ITEH.L vs. USFR.L
ITEH.L (iShares Italy Govt Bond UCITS ETF USD Hedged (Acc)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both Government Bonds funds - ITEH.L tracks the iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) while USFR.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, ITEH.L returned 0.91%/yr vs 3.91%/yr for USFR.L. At a 0.02 correlation, their price movements are largely independent. ITEH.L charges 0.22%/yr vs 0.15%/yr for USFR.L.
Performance
ITEH.L vs. USFR.L - Performance Comparison
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Returns By Period
In the year-to-date period, ITEH.L achieves a 0.48% return, which is significantly lower than USFR.L's 2.98% return.
ITEH.L
- 1D
- 0.00%
- 1M
- -0.63%
- 6M
- -0.16%
- YTD
- 0.48%
- 1Y
- 3.10%
- 3Y*
- 6.11%
- 5Y*
- 0.91%
- 10Y*
- —
USFR.L
- 1D
- 0.04%
- 1M
- 1.27%
- 6M
- 2.83%
- YTD
- 2.98%
- 1Y
- 4.86%
- 3Y*
- 5.01%
- 5Y*
- 3.91%
- 10Y*
- —
ITEH.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ITEH.L iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) | 0.48% | 5.18% | 6.60% | 11.65% | -15.12% | -2.50% | 8.95% | 11.62% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 2.98% | 4.17% | 5.46% | 4.95% | 2.06% | -0.16% | 0.58% | 1.59% |
Correlation
The correlation between ITEH.L and USFR.L is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | 0.02 |
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Return for Risk
ITEH.L vs. USFR.L — Risk / Return Rank
ITEH.L
USFR.L
ITEH.L vs. USFR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.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.
| ITEH.L | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.80 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 3.85 | -3.06 |
| Martin ratioReturn relative to average drawdown | 2.42 | 41.80 | -39.38 |
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Drawdowns
ITEH.L vs. USFR.L - Drawdown Comparison
The maximum ITEH.L drawdown since its inception was -19.30%, which is greater than USFR.L's maximum drawdown of -2.99%. Use the drawdown chart below to compare losses from any high point for ITEH.L and USFR.L.
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Drawdown Indicators
| ITEH.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.30% | -2.99% | -16.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -1.26% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.93% | -1.75% | -2.18% |
Max Drawdown (5Y)Largest decline over 5 years | -19.30% | -1.75% | -17.55% |
Current DrawdownCurrent decline from peak | -1.56% | 0.00% | -1.56% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -0.09% | -4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 0.12% | +1.16% |
Volatility
ITEH.L vs. USFR.L - Volatility Comparison
iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) has a higher volatility of 1.16% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) at 0.89%. This indicates that ITEH.L's price experiences larger fluctuations and is considered to be riskier 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
| ITEH.L | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.89% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.10% | 1.22% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 2.55% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 2.77% | +4.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.24% | 2.70% | +4.54% |
ITEH.L vs. USFR.L - Expense Ratio Comparison
ITEH.L has a 0.22% 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
ITEH.L vs. USFR.L - Dividend Comparison
ITEH.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 4.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ITEH.L iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
ITEH.L and USFR.L have a correlation of -0.05, 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 0.22% for ITEH.L.
ITEH.L tracks iShares Italy Govt Bond UCITS ETF USD Hedged (Acc), while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.22% for ITEH.L and 0.15% for USFR.L.
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