TFRN.L vs. CNYB.L
TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both exchange-traded funds - TFRN.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index, while CNYB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, TFRN.L returned 3.70%/yr vs 3.19%/yr for CNYB.L. At a correlation of -0.01, they often move in opposite directions. TFRN.L charges 0.15%/yr vs 0.35%/yr for CNYB.L.
Performance
TFRN.L vs. CNYB.L - Performance Comparison
Loading charts...
Different Trading Currencies
TFRN.L is traded in USD, while CNYB.L is traded in GBP. To make them comparable, the CNYB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TFRN.L achieves a 2.04% return, which is significantly lower than CNYB.L's 5.45% return.
TFRN.L
- 1D
- 0.00%
- 1M
- 0.34%
- 6M
- 1.88%
- YTD
- 2.04%
- 1Y
- 3.98%
- 3Y*
- 4.64%
- 5Y*
- 3.70%
- 10Y*
- —
CNYB.L
- 1D
- 0.00%
- 1M
- 0.55%
- 6M
- 5.32%
- YTD
- 5.45%
- 1Y
- 8.10%
- 3Y*
- 5.98%
- 5Y*
- 3.19%
- 10Y*
- —
TFRN.L vs. CNYB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 2.04% | 4.10% | 5.44% | 4.94% | 2.04% | -0.15% | 0.57% | 0.75% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.45% | 5.18% | 4.87% | 0.97% | -5.14% | 8.69% | -17.34% | 6.70% |
Correlation
The correlation between TFRN.L and CNYB.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TFRN.L vs. CNYB.L — Risk / Return Rank
TFRN.L
CNYB.L
TFRN.L vs. CNYB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L). 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.
| TFRN.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.27 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 4.06 | 5.94 | -1.88 |
| Martin ratioReturn relative to average drawdown | 35.47 | 16.99 | +18.48 |
Loading charts...
Drawdowns
TFRN.L vs. CNYB.L - Drawdown Comparison
The maximum TFRN.L drawdown since its inception was -3.10%, smaller than the maximum CNYB.L drawdown of -24.43%. Use the drawdown chart below to compare losses from any high point for TFRN.L and CNYB.L.
Loading charts...
Drawdown Indicators
| TFRN.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.10% | -24.43% | +21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -0.98% | -1.30% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -3.73% | +2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -0.98% | -11.92% | +10.94% |
Current DrawdownCurrent decline from peak | 0.00% | -4.70% | +4.70% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -13.92% | +13.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.46% | -0.35% |
Volatility
TFRN.L vs. CNYB.L - Volatility Comparison
The current volatility for WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) is 0.09%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.22%. This indicates that TFRN.L experiences smaller price fluctuations and is considered to be less risky than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TFRN.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 1.22% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 0.87% | 4.24% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.90% | 5.15% | -3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.51% | 6.79% | -5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.87% | 12.07% | -10.20% |
TFRN.L vs. CNYB.L - Expense Ratio Comparison
TFRN.L has a 0.15% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.
Dividends
TFRN.L vs. CNYB.L - Dividend Comparison
TFRN.L has not paid dividends to shareholders, while CNYB.L's dividend yield for the trailing twelve months is around 1.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TFRN.L and CNYB.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TFRN.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TFRN.L is cheaper with a 0.15% expense ratio, compared with 0.35% for CNYB.L.
TFRN.L is categorized as Government Bonds, while CNYB.L is Emerging Markets Bonds. TFRN.L tracks Bloomberg US Treasury Floating Rate Bond Index, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.15% for TFRN.L and 0.35% for CNYB.L.
Find the right allocation for TFRN.L and CNYB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer