TFLO vs. SHY
TFLO (iShares Treasury Floating Rate Bond ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both Government Bonds funds from iShares - TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index while SHY tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, TFLO returned 2.37%/yr vs 1.65%/yr for SHY. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
TFLO vs. SHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TFLO achieves a 1.59% return, which is significantly higher than SHY's 0.43% return. Over the past 10 years, TFLO has outperformed SHY with an annualized return of 2.37%, while SHY has yielded a comparatively lower 1.65% annualized 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%
SHY
- 1D
- -0.05%
- 1M
- 0.08%
- YTD
- 0.43%
- 6M
- 0.69%
- 1Y
- 3.32%
- 3Y*
- 4.03%
- 5Y*
- 1.71%
- 10Y*
- 1.65%
TFLO vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.59% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.43% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between TFLO and SHY is 0.00, 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 | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.05 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TFLO vs. SHY — Risk / Return Rank
TFLO
SHY
TFLO vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.60 | ||
| Sortino ratioReturn per unit of downside risk | +46.76 | ||
| Omega ratioGain probability vs. loss probability | 13.94 | 1.51 | +12.44 |
| Calmar ratioReturn relative to maximum drawdown | 201.22 | 3.75 | +197.48 |
| Martin ratioReturn relative to average drawdown | 823.26 | 15.21 | +808.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TFLO | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.09 | 2.49 | +11.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.30 | 0.87 | +9.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 5.21 | 1.06 | +4.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 1.28 | -0.30 |
Drawdowns
TFLO vs. SHY - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, smaller than the maximum SHY drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for TFLO and SHY.
Loading charts...
Drawdown Indicators
| TFLO | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -5.71% | +0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.89% | +0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.97% | +0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -5.71% | +5.58% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | -5.71% | +5.55% |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.52% | +0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.22% | -0.22% |
Volatility
TFLO vs. SHY - Volatility Comparison
The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.07%, while iShares 1-3 Year Treasury Bond ETF (SHY) has a volatility of 0.35%. This indicates that TFLO experiences smaller price fluctuations and is considered to be less risky than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TFLO | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.35% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.92% | -0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 1.34% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 1.98% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 1.57% | -1.11% |
TFLO vs. SHY - Expense Ratio Comparison
Both TFLO and SHY have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TFLO vs. SHY - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.90%, more than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
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 SHY have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHY has higher volatility (0.35%) compared to TFLO (0.07%). In terms of maximum drawdown, TFLO dropped -5.01% vs SHY's -5.71%.
On 10-year performance, TFLO leads with 2.37% vs 1.65% for SHY. Both ETFs have the same 0.15% expense ratio. On volatility, TFLO has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TFLO has performed better with a 2.37% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO and SHY have the same expense ratio: 0.15% per year.
TFLO has the higher dividend yield at 3.90%, compared with 3.68% for SHY.
TFLO tracks Bloomberg U.S. Treasury Floating Rate Index, while SHY tracks ICE US Treasury 1-3 Year Index.
TFLO currently has the higher Sharpe Ratio (14.09 vs 2.49), 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.
Find the right allocation for TFLO and SHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer