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FLOT vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLOT vs. SPY

Last updated Jun 9, 2026

FLOT (iShares Floating Rate Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FLOT is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note < 5 Years Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FLOT returned 3.03%/yr vs 15.27%/yr for SPY. At a 0.13 correlation, their price movements are largely independent. FLOT charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

FLOT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Floating Rate Bond ETF (FLOT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLOT achieves a 1.87% return, which is significantly lower than SPY's 8.70% return. Over the past 10 years, FLOT has underperformed SPY with an annualized return of 3.03%, while SPY has yielded a comparatively higher 15.27% annualized return.

FLOT

1D
0.00%
1M
0.41%
YTD
1.87%
6M
2.15%
1Y
4.85%
3Y*
5.60%
5Y*
4.20%
10Y*
3.03%

SPY

1D
0.23%
1M
0.22%
YTD
8.70%
6M
8.75%
1Y
24.79%
3Y*
21.35%
5Y*
13.42%
10Y*
15.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLOT vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLOT
iShares Floating Rate Bond ETF		1.87%4.91%6.53%6.43%1.28%0.45%0.87%3.97%1.48%1.65%
SPY
State Street SPDR S&P 500 ETF		8.70%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between FLOT and SPY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.30

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jun 20, 2011

0.13

Over the past year, FLOT and SPY have become more correlated (0.36) than their long-term average of 0.13, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Floating Rate Bond ETF

State Street SPDR S&P 500 ETF

Often compared with FLOT:
FLOT vs. SGOVFLOT vs. USFRFLOT vs. FLTRFLOT vs. FLRNFLOT vs. FLOA.LFLOT vs. NEARFLOT vs. IUSB
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

FLOT vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLOT
FLOT Risk / Return Rank: 9999
Overall Rank
FLOT Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
FLOT Sortino Ratio Rank: 9999
Sortino Ratio Rank
FLOT Omega Ratio Rank: 9999
Omega Ratio Rank
FLOT Calmar Ratio Rank: 9898
Calmar Ratio Rank
FLOT Martin Ratio Rank: 9999
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6969
Overall Rank
SPY Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6767
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
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.

FLOT vs. SPY - 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 S&P 500 ETF (SPY). 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.

FLOTSPYDifference
Sharpe ratioReturn per unit of total volatility
6.54
2.06

+4.48

Sortino ratioReturn per unit of downside risk
11.79
2.78

+9.01

Omega ratioGain probability vs. loss probability

3.22

1.38

+1.85

Calmar ratioReturn relative to maximum drawdown

11.27

2.80

+8.47

Martin ratioReturn relative to average drawdown

104.83

12.93

+91.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLOT vs. SPY - Sharpe Ratio Comparison

The current FLOT Sharpe Ratio is 6.54, which is higher than the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FLOT and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FLOTSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.54

2.06

+4.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.38

0.79

+1.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.85

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.58

+0.08

Drawdowns

FLOT vs. SPY - Drawdown Comparison

The maximum FLOT drawdown since its inception was -13.54%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FLOT and SPY.

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Drawdown Indicators

FLOTSPYDifference

Max Drawdown

Largest peak-to-trough decline

-13.54%

-55.19%

+41.65%

Max Drawdown (1Y)

Largest decline over 1 year

-0.43%

-8.88%

+8.45%

Max Drawdown (3Y)

Largest decline over 3 years

-1.57%

-18.76%

+17.19%

Max Drawdown (5Y)

Largest decline over 5 years

-2.36%

-24.50%

+22.14%

Max Drawdown (10Y)

Largest decline over 10 years

-13.54%

-33.72%

+20.18%

Current Drawdown

Current decline from peak

-0.02%

-2.68%

+2.66%

Average Drawdown

Average peak-to-trough decline

-0.21%

-9.04%

+8.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

1.92%

-1.87%

Volatility

FLOT vs. SPY - Volatility Comparison

The current volatility for iShares Floating Rate Bond ETF (FLOT) is 0.20%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.72%. This indicates that FLOT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLOTSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.20%

3.72%

-3.52%

Volatility (6M)

Calculated over the trailing 6-month period

0.62%

9.31%

-8.69%

Volatility (1Y)

Calculated over the trailing 1-year period

0.75%

12.10%

-11.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.77%

17.09%

-15.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.15%

17.96%

-13.81%

FLOT vs. SPY - Expense Ratio Comparison

FLOT has a 0.15% expense ratio, which is higher than SPY's 0.09% 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

FLOT vs. SPY - Dividend Comparison

FLOT's dividend yield for the trailing twelve months is around 4.54%, more than SPY's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
FLOT
iShares Floating Rate Bond ETF		4.54%4.84%5.82%5.66%2.06%0.43%1.25%2.78%2.41%1.46%0.97%0.53%
SPY
State Street SPDR S&P 500 ETF		1.00%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

FLOT and SPY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (3.72%) compared to FLOT (0.20%). In terms of maximum drawdown, FLOT dropped -13.54% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.27% vs 3.03% for FLOT. On fees, SPY is cheaper at 0.09% per year. On volatility, FLOT has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.27% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for FLOT.

FLOT has the higher dividend yield at 4.54%, compared with 1.00% for SPY.

FLOT is categorized as Ultrashort Bond, while SPY is S&P 500. FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for FLOT and 0.09% for SPY.

FLOT currently has the higher Sharpe Ratio (6.54 vs 2.06), 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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