TFLO vs. JHEQX

Last updated Jun 14, 2026

TFLO (iShares Treasury Floating Rate Bond ETF) and JHEQX (JPMorgan Hedged Equity Fund Class I) are both funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index, while JHEQX is a Hedge Fund fund managed by JPMorgan. Over the past 10 years, TFLO returned 2.37%/yr vs 8.94%/yr for JHEQX. At a correlation of -0.04, they often move in opposite directions. TFLO charges 0.15%/yr vs 0.58%/yr for JHEQX.

Performance

TFLO vs. JHEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Treasury Floating Rate Bond ETF (TFLO) and JPMorgan Hedged Equity Fund Class I (JHEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFLO achieves a 1.71% return, which is significantly higher than JHEQX's -2.05% return. Over the past 10 years, TFLO has underperformed JHEQX with an annualized return of 2.37%, while JHEQX has yielded a comparatively higher 8.94% annualized return.

TFLO

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.71%
• 6M: 1.90%
• 1Y: 3.99%
• 3Y*: 4.74%
• 5Y*: 3.66%
• 10Y*: 2.37%

JHEQX

• 1D: 0.00%
• 1M: -0.23%
• YTD: -2.05%
• 6M: -1.65%
• 1Y: 6.02%
• 3Y*: 8.89%
• 5Y*: 6.85%
• 10Y*: 8.94%

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

TFLO vs. JHEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFLO iShares Treasury Floating Rate Bond ETF	1.71%	4.22%	5.34%	5.12%	1.99%	-0.02%	0.43%	2.04%	1.76%	1.01%
JHEQX JPMorgan Hedged Equity Fund Class I	-2.05%	7.49%	18.23%	16.07%	-8.05%	13.43%	14.10%	13.31%	-0.72%	12.70%

Correlation

The correlation between TFLO and JHEQX is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 30, 2014	-0.04

Return for Risk

TFLO vs. JHEQX — 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

JHEQX

JHEQX Risk / Return Rank: 16
JHEQX Sharpe Ratio Rank: 18
JHEQX Sortino Ratio Rank: 16
JHEQX Omega Ratio Rank: 20
JHEQX Calmar Ratio Rank: 13
JHEQX Martin Ratio Rank: 14

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. JHEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and JPMorgan Hedged Equity Fund Class I (JHEQX). 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.

	TFLO	JHEQX	Difference
Sharpe ratio: Return per unit of total volatility	14.28	0.93	+13.35
Sortino ratio: Return per unit of downside risk	51.38	1.30	+50.08
Omega ratio: Gain probability vs. loss probability	14.07	1.18	+12.89
Calmar ratio: Return relative to maximum drawdown	203.31	0.85	+202.46
Martin ratio: Return relative to average drawdown	831.79	2.86	+828.93

TFLO vs. JHEQX - Sharpe Ratio Comparison

The current TFLO Sharpe Ratio is 14.28, which is higher than the JHEQX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TFLO and JHEQX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TFLO vs. JHEQX - Drawdown Comparison

The maximum TFLO drawdown since its inception was -5.01%, smaller than the maximum JHEQX drawdown of -18.85%. Use the drawdown chart below to compare losses from any high point for TFLO and JHEQX.

Drawdown Indicators

	TFLO	JHEQX	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-18.85%	+13.84%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-6.88%	+6.86%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-13.07%	+13.03%
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	-14.34%	+14.21%
Max Drawdown (10Y) Largest decline over 10 years	-0.16%	-18.85%	+18.69%
Current Drawdown Current decline from peak	0.00%	-3.34%	+3.34%
Average Drawdown Average peak-to-trough decline	-0.10%	-2.18%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.04%	-2.04%

Volatility

TFLO vs. JHEQX - Volatility Comparison

The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.07%, while JPMorgan Hedged Equity Fund Class I (JHEQX) has a volatility of 0.41%. This indicates that TFLO experiences smaller price fluctuations and is considered to be less risky than JHEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLO	JHEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.41%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	4.77%	-4.57%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	6.31%	-6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	8.86%	-8.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.45%	9.38%	-8.93%

TFLO vs. JHEQX - Expense Ratio Comparison

TFLO has a 0.15% expense ratio, which is lower than JHEQX's 0.58% expense ratio.

Dividends

TFLO vs. JHEQX - Dividend Comparison

TFLO's dividend yield for the trailing twelve months is around 3.89%, more than JHEQX's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHEQX JPMorgan Hedged Equity Fund Class I	0.62%	0.65%	0.75%	0.98%	0.99%	0.71%	1.11%	1.11%	1.13%	0.99%	1.35%	1.21%
TFLO iShares Treasury Floating Rate Bond ETF	3.89%	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 JHEQX in my portfolio?

TFLO and JHEQX have a correlation of 0.03, 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 JHEQX?

JHEQX has higher volatility (0.41%) compared to TFLO (0.07%). In terms of maximum drawdown, TFLO dropped -5.01% vs JHEQX's -18.85%.

Which has better risk-adjusted returns?

TFLO currently has the higher Sharpe Ratio (14.28 vs 0.93), 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.