Bloomberg US Floating Rate Note<5 Years Index, while U03A.L tracks ICE 0-3 Month US Treasury Bill Index. Their fees differ too: 0.12% for 0FLE.L and 0.07% for U03A.L.
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