ICAP vs. USFR
ICAP (InfraCap Equity Income Fund ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. ICAP is actively managed, while USFR is passively managed. Over the past 3 years, ICAP returned 17.83%/yr vs 4.74%/yr for USFR. At a 0.00 correlation, their price movements are largely independent. ICAP charges 0.80%/yr vs 0.15%/yr for USFR.
Performance
ICAP vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, ICAP achieves a 6.68% return, which is significantly higher than USFR's 1.82% return.
ICAP
- 1D
- -0.42%
- 1M
- 0.79%
- YTD
- 6.68%
- 6M
- 6.18%
- 1Y
- 21.86%
- 3Y*
- 17.83%
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
ICAP vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ICAP InfraCap Equity Income Fund ETF | 6.68% | 15.77% | 14.83% | 8.82% | -10.10% | 1.08% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | 0.00% |
Correlation
The correlation between ICAP and USFR is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021 | 0.00 |
The correlation between ICAP and USFR shifts across timeframes, from -0.14 (1 year) to 0.01 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICAP vs. USFR — Risk / Return Rank
ICAP
USFR
ICAP vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and WisdomTree Floating Rate Treasury Fund (USFR). 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.
| ICAP | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.05 | ||
| Sortino ratioReturn per unit of downside risk | -47.86 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 13.31 | -12.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 201.33 | -199.27 |
| Martin ratioReturn relative to average drawdown | 7.81 | 779.76 | -771.95 |
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Drawdowns
ICAP vs. USFR - Drawdown Comparison
The maximum ICAP drawdown since its inception was -24.20%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for ICAP and USFR.
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Drawdown Indicators
| ICAP | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.20% | -1.36% | -22.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.66% | -0.02% | -10.64% |
Max Drawdown (3Y)Largest decline over 3 years | -20.31% | -0.06% | -20.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -2.14% | 0.00% | -2.14% |
Average DrawdownAverage peak-to-trough decline | -7.74% | -0.15% | -7.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 0.01% | +2.79% |
Volatility
ICAP vs. USFR - Volatility Comparison
InfraCap Equity Income Fund ETF (ICAP) has a higher volatility of 5.05% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that ICAP's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICAP | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 0.09% | +4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 10.47% | 0.19% | +10.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.51% | 0.27% | +13.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.17% | 0.40% | +17.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 0.78% | +17.39% |
ICAP vs. USFR - Expense Ratio Comparison
ICAP has a 0.80% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
ICAP vs. USFR - Dividend Comparison
ICAP's dividend yield for the trailing twelve months is around 9.58%, more than USFR's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ICAP InfraCap Equity Income Fund ETF | 9.58% | 8.89% | 8.30% | 8.65% | 8.95% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
ICAP and USFR have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICAP has higher volatility (5.05%) compared to USFR (0.09%). In terms of maximum drawdown, ICAP dropped -24.20% vs USFR's -1.36%.
On 3-year performance, ICAP leads with 17.83% vs 4.74% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICAP has performed better with a 17.83% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.80% for ICAP.
ICAP has the higher dividend yield at 9.58%, compared with 3.90% for USFR.
They also come from different issuers: InfraCap and WisdomTree. Their fees differ too: 0.80% for ICAP and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 vs 1.63), 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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