GOVZ vs. TFLO
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds from iShares - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 5 years, GOVZ returned -14.55%/yr vs 3.77%/yr for TFLO. Their -0.01 correlation means they have often moved in opposite directions in the past. Both charge a 0.15% expense ratio.
Performance
GOVZ vs. TFLO - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -6.61% return, which is significantly lower than TFLO's 2.24% return.
GOVZ
- 1D
- 0.34%
- 1M
- -6.59%
- 6M
- -5.59%
- YTD
- -6.61%
- 1Y
- -7.04%
- 3Y*
- -6.86%
- 5Y*
- -14.55%
- 10Y*
- —
- ALL TIME*
- -14.11%
TFLO
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.90%
- YTD
- 2.24%
- 1Y
- 3.90%
- 3Y*
- 4.63%
- 5Y*
- 3.77%
- 10Y*
- 2.42%
- ALL TIME*
- 1.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.32M | $6.57M | $8.03M | |
| $86.01M | $74.39M | $76.29M |
GOVZ vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.61% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
TFLO iShares Treasury Floating Rate Bond ETF | 2.24% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.00% |
Correlation
The correlation between GOVZ and TFLO is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | -0.01 |
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Return for Risk
GOVZ vs. TFLO — Risk / Return Rank
GOVZ
TFLO
GOVZ vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
| GOVZ | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.18 | ||
| Sortino ratioReturn per unit of downside risk | -47.54 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 12.25 | -11.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 197.78 | -198.26 |
| Martin ratioReturn relative to average drawdown | -0.96 | 760.24 | -761.20 |
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Drawdowns
GOVZ vs. TFLO - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for GOVZ and TFLO.
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Drawdown Indicators
| GOVZ | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -5.01% | -54.64% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -0.02% | -14.85% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -0.04% | -26.38% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -0.13% | -57.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | -58.96% | 0.00% | -58.96% |
Average DrawdownAverage peak-to-trough decline | -40.35% | -0.10% | -40.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 0.01% | +7.32% |
Volatility
GOVZ vs. TFLO - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.53% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.07%. This indicates that GOVZ'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
| GOVZ | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 0.07% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 0.19% | +10.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 0.29% | +15.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 0.35% | +23.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 0.45% | +22.72% |
GOVZ vs. TFLO - Expense Ratio Comparison
Both GOVZ and TFLO 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
GOVZ vs. TFLO - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, more than TFLO's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.53% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.79% | 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
GOVZ and TFLO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOVZ has higher volatility (4.53%) compared to TFLO (0.07%). In terms of maximum drawdown, GOVZ dropped -59.65% vs TFLO's -5.01%.
On 5-year performance, TFLO leads with 3.77% vs -14.55% for GOVZ. Both ETFs have the same 0.15% expense ratio. On volatility, TFLO has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TFLO has performed better with a 3.77% return vs -14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ and TFLO have the same expense ratio: 0.15% per year.
GOVZ has the higher dividend yield at 5.53%, compared with 3.79% for TFLO.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index.
TFLO currently has the higher Sharpe Ratio (13.72 vs -0.46), 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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