INXG.L vs. TFRN.L
INXG.L (iShares £ Index-Linked Gilts UCITS ETF) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both Government Bonds funds - INXG.L tracks the Bloomberg UK Government Inflation-Linked Bond Index while TFRN.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, INXG.L returned -8.92%/yr vs 4.05%/yr for TFRN.L. At a correlation of -0.01, they often move in opposite directions. INXG.L charges 0.10%/yr vs 0.15%/yr for TFRN.L.
Performance
INXG.L vs. TFRN.L - Performance Comparison
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Different Trading Currencies
INXG.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, INXG.L achieves a -0.73% return, which is significantly lower than TFRN.L's 1.62% return.
INXG.L
- 1D
- 0.65%
- 1M
- -0.64%
- 6M
- -2.62%
- YTD
- -0.73%
- 1Y
- 2.93%
- 3Y*
- -0.77%
- 5Y*
- -8.92%
- 10Y*
- -2.12%
TFRN.L
- 1D
- -1.04%
- 1M
- -0.54%
- 6M
- 1.26%
- YTD
- 1.62%
- 1Y
- 2.88%
- 3Y*
- 3.50%
- 5Y*
- 4.05%
- 10Y*
- —
INXG.L vs. TFRN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
INXG.L iShares £ Index-Linked Gilts UCITS ETF | -0.73% | 1.10% | -8.60% | 0.16% | -34.28% | 4.03% | 11.12% | 0.81% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 1.62% | -3.32% | 7.28% | -0.31% | 14.17% | 0.80% | -2.38% | 0.46% |
Correlation
The correlation between INXG.L and TFRN.L is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | -0.01 |
Over the past year, the inverse relationship between INXG.L and TFRN.L has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
INXG.L vs. TFRN.L — Risk / Return Rank
INXG.L
TFRN.L
INXG.L vs. TFRN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares £ Index-Linked Gilts UCITS ETF (INXG.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.
| INXG.L | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.08 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 0.56 | -0.12 |
| Martin ratioReturn relative to average drawdown | 1.01 | 1.51 | -0.50 |
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Drawdowns
INXG.L vs. TFRN.L - Drawdown Comparison
The maximum INXG.L drawdown since its inception was -50.86%, 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 INXG.L and TFRN.L.
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Drawdown Indicators
| INXG.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.86% | -18.17% | -32.69% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -5.10% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -10.05% | -5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -50.86% | -15.61% | -35.25% |
Max Drawdown (10Y)Largest decline over 10 years | -50.86% | — | — |
Current DrawdownCurrent decline from peak | -43.48% | -6.16% | -37.32% |
Average DrawdownAverage peak-to-trough decline | -12.07% | -8.82% | -3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 1.90% | +0.99% |
Volatility
INXG.L vs. TFRN.L - Volatility Comparison
iShares £ Index-Linked Gilts UCITS ETF (INXG.L) has a higher volatility of 2.47% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) at 2.03%. This indicates that INXG.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
| INXG.L | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 2.03% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 5.03% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.64% | 6.83% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.08% | 8.61% | +11.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 8.85% | +8.54% |
INXG.L vs. TFRN.L - Expense Ratio Comparison
INXG.L has a 0.10% 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
INXG.L vs. TFRN.L - Dividend Comparison
INXG.L's dividend yield for the trailing twelve months is around 7.62%, while TFRN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INXG.L iShares £ Index-Linked Gilts UCITS ETF | 7.62% | 7.23% | 5.77% | 0.43% | 0.00% | 0.00% | 0.61% | 1.36% | 1.95% | 1.28% | 0.65% | 1.94% |
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
INXG.L and TFRN.L have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, INXG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
INXG.L is cheaper with a 0.10% expense ratio, compared with 0.15% for TFRN.L.
INXG.L tracks Bloomberg UK Government Inflation-Linked 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: 0.10% for INXG.L and 0.15% for TFRN.L.
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