TFLO vs. USFR
TFLO (iShares Treasury Floating Rate Bond ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both Government Bonds funds - TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, TFLO returned 2.38%/yr vs 2.43%/yr for USFR. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
TFLO vs. USFR - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TFLO having a 1.79% return and USFR slightly lower at 1.78%. Both investments have delivered pretty close results over the past 10 years, with TFLO having a 2.38% annualized return and USFR not far ahead at 2.43%.
TFLO
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.79%
- 6M
- 1.91%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
TFLO vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.79% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between TFLO and USFR is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | 0.13 |
The correlation between TFLO and USFR shifts across timeframes, from 0.13 (all time) to 0.32 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TFLO vs. USFR — Risk / Return Rank
TFLO
USFR
TFLO vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 13.08 | 13.24 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 200.18 | 200.29 | -0.11 |
| Martin ratioReturn relative to average drawdown | 818.95 | 775.73 | +43.22 |
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Drawdowns
TFLO vs. USFR - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for TFLO and USFR.
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Drawdown Indicators
| TFLO | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -1.36% | -3.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.02% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.06% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.18% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | -0.80% | +0.64% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.15% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
TFLO vs. USFR - Volatility Comparison
iShares Treasury Floating Rate Bond ETF (TFLO) and WisdomTree Floating Rate Treasury Fund (USFR) have volatilities of 0.08% and 0.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFLO | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.08% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.19% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 0.27% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 0.40% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 0.78% | -0.32% |
TFLO vs. USFR - Expense Ratio Comparison
Both TFLO and USFR 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. USFR - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.89%, which matches USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
TFLO and USFR have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USFR has higher volatility (0.08%) compared to TFLO (0.08%). In terms of maximum drawdown, TFLO dropped -5.01% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.43% vs 2.38% for TFLO. Both ETFs have the same 0.15% expense ratio. 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, USFR has performed better with a 2.43% return vs 2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO and USFR have the same expense ratio: 0.15% per year.
USFR has the higher dividend yield at 3.91%, compared with 3.89% for TFLO.
TFLO tracks Bloomberg U.S. Treasury Floating Rate Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree.
USFR currently has the higher Sharpe Ratio (14.65 vs 13.86), 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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