FLRN vs. SHV
FLRN (State Street SPDR Bloomberg Investment Grade Floating Rate ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - FLRN is a Ultrashort Bond fund tracking the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, FLRN returned 3.04%/yr vs 2.26%/yr for SHV. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
FLRN vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, FLRN achieves a 2.28% return, which is significantly higher than SHV's 1.84% return. Over the past 10 years, FLRN has outperformed SHV with an annualized return of 3.04%, while SHV has yielded a comparatively lower 2.26% annualized return.
FLRN
- 1D
- 0.00%
- 1M
- 0.34%
- 6M
- 2.05%
- YTD
- 2.28%
- 1Y
- 4.55%
- 3Y*
- 5.53%
- 5Y*
- 4.27%
- 10Y*
- 3.04%
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 1.72%
- YTD
- 1.84%
- 1Y
- 3.81%
- 3Y*
- 4.58%
- 5Y*
- 3.40%
- 10Y*
- 2.26%
FLRN vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 2.28% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.84% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between FLRN and SHV is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011 | 0.06 |
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Return for Risk
FLRN vs. SHV — Risk / Return Rank
FLRN
SHV
FLRN vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.
| FLRN | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.55 | ||
| Sortino ratioReturn per unit of downside risk | -80.56 | ||
| Omega ratioGain probability vs. loss probability | 3.13 | 30.49 | -27.35 |
| Calmar ratioReturn relative to maximum drawdown | 20.07 | 140.72 | -120.66 |
| Martin ratioReturn relative to average drawdown | 118.41 | 1,495.85 | -1,377.44 |
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Drawdowns
FLRN vs. SHV - Drawdown Comparison
The maximum FLRN drawdown since its inception was -14.64%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for FLRN and SHV.
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Drawdown Indicators
| FLRN | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.64% | -0.45% | -14.19% |
Max Drawdown (1Y)Largest decline over 1 year | -0.23% | -0.03% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -1.43% | -0.03% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -2.16% | -0.38% | -1.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | -0.45% | -14.19% |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -0.03% | -1.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.00% | +0.04% |
Volatility
FLRN vs. SHV - Volatility Comparison
State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) has a higher volatility of 0.17% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.08%. This indicates that FLRN's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLRN | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 0.08% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | 0.14% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 0.21% | +0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.69% | 0.29% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 0.28% | +3.92% |
FLRN vs. SHV - Expense Ratio Comparison
Both FLRN and SHV 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
FLRN vs. SHV - Dividend Comparison
FLRN's dividend yield for the trailing twelve months is around 4.45%, more than SHV's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.78% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
FLRN and SHV have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.17%) compared to SHV (0.08%). In terms of maximum drawdown, FLRN dropped -14.64% vs SHV's -0.45%.
On 10-year performance, FLRN leads with 3.04% vs 2.26% for SHV. 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 3.04% return vs 2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN and SHV have the same expense ratio: 0.15% per year.
FLRN has the higher dividend yield at 4.45%, compared with 3.78% for SHV.
FLRN is categorized as Ultrashort Bond, while SHV is Government Bonds. FLRN tracks Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: State Street and iShares.
SHV currently has the higher Sharpe Ratio (18.17 vs 6.62), 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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