FWRG vs. TFLO
FWRG (First Watch Restaurant Group, Inc.) is a stock, while TFLO (iShares Treasury Floating Rate Bond ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Over the past 3 years, FWRG returned -9.21%/yr vs 4.72%/yr for TFLO. At a correlation of -0.08, they often move in opposite directions.
Performance
FWRG vs. TFLO - Performance Comparison
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Returns By Period
In the year-to-date period, FWRG achieves a -19.10% return, which is significantly lower than TFLO's 1.83% return.
FWRG
- 1D
- 0.99%
- 1M
- 5.72%
- YTD
- -19.10%
- 6M
- -22.74%
- 1Y
- -18.94%
- 3Y*
- -9.21%
- 5Y*
- —
- 10Y*
- —
TFLO
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.83%
- 6M
- 1.91%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.69%
- 10Y*
- 2.38%
FWRG vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FWRG First Watch Restaurant Group, Inc. | -19.10% | -18.97% | -7.41% | 48.56% | -19.27% | -20.19% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.83% | 4.22% | 5.34% | 5.12% | 1.99% | -0.01% |
Correlation
The correlation between FWRG and TFLO is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021 | -0.08 |
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Return for Risk
FWRG vs. TFLO — Risk / Return Rank
FWRG
TFLO
FWRG vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Watch Restaurant Group, Inc. (FWRG) and iShares Treasury Floating Rate Bond ETF (TFLO). 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.
| FWRG | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.31 | ||
| Sortino ratioReturn per unit of downside risk | -49.42 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 13.14 | -12.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 201.22 | -201.63 |
| Martin ratioReturn relative to average drawdown | -0.77 | 823.20 | -823.97 |
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Drawdowns
FWRG vs. TFLO - Drawdown Comparison
The maximum FWRG drawdown since its inception was -60.38%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for FWRG and TFLO.
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Drawdown Indicators
| FWRG | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.38% | -5.01% | -55.37% |
Max Drawdown (1Y)Largest decline over 1 year | -47.26% | -0.02% | -47.24% |
Max Drawdown (3Y)Largest decline over 3 years | -60.38% | -0.04% | -60.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | -52.19% | 0.00% | -52.19% |
Average DrawdownAverage peak-to-trough decline | -29.22% | -0.10% | -29.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.57% | 0.00% | +24.57% |
Volatility
FWRG vs. TFLO - Volatility Comparison
First Watch Restaurant Group, Inc. (FWRG) has a higher volatility of 18.33% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.09%. This indicates that FWRG's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FWRG | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.33% | 0.09% | +18.24% |
Volatility (6M)Calculated over the trailing 6-month period | 42.57% | 0.20% | +42.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.91% | 0.29% | +53.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.03% | 0.36% | +47.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.03% | 0.46% | +47.57% |
Dividends
FWRG vs. TFLO - Dividend Comparison
FWRG has not paid dividends to shareholders, while TFLO's dividend yield for the trailing twelve months is around 3.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FWRG First Watch Restaurant Group, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
FWRG and TFLO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FWRG has higher volatility (18.33%) compared to TFLO (0.09%). In terms of maximum drawdown, FWRG dropped -60.38% vs TFLO's -5.01%.
TFLO currently has the higher Sharpe Ratio (13.95 vs -0.35), 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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