IBTU.L vs. TFRN.L
IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both Government Bonds funds - IBTU.L tracks the ICE U.S. Treasury Short Bond Index while TFRN.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, IBTU.L returned 3.42%/yr vs 3.65%/yr for TFRN.L. At a 0.04 correlation, their price movements are largely independent. IBTU.L charges 0.07%/yr vs 0.15%/yr for TFRN.L.
Performance
IBTU.L vs. TFRN.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTU.L achieves a 1.56% return, which is significantly lower than TFRN.L's 1.82% return.
IBTU.L
- 1D
- 0.00%
- 1M
- 0.40%
- YTD
- 1.56%
- 6M
- 1.76%
- 1Y
- 3.93%
- 3Y*
- 4.69%
- 5Y*
- 3.42%
- 10Y*
- —
TFRN.L
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.75%
- 1Y
- 4.02%
- 3Y*
- 4.68%
- 5Y*
- 3.65%
- 10Y*
- —
IBTU.L vs. TFRN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 1.56% | 4.33% | 5.31% | 4.92% | 1.05% | 0.10% | 0.88% | 1.82% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 1.82% | 4.10% | 5.44% | 4.94% | 2.04% | -0.15% | 0.57% | 1.59% |
Correlation
The correlation between IBTU.L and TFRN.L 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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | 0.04 |
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Return for Risk
IBTU.L vs. TFRN.L — Risk / Return Rank
IBTU.L
TFRN.L
IBTU.L vs. TFRN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.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.
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.
| IBTU.L | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.84 | ||
| Omega ratioGain probability vs. loss probability | 3.47 | 1.63 | +1.85 |
| Calmar ratioReturn relative to maximum drawdown | 19.33 | 4.10 | +15.23 |
| Martin ratioReturn relative to average drawdown | 83.96 | 35.75 | +48.21 |
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Drawdowns
IBTU.L vs. TFRN.L - Drawdown Comparison
The maximum IBTU.L drawdown since its inception was -0.72%, smaller than the maximum TFRN.L drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for IBTU.L and TFRN.L.
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Drawdown Indicators
| IBTU.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.72% | -3.10% | +2.38% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.98% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -0.98% | +0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -0.98% | +0.58% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.09% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.11% | -0.06% |
Volatility
IBTU.L vs. TFRN.L - Volatility Comparison
iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) has a higher volatility of 0.28% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) at 0.14%. This indicates that IBTU.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
| IBTU.L | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 0.14% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 0.91% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.15% | 1.92% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.02% | 1.51% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.95% | 1.88% | -0.93% |
IBTU.L vs. TFRN.L - Expense Ratio Comparison
IBTU.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
IBTU.L vs. TFRN.L - Dividend Comparison
IBTU.L's dividend yield for the trailing twelve months is around 4.06%, while TFRN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) | 4.06% | 4.43% | 6.82% | 3.99% | 0.44% | 0.10% | 1.28% | 1.21% |
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% |
Frequently Asked Questions
IBTU.L and TFRN.L 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.
On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.15% for TFRN.L.
IBTU.L tracks ICE U.S. Treasury Short 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 IBTU.L and 0.15% for TFRN.L.
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