TFLR vs. SGOV

Last updated Jun 21, 2026

TFLR (T. Rowe Price Floating Rate ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. TFLR is actively managed, while SGOV is passively managed. Over the past 3 years, TFLR returned 7.80%/yr vs 4.71%/yr for SGOV. At a correlation of -0.07, they often move in opposite directions. TFLR charges 0.60%/yr vs 0.09%/yr for SGOV.

Performance

TFLR vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate ETF (TFLR) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFLR achieves a 1.31% return, which is significantly lower than SGOV's 1.69% return.

TFLR

• 1D: 0.02%
• 1M: 0.04%
• YTD: 1.31%
• 6M: 1.57%
• 1Y: 5.39%
• 3Y*: 7.80%
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.69%
• 6M: 1.79%
• 1Y: 3.92%
• 3Y*: 4.71%
• 5Y*: 3.57%
• 10Y*: —

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

TFLR vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	1.31%	6.57%	8.77%	12.05%	-0.44%
SGOV iShares 0-3 Month Treasury Bond ETF	1.69%	4.24%	5.27%	5.12%	0.54%

Correlation

The correlation between TFLR and SGOV is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	-0.07

The correlation between TFLR and SGOV shifts across timeframes, from -0.18 (1 year) to -0.06 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TFLR vs. SGOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TFLR

TFLR Risk / Return Rank: 78
TFLR Sharpe Ratio Rank: 88
TFLR Sortino Ratio Rank: 91
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 53
TFLR Martin Ratio Rank: 65

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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.

TFLR vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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.

	TFLR	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	2.74	20.39	-17.65
Sortino ratio: Return per unit of downside risk	4.05	276.39	-272.34
Omega ratio: Gain probability vs. loss probability	1.63	196.05	-194.42
Calmar ratio: Return relative to maximum drawdown	2.49	399.24	-396.75
Martin ratio: Return relative to average drawdown	11.36	4,473.64	-4,462.28

TFLR vs. SGOV - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.74, which is lower than the SGOV Sharpe Ratio of 20.39. The chart below compares the historical Sharpe Ratios of TFLR and SGOV, 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

TFLR vs. SGOV - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for TFLR and SGOV.

Drawdown Indicators

	TFLR	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-0.03%	-3.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-0.01%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-0.01%	-4.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.00%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.00%	+0.48%

Volatility

TFLR vs. SGOV - Volatility Comparison

T. Rowe Price Floating Rate ETF (TFLR) has a higher volatility of 0.37% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that TFLR's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLR	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.06%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	0.13%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	0.19%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.66%	0.24%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.66%	0.24%	+3.42%

TFLR vs. SGOV - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

TFLR vs. SGOV - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.77%, more than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%
TFLR T. Rowe Price Floating Rate ETF	6.77%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFLR and SGOV in my portfolio?

TFLR and SGOV have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFLR or SGOV?

TFLR has higher volatility (0.37%) compared to SGOV (0.06%). In terms of maximum drawdown, TFLR dropped -4.01% vs SGOV's -0.03%.

Which ETF is better, TFLR or SGOV?

On 3-year performance, TFLR leads with 7.80% vs 4.71% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFLR or SGOV?

Over the 3-year period, TFLR has performed better with a 7.80% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFLR or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.60% for TFLR.

Which ETF pays a higher dividend yield, TFLR or SGOV?

TFLR has the higher dividend yield at 6.77%, compared with 3.85% for SGOV.

What is the main difference between TFLR and SGOV?

TFLR is categorized as Bank Loan, while SGOV is Ultrashort Bond. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.60% for TFLR and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.39 vs 2.74), 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.