TFLR vs. TLT
TFLR (T. Rowe Price Floating Rate ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. TFLR is actively managed, while TLT is passively managed. Over the past 3 years, TFLR returned 7.37%/yr vs -1.15%/yr for TLT. Their 0.04 correlation means their historical movements had little consistent relationship. TFLR charges 0.60%/yr vs 0.15%/yr for TLT.
Performance
TFLR vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, TFLR achieves a 1.94% return, which is significantly higher than TLT's -3.18% return.
TFLR
- 1D
- -0.05%
- 1M
- 0.63%
- 6M
- 1.75%
- YTD
- 1.94%
- 1Y
- 4.91%
- 3Y*
- 7.37%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.73%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.37M | $3.92M | $4.00M | |
| $2.39B | $2.06B | $2.20B |
TFLR vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TFLR T. Rowe Price Floating Rate ETF | 1.94% | 6.57% | 8.77% | 12.05% | -0.44% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -1.34% |
Correlation
The correlation between TFLR and TLT is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022 | 0.04 |
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Return for Risk
TFLR vs. TLT — Risk / Return Rank
TFLR
TLT
TFLR vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.92 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 0.97 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | -0.28 | +2.54 |
| Martin ratioReturn relative to average drawdown | 10.31 | -0.59 | +10.90 |
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Drawdowns
TFLR vs. TLT - Drawdown Comparison
The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TFLR and TLT.
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Drawdown Indicators
| TFLR | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.01% | -48.35% | +44.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -7.74% | +5.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.01% | -14.79% | +10.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -0.11% | -42.17% | +42.06% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -14.00% | +13.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 3.60% | -3.12% |
Volatility
TFLR vs. TLT - Volatility Comparison
The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.48%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that TFLR experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFLR | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.51% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 6.84% | -5.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.01% | 9.24% | -7.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 15.74% | -12.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 14.83% | -11.22% |
TFLR vs. TLT - Expense Ratio Comparison
TFLR has a 0.60% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
TFLR vs. TLT - Dividend Comparison
TFLR's dividend yield for the trailing twelve months is around 6.68%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TFLR T. Rowe Price Floating Rate ETF | 6.68% | 6.93% | 8.18% | 7.76% | 0.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TFLR and TLT have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to TFLR (0.48%). In terms of maximum drawdown, TFLR dropped -4.01% vs TLT's -48.35%.
On 3-year performance, TFLR leads with 7.37% vs -1.15% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TFLR has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TFLR has performed better with a 7.37% return vs -1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.60% for TFLR.
TFLR has the higher dividend yield at 6.68%, compared with 4.75% for TLT.
TFLR is categorized as Bank Loan, while TLT is Government Bonds. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.60% for TFLR and 0.15% for TLT.
TFLR currently has the higher Sharpe Ratio (2.46 vs -0.23), 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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