FLOT vs. USHY
FLOT (iShares Floating Rate Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - FLOT is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note < 5 Years Index, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, FLOT returned 4.22%/yr vs 4.21%/yr for USHY. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
FLOT vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, FLOT achieves a 1.99% return, which is significantly higher than USHY's 1.75% return.
FLOT
- 1D
- 0.02%
- 1M
- 0.45%
- YTD
- 1.99%
- 6M
- 2.23%
- 1Y
- 4.87%
- 3Y*
- 5.66%
- 5Y*
- 4.22%
- 10Y*
- 3.04%
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
FLOT vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 1.99% | 4.91% | 6.53% | 6.43% | 1.28% | 0.45% | 0.87% | 3.97% | 1.48% | 0.20% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between FLOT and USHY is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.23 |
The correlation between FLOT and USHY shifts across timeframes, from 0.23 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLOT vs. USHY — Risk / Return Rank
FLOT
USHY
FLOT vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Bond ETF (FLOT) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.68 | ||
| Sortino ratioReturn per unit of downside risk | +9.01 | ||
| Omega ratioGain probability vs. loss probability | 3.23 | 1.36 | +1.87 |
| Calmar ratioReturn relative to maximum drawdown | 11.32 | 2.85 | +8.47 |
| Martin ratioReturn relative to average drawdown | 105.27 | 12.77 | +92.50 |
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Drawdowns
FLOT vs. USHY - Drawdown Comparison
The maximum FLOT drawdown since its inception was -13.54%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for FLOT and USHY.
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Drawdown Indicators
| FLOT | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.54% | -22.44% | +8.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -2.43% | +2.00% |
Max Drawdown (3Y)Largest decline over 3 years | -1.57% | -4.66% | +3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -2.36% | -15.56% | +13.20% |
Max Drawdown (10Y)Largest decline over 10 years | -13.54% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -2.66% | +2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.54% | -0.49% |
Volatility
FLOT vs. USHY - Volatility Comparison
The current volatility for iShares Floating Rate Bond ETF (FLOT) is 0.21%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 1.20%. This indicates that FLOT experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLOT | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 1.20% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 0.63% | 2.96% | -2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.75% | 3.69% | -2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.77% | 7.35% | -5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 8.24% | -4.09% |
FLOT vs. USHY - Expense Ratio Comparison
Both FLOT and USHY 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. USHY - Dividend Comparison
FLOT's dividend yield for the trailing twelve months is around 4.53%, less than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 4.53% | 4.84% | 5.82% | 5.66% | 2.06% | 0.43% | 1.25% | 2.78% | 2.41% | 1.46% | 0.97% | 0.53% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
FLOT and USHY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.20%) compared to FLOT (0.21%). In terms of maximum drawdown, FLOT dropped -13.54% vs USHY's -22.44%.
On 5-year performance, FLOT leads with 4.22% vs 4.21% for USHY. Both ETFs have the same 0.15% expense ratio. On volatility, FLOT has been the lower-risk option at 0.21%. 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 4.22% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLOT and USHY have the same expense ratio: 0.15% per year.
USHY has the higher dividend yield at 6.90%, compared with 4.53% for FLOT.
FLOT is categorized as Ultrashort Bond, while USHY is High Yield Bonds. FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index, while USHY tracks ICE BofA US High Yield Constrained Index.
FLOT currently has the higher Sharpe Ratio (6.56 vs 1.88), 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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