TFLO vs. FAPGX

Last updated Jun 4, 2026

TFLO (iShares Treasury Floating Rate Bond ETF) and FAPGX (Fidelity Sustainable Low Duration Bond) are both funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index, while FAPGX is a Ultrashort Bond fund managed by Fidelity. Over the past 3 years, TFLO returned 4.74%/yr vs 4.91%/yr for FAPGX. At a 0.01 correlation, their price movements are largely independent. TFLO charges 0.15%/yr vs 0.25%/yr for FAPGX.

Performance

TFLO vs. FAPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Treasury Floating Rate Bond ETF (TFLO) and Fidelity Sustainable Low Duration Bond (FAPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFLO achieves a 1.59% return, which is significantly higher than FAPGX's 1.39% return.

TFLO

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.59%
• 6M: 1.92%
• 1Y: 3.97%
• 3Y*: 4.74%
• 5Y*: 3.63%
• 10Y*: 2.37%

FAPGX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.39%
• 6M: 1.75%
• 1Y: 4.11%
• 3Y*: 4.91%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TFLO vs. FAPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLO iShares Treasury Floating Rate Bond ETF	1.59%	4.22%	5.34%	5.12%	1.72%
FAPGX Fidelity Sustainable Low Duration Bond	1.39%	4.57%	5.32%	5.28%	0.57%

Correlation

The correlation between TFLO and FAPGX is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 14, 2022	0.01

Return for Risk

TFLO vs. FAPGX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TFLO

TFLO Risk / Return Rank: 100
TFLO Sharpe Ratio Rank: 100
TFLO Sortino Ratio Rank: 100
TFLO Omega Ratio Rank: 100
TFLO Calmar Ratio Rank: 100
TFLO Martin Ratio Rank: 100

FAPGX

FAPGX Risk / Return Rank: 99
FAPGX Sharpe Ratio Rank: 97
FAPGX Sortino Ratio Rank: 99
FAPGX Omega Ratio Rank: 99
FAPGX Calmar Ratio Rank: 99
FAPGX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TFLO vs. FAPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and Fidelity Sustainable Low Duration Bond (FAPGX). 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.

	TFLO	FAPGX	Difference
Sharpe ratio: Return per unit of total volatility	14.09	3.69	+10.40
Sortino ratio: Return per unit of downside risk	50.86	9.70	+41.16
Omega ratio: Gain probability vs. loss probability	13.94	3.24	+10.71
Calmar ratio: Return relative to maximum drawdown	201.22	14.05	+187.17
Martin ratio: Return relative to average drawdown	823.26	64.52	+758.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFLO vs. FAPGX - Sharpe Ratio Comparison

The current TFLO Sharpe Ratio is 14.09, which is higher than the FAPGX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of TFLO and FAPGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TFLO	FAPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	14.09	3.69	+10.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	10.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	5.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	3.88	-2.90

Drawdowns

TFLO vs. FAPGX - Drawdown Comparison

The maximum TFLO drawdown since its inception was -5.01%, which is greater than FAPGX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for TFLO and FAPGX.

Drawdown Indicators

	TFLO	FAPGX	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-0.49%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.29%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-0.39%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.16%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.06%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.06%	-0.06%

Volatility

TFLO vs. FAPGX - Volatility Comparison

The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.07%, while Fidelity Sustainable Low Duration Bond (FAPGX) has a volatility of 0.26%. This indicates that TFLO experiences smaller price fluctuations and is considered to be less risky than FAPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLO	FAPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.26%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	0.83%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	1.12%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	1.07%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.46%	1.07%	-0.61%

TFLO vs. FAPGX - Expense Ratio Comparison

TFLO has a 0.15% expense ratio, which is lower than FAPGX's 0.25% 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

TFLO vs. FAPGX - Dividend Comparison

TFLO's dividend yield for the trailing twelve months is around 3.90%, less than FAPGX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAPGX Fidelity Sustainable Low Duration Bond	4.63%	4.40%	4.81%	3.44%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TFLO iShares Treasury Floating Rate Bond ETF	3.90%	4.16%	5.21%	4.88%	1.68%	0.00%	0.36%	2.08%	1.65%	0.86%	0.31%	0.15%

Frequently Asked Questions

Can I hold both TFLO and FAPGX in my portfolio?

TFLO and FAPGX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFLO or FAPGX?

FAPGX has higher volatility (0.26%) compared to TFLO (0.07%). In terms of maximum drawdown, TFLO dropped -5.01% vs FAPGX's -0.49%.

Which has better risk-adjusted returns?

TFLO currently has the higher Sharpe Ratio (14.09 vs 3.69), 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.