GNMA vs. USFR
GNMA (iShares GNMA Bond ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA 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 10 years, GNMA returned 1.23%/yr vs 2.47%/yr for USFR. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
GNMA vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, GNMA achieves a 0.56% return, which is significantly lower than USFR's 1.60% return. Over the past 10 years, GNMA has underperformed USFR with an annualized return of 1.23%, while USFR has yielded a comparatively higher 2.47% annualized return.
GNMA
- 1D
- -0.19%
- 1M
- -0.07%
- YTD
- 0.56%
- 6M
- 0.81%
- 1Y
- 6.56%
- 3Y*
- 4.20%
- 5Y*
- 0.53%
- 10Y*
- 1.23%
USFR
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.98%
- 1Y
- 4.03%
- 3Y*
- 4.76%
- 5Y*
- 3.66%
- 10Y*
- 2.47%
GNMA vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.56% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 0.85% | 1.74% |
USFR WisdomTree Floating Rate Treasury Fund | 1.60% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between GNMA and USFR 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 | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.02 |
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Return for Risk
GNMA vs. USFR — Risk / Return Rank
GNMA
USFR
GNMA vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) 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.
| GNMA | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.58 | ||
| Sortino ratioReturn per unit of downside risk | -48.29 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 13.43 | -12.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 203.42 | -200.90 |
| Martin ratioReturn relative to average drawdown | 8.05 | 787.84 | -779.79 |
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
| GNMA | USFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 15.11 | -13.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 9.26 | -9.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 3.07 | -2.83 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 1.60 | -1.35 |
Drawdowns
GNMA vs. USFR - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for GNMA and USFR.
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Drawdown Indicators
| GNMA | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -1.36% | -15.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -0.02% | -2.59% |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | -0.06% | -7.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -0.18% | -15.65% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | -0.80% | -16.29% |
Current DrawdownCurrent decline from peak | -1.41% | 0.00% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -0.16% | -3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.01% | +0.81% |
Volatility
GNMA vs. USFR - Volatility Comparison
iShares GNMA Bond ETF (GNMA) has a higher volatility of 1.54% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.06%. This indicates that GNMA'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
| GNMA | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.06% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 0.18% | +2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 0.27% | +4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 0.40% | +6.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 0.81% | +4.32% |
GNMA vs. USFR - Expense Ratio Comparison
Both GNMA and USFR 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
GNMA vs. USFR - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.24%, more than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.24% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
GNMA and USFR 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.
GNMA has higher volatility (1.54%) compared to USFR (0.06%). In terms of maximum drawdown, GNMA dropped -17.09% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.47% vs 1.23% for GNMA. Both ETFs have the same 0.15% expense ratio. On volatility, USFR has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USFR has performed better with a 2.47% return vs 1.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA and USFR have the same expense ratio: 0.15% per year.
GNMA has the higher dividend yield at 4.24%, compared with 3.91% for USFR.
GNMA is categorized as Mortgage Backed Securities, while USFR is Government Bonds. GNMA tracks Barclays Capital GNMA Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree.
USFR currently has the higher Sharpe Ratio (15.11 vs 1.53), 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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