FLOT vs. FLRN
FLOT (iShares Floating Rate Bond ETF) and FLRN (State Street SPDR Bloomberg Investment Grade Floating Rate ETF) are both Ultrashort Bond funds - FLOT tracks the Bloomberg US Floating Rate Note < 5 Years Index while FLRN tracks the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index. Both are passively managed. Over the past 10 years, FLOT returned 3.05%/yr vs 3.05%/yr for FLRN. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
FLOT vs. FLRN - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with FLOT at 2.25% and FLRN at 2.25%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: FLOT at 3.05% and FLRN at 3.05%.
FLOT
- 1D
- -0.02%
- 1M
- 0.38%
- 6M
- 2.21%
- YTD
- 2.25%
- 1Y
- 4.74%
- 3Y*
- 5.61%
- 5Y*
- 4.27%
- 10Y*
- 3.05%
FLRN
- 1D
- 0.00%
- 1M
- 0.41%
- 6M
- 2.18%
- YTD
- 2.25%
- 1Y
- 4.72%
- 3Y*
- 5.61%
- 5Y*
- 4.27%
- 10Y*
- 3.05%
FLOT vs. FLRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 2.25% | 4.91% | 6.53% | 6.43% | 1.28% | 0.45% | 0.87% | 3.97% | 1.48% | 1.65% |
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 2.25% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
Correlation
The correlation between FLOT and FLRN is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.24 |
Over the past year, FLOT and FLRN have become more correlated (0.53) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
FLOT vs. FLRN — Risk / Return Rank
FLOT
FLRN
FLOT vs. FLRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Bond ETF (FLOT) and State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN). 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.
| FLOT | FLRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 3.11 | 3.21 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 11.02 | 20.82 | -9.80 |
| Martin ratioReturn relative to average drawdown | 101.99 | 123.19 | -21.20 |
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Drawdowns
FLOT vs. FLRN - Drawdown Comparison
The maximum FLOT drawdown since its inception was -13.54%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for FLOT and FLRN.
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Drawdown Indicators
| FLOT | FLRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.54% | -14.64% | +1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.23% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -1.57% | -1.43% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -2.36% | -2.16% | -0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -13.54% | -14.64% | +1.10% |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -1.82% | +1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.04% | +0.01% |
Volatility
FLOT vs. FLRN - Volatility Comparison
The current volatility for iShares Floating Rate Bond ETF (FLOT) is 0.16%, while State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) has a volatility of 0.20%. This indicates that FLOT experiences smaller price fluctuations and is considered to be less risky than FLRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLOT | FLRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 0.20% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.63% | 0.55% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.75% | 0.69% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.78% | 1.69% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 4.20% | -0.05% |
FLOT vs. FLRN - Expense Ratio Comparison
Both FLOT and FLRN have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
FLOT vs. FLRN - Dividend Comparison
FLOT's dividend yield for the trailing twelve months is around 4.47%, which matches FLRN's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 4.47% | 4.84% | 5.82% | 5.66% | 2.06% | 0.43% | 1.25% | 2.78% | 2.41% | 1.46% | 0.97% | 0.53% |
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 4.45% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
Frequently Asked Questions
FLOT and FLRN have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.20%) compared to FLOT (0.16%). In terms of maximum drawdown, FLOT dropped -13.54% vs FLRN's -14.64%.
On 10-year performance, FLRN leads with 3.05% vs 3.05% for FLOT. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLRN has performed better with a 3.05% return vs 3.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLOT and FLRN have the same expense ratio: 0.15% per year.
FLOT has the higher dividend yield at 4.47%, compared with 4.45% for FLRN.
FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index, while FLRN tracks Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index. They also come from different issuers: iShares and State Street.
FLRN currently has the higher Sharpe Ratio (6.84 vs 6.35), 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.
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