TFLO vs. USDX
TFLO (iShares Treasury Floating Rate Bond ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. TFLO is passively managed, while USDX is actively managed. Over the past year, TFLO returned 3.97% vs 5.97% for USDX. At a correlation of -0.09, they often move in opposite directions. TFLO charges 0.15%/yr vs 0.98%/yr for USDX.
Performance
TFLO vs. USDX - Performance Comparison
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Returns By Period
In the year-to-date period, TFLO achieves a 1.59% return, which is significantly lower than USDX's 1.79% return.
TFLO
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.59%
- 6M
- 1.92%
- 1Y
- 3.97%
- 3Y*
- 4.74%
- 5Y*
- 3.63%
- 10Y*
- 2.36%
USDX
- 1D
- -0.19%
- 1M
- -0.06%
- YTD
- 1.79%
- 6M
- 2.25%
- 1Y
- 5.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TFLO vs. USDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.59% | 4.22% | 4.36% |
USDX SGI Enhanced Core ETF | 1.79% | 6.25% | 6.87% |
Correlation
The correlation between TFLO and USDX is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024 | -0.09 |
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Return for Risk
TFLO vs. USDX — Risk / Return Rank
TFLO
USDX
TFLO vs. USDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and SGI Enhanced Core ETF (USDX). 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 | USDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.98 | ||
| Sortino ratioReturn per unit of downside risk | +46.04 | ||
| Omega ratioGain probability vs. loss probability | 13.94 | 1.77 | +12.17 |
| Calmar ratioReturn relative to maximum drawdown | 201.22 | 6.40 | +194.83 |
| Martin ratioReturn relative to average drawdown | 823.26 | 43.95 | +779.31 |
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 | USDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.09 | 3.11 | +10.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.30 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 5.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 3.96 | -2.97 |
Drawdowns
TFLO vs. USDX - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for TFLO and USDX.
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Drawdown Indicators
| TFLO | USDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -0.94% | -4.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.94% | +0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.64% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.06% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.14% | -0.14% |
Volatility
TFLO vs. USDX - Volatility Comparison
The current volatility for iShares Treasury Floating Rate Bond ETF (TFLO) is 0.07%, while SGI Enhanced Core ETF (USDX) has a volatility of 0.98%. This indicates that TFLO experiences smaller price fluctuations and is considered to be less risky than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFLO | USDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.98% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 1.73% | -1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 1.93% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 1.68% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 1.68% | -1.22% |
TFLO vs. USDX - Expense Ratio Comparison
TFLO has a 0.15% expense ratio, which is lower than USDX's 0.98% expense ratio.
Dividends
TFLO vs. USDX - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.90%, less than USDX's 5.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USDX SGI Enhanced Core ETF | 5.90% | 5.88% | 4.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TFLO and USDX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USDX has higher volatility (0.98%) compared to TFLO (0.07%). In terms of maximum drawdown, TFLO dropped -5.01% vs USDX's -0.94%.
On 1-year performance, USDX leads with 5.97% vs 3.97% for TFLO. On fees, TFLO is cheaper at 0.15% per year. 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 1-year period, USDX has performed better with a 5.97% return vs 3.97%. 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 0.98% for USDX.
USDX has the higher dividend yield at 5.90%, compared with 3.90% for TFLO.
TFLO is categorized as Government Bonds, while USDX is Intermediate Core Bond. They also come from different issuers: iShares and Summit Global Investments. Their fees differ too: 0.15% for TFLO and 0.98% for USDX.
TFLO currently has the higher Sharpe Ratio (14.09 vs 3.11), 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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