FSCS vs. USFR
FSCS (First Trust SMID Capital Strength ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - FSCS is a Mid Cap Blend Equities fund tracking the SMID Capital Strength Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, FSCS returned 6.11%/yr vs 3.72%/yr for USFR. At a correlation of -0.01, they often move in opposite directions. FSCS charges 0.60%/yr vs 0.15%/yr for USFR.
Performance
FSCS vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, FSCS achieves a 2.47% return, which is significantly higher than USFR's 1.82% return.
FSCS
- 1D
- 1.07%
- 1M
- 2.48%
- YTD
- 2.47%
- 6M
- 0.63%
- 1Y
- 2.92%
- 3Y*
- 11.03%
- 5Y*
- 6.11%
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.72%
- 10Y*
- 2.43%
FSCS vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSCS First Trust SMID Capital Strength ETF | 2.47% | 1.77% | 14.98% | 16.81% | -9.11% | 26.08% | 5.71% | 28.00% | -12.85% | 11.41% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 0.53% |
Correlation
The correlation between FSCS and USFR is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017 | -0.01 |
The correlation between FSCS and USFR shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSCS vs. USFR — Risk / Return Rank
FSCS
USFR
FSCS vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust SMID Capital Strength ETF (FSCS) and WisdomTree Floating Rate Treasury Fund (USFR). 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.
| FSCS | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.44 | ||
| Sortino ratioReturn per unit of downside risk | -49.68 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 13.31 | -12.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 201.33 | -200.96 |
| Martin ratioReturn relative to average drawdown | 0.78 | 779.76 | -778.98 |
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Drawdowns
FSCS vs. USFR - Drawdown Comparison
The maximum FSCS drawdown since its inception was -43.57%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for FSCS and USFR.
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Drawdown Indicators
| FSCS | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.57% | -1.36% | -42.21% |
Max Drawdown (1Y)Largest decline over 1 year | -7.81% | -0.02% | -7.79% |
Max Drawdown (3Y)Largest decline over 3 years | -19.55% | -0.06% | -19.49% |
Max Drawdown (5Y)Largest decline over 5 years | -21.25% | -0.18% | -21.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -3.55% | 0.00% | -3.55% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -0.15% | -5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.75% | 0.01% | +3.74% |
Volatility
FSCS vs. USFR - Volatility Comparison
First Trust SMID Capital Strength ETF (FSCS) has a higher volatility of 3.14% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that FSCS's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSCS | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 0.09% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.44% | 0.19% | +8.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 0.27% | +12.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 0.40% | +17.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.15% | 0.78% | +20.37% |
FSCS vs. USFR - Expense Ratio Comparison
FSCS has a 0.60% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
FSCS vs. USFR - Dividend Comparison
FSCS's dividend yield for the trailing twelve months is around 0.88%, less than USFR's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FSCS First Trust SMID Capital Strength ETF | 0.88% | 0.75% | 1.12% | 1.47% | 1.71% | 1.21% | 1.33% | 1.68% | 1.67% | 0.67% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
FSCS and USFR have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSCS has higher volatility (3.14%) compared to USFR (0.09%). In terms of maximum drawdown, FSCS dropped -43.57% vs USFR's -1.36%.
On 5-year performance, FSCS leads with 6.11% vs 3.72% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSCS has performed better with a 6.11% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.60% for FSCS.
USFR has the higher dividend yield at 3.90%, compared with 0.88% for FSCS.
FSCS is categorized as Mid Cap Blend Equities, while USFR is Government Bonds. FSCS tracks SMID Capital Strength Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.60% for FSCS and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 vs 0.23), 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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