HYEA.L vs. USFR.L
HYEA.L (iShares Global High Yield Corporate Bond UCITS ETF) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both exchange-traded funds - HYEA.L is a High Yield Bonds fund tracking the ICE BofA Gbl HY Constnd TR USD, while USFR.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, HYEA.L returned 3.99%/yr vs 4.69%/yr for USFR.L. At a 0.32 correlation, their price movements are largely independent. HYEA.L charges 0.50%/yr vs 0.15%/yr for USFR.L.
Performance
HYEA.L vs. USFR.L - Performance Comparison
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Different Trading Currencies
HYEA.L is traded in EUR, while USFR.L is traded in USD. To make them comparable, the USFR.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, HYEA.L achieves a 3.42% return, which is significantly lower than USFR.L's 5.22% return.
HYEA.L
- 1D
- 0.00%
- 1M
- 1.89%
- YTD
- 3.42%
- 6M
- 3.84%
- 1Y
- 6.60%
- 3Y*
- 7.08%
- 5Y*
- 3.99%
- 10Y*
- —
USFR.L
- 1D
- -0.05%
- 1M
- 2.63%
- YTD
- 5.22%
- 6M
- 5.59%
- 1Y
- 6.66%
- 3Y*
- 3.27%
- 5Y*
- 4.69%
- 10Y*
- —
HYEA.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYEA.L iShares Global High Yield Corporate Bond UCITS ETF | 3.42% | 1.53% | 9.22% | 9.21% | -6.45% | 8.26% | -1.76% | 6.94% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 5.22% | -8.20% | 12.40% | 1.81% | 8.38% | 7.31% | -7.71% | 3.05% |
Correlation
The correlation between HYEA.L and USFR.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | 0.32 |
The correlation between HYEA.L and USFR.L shifts across timeframes, from 0.29 (5 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYEA.L vs. USFR.L — Risk / Return Rank
HYEA.L
USFR.L
HYEA.L vs. USFR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corporate Bond UCITS ETF (HYEA.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L). 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.
| HYEA.L | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.18 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 1.78 | +1.72 |
| Martin ratioReturn relative to average drawdown | 13.04 | 4.27 | +8.77 |
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Drawdowns
HYEA.L vs. USFR.L - Drawdown Comparison
The maximum HYEA.L drawdown since its inception was -22.83%, which is greater than USFR.L's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for HYEA.L and USFR.L.
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Drawdown Indicators
| HYEA.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.83% | -12.40% | -10.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -3.74% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.63% | -12.07% | +5.44% |
Max Drawdown (5Y)Largest decline over 5 years | -9.74% | -12.07% | +2.33% |
Current DrawdownCurrent decline from peak | 0.00% | -4.59% | +4.59% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -5.59% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.56% | -1.05% |
Volatility
HYEA.L vs. USFR.L - Volatility Comparison
The current volatility for iShares Global High Yield Corporate Bond UCITS ETF (HYEA.L) is 0.98%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) has a volatility of 1.51%. This indicates that HYEA.L experiences smaller price fluctuations and is considered to be less risky than USFR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYEA.L | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.51% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 4.68% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 6.71% | -3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.43% | 8.02% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.51% | 7.77% | +0.74% |
HYEA.L vs. USFR.L - Expense Ratio Comparison
HYEA.L has a 0.50% expense ratio, which is higher than USFR.L's 0.15% expense ratio.
Dividends
HYEA.L vs. USFR.L - Dividend Comparison
HYEA.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 3.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HYEA.L iShares Global High Yield Corporate Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.98% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
HYEA.L and USFR.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USFR.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USFR.L is cheaper with a 0.15% expense ratio, compared with 0.50% for HYEA.L.
HYEA.L is categorized as High Yield Bonds, while USFR.L is Government Bonds. HYEA.L tracks ICE BofA Gbl HY Constnd TR USD, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for HYEA.L and 0.15% for USFR.L.
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