TFLO vs. GSY
TFLO (iShares Treasury Floating Rate Bond ETF) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index, while GSY is a Ultrashort Bond fund actively managed by Invesco. TFLO is passively managed, while GSY is actively managed. Over the past 10 years, TFLO returned 2.37%/yr vs 2.86%/yr for GSY. At a 0.10 correlation, their price movements are largely independent. TFLO charges 0.15%/yr vs 0.22%/yr for GSY.
Performance
TFLO vs. GSY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TFLO having a 1.65% return and GSY slightly lower at 1.61%. Over the past 10 years, TFLO has underperformed GSY with an annualized return of 2.37%, while GSY has yielded a comparatively higher 2.86% annualized return.
TFLO
- 1D
- 0.04%
- 1M
- 0.29%
- YTD
- 1.65%
- 6M
- 1.92%
- 1Y
- 4.01%
- 3Y*
- 4.72%
- 5Y*
- 3.65%
- 10Y*
- 2.37%
GSY
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 1.61%
- 6M
- 1.94%
- 1Y
- 4.52%
- 3Y*
- 5.44%
- 5Y*
- 3.65%
- 10Y*
- 2.86%
TFLO vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.65% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
GSY Invesco Ultra Short Duration ETF | 1.61% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Correlation
The correlation between TFLO and GSY is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.10 |
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Return for Risk
TFLO vs. GSY — Risk / Return Rank
TFLO
GSY
TFLO vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.95 | ||
| Sortino ratioReturn per unit of downside risk | +24.03 | ||
| Omega ratioGain probability vs. loss probability | 14.07 | 6.54 | +7.54 |
| Calmar ratioReturn relative to maximum drawdown | 203.31 | 75.72 | +127.59 |
| Martin ratioReturn relative to average drawdown | 831.80 | 373.96 | +457.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TFLO | GSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.21 | 11.26 | +2.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.35 | 6.28 | +4.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 5.23 | 2.35 | +2.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.46 | +0.53 |
Drawdowns
TFLO vs. GSY - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for TFLO and GSY.
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Drawdown Indicators
| TFLO | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -12.14% | +7.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.06% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.18% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -1.48% | +1.35% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | -5.25% | +5.09% |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -2.38% | +2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
TFLO vs. GSY - Volatility Comparison
The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.07%, while Invesco Ultra Short Duration ETF (GSY) has a volatility of 0.15%. This indicates that TFLO experiences smaller price fluctuations and is considered to be less risky than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFLO | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.15% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.30% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 0.40% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 0.58% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 1.22% | -0.76% |
TFLO vs. GSY - Expense Ratio Comparison
TFLO has a 0.15% expense ratio, which is lower than GSY's 0.22% 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. GSY - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.90%, less than GSY's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
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
TFLO and GSY have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSY has higher volatility (0.15%) compared to TFLO (0.07%). In terms of maximum drawdown, TFLO dropped -5.01% vs GSY's -12.14%.
On 10-year performance, GSY leads with 2.86% vs 2.37% for TFLO. On fees, TFLO is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSY has performed better with a 2.86% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO is cheaper with a 0.15% expense ratio, compared with 0.22% for GSY.
GSY has the higher dividend yield at 4.34%, compared with 3.90% for TFLO.
TFLO is categorized as Government Bonds, while GSY is Ultrashort Bond. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for TFLO and 0.22% for GSY.
TFLO currently has the higher Sharpe Ratio (14.21 vs 11.26), 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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