FLOT vs. TBLL
FLOT (iShares Floating Rate Bond ETF) and TBLL (Invesco Short Term Treasury ETF) are both Ultrashort Bond funds - FLOT tracks the Bloomberg US Floating Rate Note < 5 Years Index while TBLL tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, FLOT returned 4.20%/yr vs 3.36%/yr for TBLL. At a 0.09 correlation, their price movements are largely independent. FLOT charges 0.15%/yr vs 0.08%/yr for TBLL.
Performance
FLOT vs. TBLL - Performance Comparison
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Returns By Period
In the year-to-date period, FLOT achieves a 1.87% return, which is significantly higher than TBLL's 1.48% 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%
TBLL
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.48%
- 6M
- 1.74%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.36%
- 10Y*
- —
FLOT vs. TBLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 1.87% | 4.91% | 6.53% | 6.43% | 1.28% | 0.45% | 0.87% | 3.97% | 1.48% | 1.59% |
TBLL Invesco Short Term Treasury ETF | 1.48% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
Correlation
The correlation between FLOT and TBLL 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 | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017 | 0.09 |
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Return for Risk
FLOT vs. TBLL — Risk / Return Rank
FLOT
TBLL
FLOT vs. TBLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Bond ETF (FLOT) and Invesco Short Term Treasury ETF (TBLL). 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.
| FLOT | TBLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.40 | ||
| Sortino ratioReturn per unit of downside risk | -205.45 | ||
| Omega ratioGain probability vs. loss probability | 3.22 | 102.42 | -99.20 |
| Calmar ratioReturn relative to maximum drawdown | 11.27 | 414.75 | -403.48 |
| Martin ratioReturn relative to average drawdown | 104.83 | 3,515.41 | -3,410.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLOT | TBLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.54 | 20.94 | -14.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.38 | 7.56 | -5.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 4.26 | -3.60 |
Drawdowns
FLOT vs. TBLL - Drawdown Comparison
The maximum FLOT drawdown since its inception was -13.54%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for FLOT and TBLL.
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Drawdown Indicators
| FLOT | TBLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.54% | -0.63% | -12.91% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.01% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -1.57% | -0.36% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -2.36% | -0.36% | -2.00% |
Max Drawdown (10Y)Largest decline over 10 years | -13.54% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -0.14% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.00% | +0.05% |
Volatility
FLOT vs. TBLL - Volatility Comparison
iShares Floating Rate Bond ETF (FLOT) has a higher volatility of 0.20% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that FLOT's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLOT | TBLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.04% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 0.62% | 0.12% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.75% | 0.19% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.77% | 0.45% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 0.56% | +3.59% |
FLOT vs. TBLL - Expense Ratio Comparison
FLOT has a 0.15% expense ratio, which is higher than TBLL's 0.08% 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. TBLL - Dividend Comparison
FLOT's dividend yield for the trailing twelve months is around 4.54%, more than TBLL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% | 0.00% |
Frequently Asked Questions
FLOT and TBLL 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.
FLOT has higher volatility (0.20%) compared to TBLL (0.04%). In terms of maximum drawdown, FLOT dropped -13.54% vs TBLL's -0.63%.
On 5-year performance, FLOT leads with 4.20% vs 3.36% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLOT has performed better with a 4.20% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for FLOT.
FLOT has the higher dividend yield at 4.54%, compared with 3.81% for TBLL.
FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for FLOT and 0.08% for TBLL.
TBLL currently has the higher Sharpe Ratio (20.94 vs 6.54), 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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