BKAG vs. TFLO

Last updated Jun 4, 2026

BKAG (BNY Mellon Core Bond ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - BKAG is a Total Bond Market fund tracking the Bloomberg US Aggregate Total Return Index, while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 5 years, BKAG returned 0.07%/yr vs 3.63%/yr for TFLO. At a correlation of -0.00, they often move in opposite directions. BKAG charges 0.00%/yr vs 0.15%/yr for TFLO.

Performance

BKAG vs. TFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Core Bond ETF (BKAG) and iShares Treasury Floating Rate Bond ETF (TFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKAG achieves a 0.29% return, which is significantly lower than TFLO's 1.59% return.

BKAG

• 1D: -0.19%
• 1M: 0.27%
• YTD: 0.29%
• 6M: 0.12%
• 1Y: 5.10%
• 3Y*: 3.95%
• 5Y*: 0.07%
• 10Y*: —

TFLO

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.59%
• 6M: 1.92%
• 1Y: 3.97%
• 3Y*: 4.74%
• 5Y*: 3.63%
• 10Y*: 2.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKAG vs. TFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKAG BNY Mellon Core Bond ETF	0.29%	7.23%	1.17%	5.67%	-13.29%	-1.46%	2.15%
TFLO iShares Treasury Floating Rate Bond ETF	1.59%	4.22%	5.34%	5.12%	1.99%	-0.02%	0.01%

Correlation

The correlation between BKAG and TFLO is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020	-0.00

Return for Risk

BKAG vs. TFLO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BKAG

BKAG Risk / Return Rank: 36
BKAG Sharpe Ratio Rank: 36
BKAG Sortino Ratio Rank: 37
BKAG Omega Ratio Rank: 34
BKAG Calmar Ratio Rank: 37
BKAG Martin Ratio Rank: 35

TFLO

TFLO Risk / Return Rank: 100
TFLO Sharpe Ratio Rank: 100
TFLO Sortino Ratio Rank: 100
TFLO Omega Ratio Rank: 100
TFLO Calmar Ratio Rank: 100
TFLO Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BKAG vs. TFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Bond ETF (BKAG) and iShares Treasury Floating Rate Bond ETF (TFLO). 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.

	BKAG	TFLO	Difference
Sharpe ratio Return per unit of total volatility	1.32	14.09	-12.77
Sortino ratio Return per unit of downside risk	1.94	50.86	-48.92
Omega ratio Gain probability vs. loss probability	1.23	13.94	-12.71
Calmar ratio Return relative to maximum drawdown	1.86	201.22	-199.37
Martin ratio Return relative to average drawdown	5.49	823.26	-817.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKAG vs. TFLO - Sharpe Ratio Comparison

The current BKAG Sharpe Ratio is 1.32, which is lower than the TFLO Sharpe Ratio of 14.09. The chart below compares the historical Sharpe Ratios of BKAG and TFLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BKAG	TFLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	14.09	-12.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	10.30	-10.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	5.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.99	-0.97

Drawdowns

BKAG vs. TFLO - Drawdown Comparison

The maximum BKAG drawdown since its inception was -18.53%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for BKAG and TFLO.

Drawdown Indicators

	BKAG	TFLO	Difference
Max Drawdown Largest peak-to-trough decline	-18.53%	-5.01%	-13.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-0.02%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-6.04%	-0.04%	-6.00%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-0.13%	-17.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.16%	—
Current Drawdown Current decline from peak	-2.32%	0.00%	-2.32%
Average Drawdown Average peak-to-trough decline	-7.12%	-0.10%	-7.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.00%	+0.93%

Volatility

BKAG vs. TFLO - Volatility Comparison

BNY Mellon Core Bond ETF (BKAG) has a higher volatility of 1.22% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.07%. This indicates that BKAG's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKAG	TFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.07%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	0.20%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	0.28%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	0.35%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.55%	0.46%	+5.09%

BKAG vs. TFLO - Expense Ratio Comparison

BKAG has a 0.00% expense ratio, which is lower than TFLO's 0.15% 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

BKAG vs. TFLO - Dividend Comparison

BKAG's dividend yield for the trailing twelve months is around 4.24%, more than TFLO's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKAG BNY Mellon Core Bond ETF	4.24%	4.17%	4.26%	3.33%	2.49%	1.55%	1.16%	0.00%	0.00%	0.00%	0.00%	0.00%
TFLO iShares Treasury Floating Rate Bond ETF	3.90%	4.16%	5.21%	4.88%	1.68%	0.00%	0.36%	2.08%	1.65%	0.86%	0.31%	0.15%

Frequently Asked Questions

Can I hold both BKAG and TFLO in my portfolio?

BKAG and TFLO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKAG or TFLO?

BKAG has higher volatility (1.22%) compared to TFLO (0.07%). In terms of maximum drawdown, BKAG dropped -18.53% vs TFLO's -5.01%.

Which ETF is better, BKAG or TFLO?

On 5-year performance, TFLO leads with 3.63% vs 0.07% for BKAG. On fees, BKAG is cheaper at 0.00% per year. On volatility, TFLO has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKAG or TFLO?

Over the 5-year period, TFLO has performed better with a 3.63% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKAG or TFLO?

BKAG is cheaper with a 0.00% expense ratio, compared with 0.15% for TFLO.

Which ETF pays a higher dividend yield, BKAG or TFLO?

BKAG has the higher dividend yield at 4.24%, compared with 3.90% for TFLO.

What is the main difference between BKAG and TFLO?

BKAG is categorized as Total Bond Market, while TFLO is Government Bonds. BKAG tracks Bloomberg US Aggregate Total Return Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.00% for BKAG and 0.15% for TFLO.

Which has better risk-adjusted returns?

TFLO currently has the higher Sharpe Ratio (14.09 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.