TBLL vs. USFR
TBLL (Invesco Short Term Treasury ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, TBLL returned 3.39%/yr vs 3.70%/yr for USFR. At a 0.17 correlation, their price movements are largely independent. TBLL charges 0.08%/yr vs 0.15%/yr for USFR.
Performance
TBLL vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, TBLL achieves a 1.60% return, which is significantly lower than USFR's 1.78% return.
TBLL
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 1.60%
- 6M
- 1.69%
- 1Y
- 3.87%
- 3Y*
- 4.60%
- 5Y*
- 3.39%
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
TBLL vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 1.60% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between TBLL and USFR is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.17 |
The correlation between TBLL and USFR shifts across timeframes, from 0.17 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBLL vs. USFR — Risk / Return Rank
TBLL
USFR
TBLL vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.
| TBLL | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.99 | ||
| Sortino ratioReturn per unit of downside risk | +139.66 | ||
| Omega ratioGain probability vs. loss probability | 81.26 | 13.24 | +68.02 |
| Calmar ratioReturn relative to maximum drawdown | 410.16 | 200.29 | +209.86 |
| Martin ratioReturn relative to average drawdown | 3,066.50 | 775.73 | +2,290.77 |
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Drawdowns
TBLL vs. USFR - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum USFR drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for TBLL and USFR.
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Drawdown Indicators
| TBLL | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -1.36% | +0.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.02% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -0.06% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -0.18% | -0.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.14% | -0.15% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
TBLL vs. USFR - Volatility Comparison
The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.05%, while WisdomTree Floating Rate Treasury Fund (USFR) has a volatility of 0.08%. This indicates that TBLL experiences smaller price fluctuations and is considered to be less risky 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
| TBLL | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.08% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 0.19% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 0.27% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 0.40% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 0.78% | -0.22% |
TBLL vs. USFR - Expense Ratio Comparison
TBLL has a 0.08% expense ratio, which is lower than USFR'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
TBLL vs. USFR - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 4.11%, more than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 4.11% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
TBLL and USFR have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USFR has higher volatility (0.08%) compared to TBLL (0.05%). In terms of maximum drawdown, TBLL dropped -0.63% vs USFR's -1.36%.
On 5-year performance, USFR leads with 3.70% vs 3.39% for TBLL. On fees, TBLL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USFR has performed better with a 3.70% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for USFR.
TBLL has the higher dividend yield at 4.11%, compared with 3.91% for USFR.
TBLL is categorized as Ultrashort Bond, while USFR is Government Bonds. TBLL tracks ICE U.S. Treasury Short Bond Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.08% for TBLL and 0.15% for USFR.
TBLL currently has the higher Sharpe Ratio (20.65 vs 14.65), 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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