TFLR vs. USLN

Last updated Jun 4, 2026

TFLR (T. Rowe Price Floating Rate ETF) and USLN (iShares Broad USD Floating Rate Loan ETF) are both Bank Loan funds. TFLR is actively managed, while USLN is passively managed. At a 0.34 correlation, their price movements are largely independent. TFLR charges 0.60%/yr vs 0.43%/yr for USLN.

Performance

TFLR vs. USLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate ETF (TFLR) and iShares Broad USD Floating Rate Loan ETF (USLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TFLR

• 1D: -0.06%
• 1M: 0.34%
• YTD: 1.39%
• 6M: 2.07%
• 1Y: 5.72%
• 3Y*: 8.12%
• 5Y*: —
• 10Y*: —

USLN

• 1D: -0.03%
• 1M: 0.58%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TFLR vs. USLN - Yearly Performance Comparison

	2026 (YTD)
TFLR T. Rowe Price Floating Rate ETF	2.36%
USLN iShares Broad USD Floating Rate Loan ETF	1.90%

Correlation

The correlation between TFLR and USLN is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 5, 2026	0.34

Return for Risk

TFLR vs. USLN — 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: 86
TFLR Sortino Ratio Rank: 90
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 53
TFLR Martin Ratio Rank: 65

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. USLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) and iShares Broad USD Floating Rate Loan ETF (USLN). 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.

	TFLR	USLN	Difference
Sharpe ratio Return per unit of total volatility	2.91	—	—
Sortino ratio Return per unit of downside risk	4.33	—	—
Omega ratio Gain probability vs. loss probability	1.68	—	—
Calmar ratio Return relative to maximum drawdown	2.64	—	—
Martin ratio Return relative to average drawdown	12.12	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TFLR	USLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	3.07	-0.89

Drawdowns

TFLR vs. USLN - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, which is greater than USLN's maximum drawdown of -0.75%. Use the drawdown chart below to compare losses from any high point for TFLR and USLN.

Drawdown Indicators

	TFLR	USLN	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-0.75%	-3.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.03%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.22%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	—	—

Volatility

Volatility by Period

	TFLR	USLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	2.62%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	2.62%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.68%	2.62%	+1.06%

TFLR vs. USLN - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is higher than USLN's 0.43% expense ratio.

Dividends

TFLR vs. USLN - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.77%, more than USLN's 1.54% yield.

Position	TTM	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	6.77%	6.93%	8.18%	7.76%	0.58%
USLN iShares Broad USD Floating Rate Loan ETF	1.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFLR and USLN in my portfolio?

TFLR and USLN have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TFLR or USLN?

On fees, USLN is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TFLR or USLN?

USLN is cheaper with a 0.43% expense ratio, compared with 0.60% for TFLR.

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

TFLR has the higher dividend yield at 6.77%, compared with 1.54% for USLN.

What is the main difference between TFLR and USLN?

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.60% for TFLR and 0.43% for USLN.