IBTL.L vs. TFRN.L
IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both Government Bonds funds - IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index while TFRN.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, IBTL.L returned -5.14%/yr vs 4.70%/yr for TFRN.L. At a 0.31 correlation, their price movements are largely independent. IBTL.L charges 0.07%/yr vs 0.15%/yr for TFRN.L.
Performance
IBTL.L vs. TFRN.L - Performance Comparison
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Different Trading Currencies
IBTL.L is traded in GBp, while TFRN.L is traded in USD. To make them comparable, the TFRN.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTL.L achieves a -1.02% return, which is significantly lower than TFRN.L's 1.92% return.
IBTL.L
- 1D
- -0.23%
- 1M
- 1.40%
- YTD
- -1.02%
- 6M
- -2.44%
- 1Y
- 5.37%
- 3Y*
- -4.19%
- 5Y*
- -5.14%
- 10Y*
- -0.81%
TFRN.L
- 1D
- 0.25%
- 1M
- 1.51%
- YTD
- 1.92%
- 6M
- 1.34%
- 1Y
- 4.54%
- 3Y*
- 2.14%
- 5Y*
- 4.70%
- 10Y*
- —
IBTL.L vs. TFRN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -1.02% | -2.80% | -5.50% | -3.62% | -22.17% | -3.32% | 13.07% | 11.77% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 1.92% | -3.31% | 7.28% | -0.32% | 13.90% | 1.04% | -2.38% | 1.05% |
Correlation
The correlation between IBTL.L and TFRN.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2019 | 0.31 |
The correlation between IBTL.L and TFRN.L shifts across timeframes, from 0.17 (3 years) to 0.31 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBTL.L vs. TFRN.L — Risk / Return Rank
IBTL.L
TFRN.L
IBTL.L vs. TFRN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.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.
| IBTL.L | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.12 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.89 | -0.24 |
| Martin ratioReturn relative to average drawdown | 1.41 | 2.37 | -0.96 |
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
| IBTL.L | TFRN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 0.66 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.55 | -0.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.29 | -0.31 |
Drawdowns
IBTL.L vs. TFRN.L - Drawdown Comparison
The maximum IBTL.L drawdown since its inception was -48.85%, which is greater than TFRN.L's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for IBTL.L and TFRN.L.
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Drawdown Indicators
| IBTL.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -18.17% | -30.68% |
Max Drawdown (1Y)Largest decline over 1 year | -8.25% | -5.10% | -3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -17.70% | -10.05% | -7.65% |
Max Drawdown (5Y)Largest decline over 5 years | -39.35% | -15.61% | -23.74% |
Max Drawdown (10Y)Largest decline over 10 years | -48.85% | — | — |
Current DrawdownCurrent decline from peak | -45.46% | -5.89% | -39.57% |
Average DrawdownAverage peak-to-trough decline | -23.74% | -8.89% | -14.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.80% | 1.91% | +1.89% |
Volatility
IBTL.L vs. TFRN.L - Volatility Comparison
iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a higher volatility of 2.42% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) at 1.64%. This indicates that IBTL.L's price experiences larger fluctuations and is considered to be riskier than TFRN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTL.L | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 1.64% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.55% | 4.96% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.53% | 6.80% | +2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.48% | 8.62% | +6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 8.90% | +7.64% |
IBTL.L vs. TFRN.L - Expense Ratio Comparison
IBTL.L has a 0.07% expense ratio, which is lower than TFRN.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBTL.L vs. TFRN.L - Dividend Comparison
IBTL.L's dividend yield for the trailing twelve months is around 4.36%, while TFRN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.36% | 4.32% | 4.59% | 3.78% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.66% | 2.44% | 2.07% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBTL.L and TFRN.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.15% for TFRN.L.
IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, while TFRN.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.07% for IBTL.L and 0.15% for TFRN.L.
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