IBGX.L vs. USFR.L
IBGX.L (iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both Government Bonds funds - IBGX.L tracks the iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) while USFR.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, IBGX.L returned -0.65%/yr vs 4.27%/yr for USFR.L. At a 0.33 correlation, their price movements are largely independent. IBGX.L charges 0.20%/yr vs 0.15%/yr for USFR.L.
Performance
IBGX.L vs. USFR.L - Performance Comparison
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Different Trading Currencies
IBGX.L is traded in GBP, while USFR.L is traded in USD. To make them comparable, the USFR.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBGX.L achieves a -3.21% return, which is significantly lower than USFR.L's 2.56% return.
IBGX.L
- 1D
- -0.10%
- 1M
- -2.31%
- 6M
- -2.73%
- YTD
- -3.21%
- 1Y
- -1.79%
- 3Y*
- 2.39%
- 5Y*
- -0.65%
- 10Y*
- 0.28%
USFR.L
- 1D
- -1.00%
- 1M
- 0.38%
- 6M
- 2.21%
- YTD
- 2.56%
- 1Y
- 3.75%
- 3Y*
- 3.86%
- 5Y*
- 4.27%
- 10Y*
- —
IBGX.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | -3.21% | 7.79% | -2.42% | 3.20% | -5.19% | -7.77% | 6.63% | 0.14% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 2.56% | -3.25% | 7.31% | -0.29% | 14.19% | 0.79% | -2.38% | 0.45% |
Correlation
The correlation between IBGX.L and USFR.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | 0.33 |
Over the past year, the correlation between IBGX.L and USFR.L has dropped to 0.12 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.
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Return for Risk
IBGX.L vs. USFR.L — Risk / Return Rank
IBGX.L
USFR.L
IBGX.L vs. USFR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.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.
| IBGX.L | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.10 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 0.74 | -1.17 |
| Martin ratioReturn relative to average drawdown | -1.07 | 1.98 | -3.05 |
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Drawdowns
IBGX.L vs. USFR.L - Drawdown Comparison
The maximum IBGX.L drawdown since its inception was -25.93%, which is greater than USFR.L's maximum drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for IBGX.L and USFR.L.
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Drawdown Indicators
| IBGX.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.93% | -18.16% | -7.77% |
Max Drawdown (1Y)Largest decline over 1 year | -4.83% | -5.07% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -4.83% | -10.12% | +5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -12.06% | -15.71% | +3.65% |
Max Drawdown (10Y)Largest decline over 10 years | -18.07% | — | — |
Current DrawdownCurrent decline from peak | -10.77% | -5.27% | -5.50% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -8.84% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.89% | +0.07% |
Volatility
IBGX.L vs. USFR.L - Volatility Comparison
The current volatility for iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) is 1.17%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) has a volatility of 2.24%. This indicates that IBGX.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
| IBGX.L | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 2.24% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 5.25% | -1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 6.87% | -2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.83% | 8.91% | -3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 9.07% | -2.13% |
IBGX.L vs. USFR.L - Expense Ratio Comparison
IBGX.L has a 0.20% expense ratio, which is higher than USFR.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBGX.L vs. USFR.L - Dividend Comparison
IBGX.L's dividend yield for the trailing twelve months is around 2.52%, less than USFR.L's 4.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | 2.52% | 2.47% | 2.65% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.12% | 0.08% | 0.12% | 0.60% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 4.73% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBGX.L and USFR.L have a correlation of 0.12, 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 0.20% for IBGX.L.
IBGX.L tracks iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist), while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.20% for IBGX.L and 0.15% for USFR.L.
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