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TLT vs. USFR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. USFR

Last updated Jun 6, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both Government Bonds funds - TLT tracks the ICE U.S. Treasury 20+ Year Bond Index while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, TLT returned -1.63%/yr vs 2.48%/yr for USFR. At a correlation of -0.00, they often move in opposite directions. Both charge a 0.15% expense ratio.

Performance

TLT vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLT achieves a -0.56% return, which is significantly lower than USFR's 1.66% return. Over the past 10 years, TLT has underperformed USFR with an annualized return of -1.63%, while USFR has yielded a comparatively higher 2.48% annualized return.

TLT

1D
-0.51%
1M
-0.80%
YTD
-0.56%
6M
-1.32%
1Y
2.88%
3Y*
-2.03%
5Y*
-6.37%
10Y*
-1.63%

USFR

1D
0.06%
1M
0.33%
YTD
1.66%
6M
2.00%
1Y
4.07%
3Y*
4.77%
5Y*
3.67%
10Y*
2.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. USFR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLT
iShares 20+ Year Treasury Bond ETF		-0.56%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%
USFR
WisdomTree Floating Rate Treasury Fund		1.66%4.23%5.47%5.18%1.98%-0.03%0.56%2.02%2.01%1.03%

Correlation

The correlation between TLT and USFR is -0.13, 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

-0.13

Correlation (3Y)
Calculated over the trailing 3-year period

-0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

-0.00

The correlation between TLT and USFR shifts across timeframes, from -0.13 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares 20+ Year Treasury Bond ETF

WisdomTree Floating Rate Treasury Fund

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with USFR:
USFR vs. SGOVUSFR vs. TFLOUSFR vs. VMFXXUSFR vs. VUSXXUSFR vs. FLOTUSFR vs. TBILUSFR vs. SHV

Return for Risk

TLT vs. USFR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1313
Overall Rank
TLT Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1313
Sortino Ratio Rank
TLT Omega Ratio Rank: 1212
Omega Ratio Rank
TLT Calmar Ratio Rank: 1414
Calmar Ratio Rank
TLT Martin Ratio Rank: 1414
Martin Ratio Rank
USFR
USFR Risk / Return Rank: 100100
Overall Rank
USFR Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
USFR Sortino Ratio Rank: 100100
Sortino Ratio Rank
USFR Omega Ratio Rank: 100100
Omega Ratio Rank
USFR Calmar Ratio Rank: 100100
Calmar Ratio Rank
USFR Martin Ratio Rank: 100100
Martin Ratio Rank
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.

TLT vs. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.

TLTUSFRDifference
Sharpe ratioReturn per unit of total volatility
0.30
15.07

-14.77

Sortino ratioReturn per unit of downside risk
0.50
51.15

-50.65

Omega ratioGain probability vs. loss probability

1.06

13.56

-12.50

Calmar ratioReturn relative to maximum drawdown

0.38

205.50

-205.12

Martin ratioReturn relative to average drawdown

0.94

795.91

-794.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLT vs. USFR - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.30, which is lower than the USFR Sharpe Ratio of 15.07. The chart below compares the historical Sharpe Ratios of TLT and USFR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TLTUSFRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.30

15.07

-14.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.40

9.27

-9.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.11

3.08

-3.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

1.61

-1.35

Drawdowns

TLT vs. USFR - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for TLT and USFR.

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Drawdown Indicators

TLTUSFRDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-1.36%

-46.99%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-0.02%

-7.56%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-0.06%

-19.12%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-0.18%

-43.52%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-0.80%

-47.55%

Current Drawdown

Current decline from peak

-40.61%

0.00%

-40.61%

Average Drawdown

Average peak-to-trough decline

-13.82%

-0.16%

-13.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.07%

0.01%

+3.06%

Volatility

TLT vs. USFR - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.65% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TLTUSFRDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

0.08%

+2.57%

Volatility (6M)

Calculated over the trailing 6-month period

6.51%

0.19%

+6.32%

Volatility (1Y)

Calculated over the trailing 1-year period

9.66%

0.27%

+9.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

0.40%

+15.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.90%

0.81%

+14.09%

TLT vs. USFR - Expense Ratio Comparison

Both TLT 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

TLT vs. USFR - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.60%, more than USFR's 3.91% yield.

PositionTTM20252024202320222021202020192018201720162015
TLT
iShares 20+ Year Treasury Bond ETF		4.60%4.43%4.30%3.38%2.67%1.50%1.50%2.27%2.63%2.43%2.60%2.61%
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

TLT and USFR have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.65%) compared to USFR (0.08%). In terms of maximum drawdown, TLT dropped -48.35% vs USFR's -1.36%.

On 10-year performance, USFR leads with 2.48% vs -1.63% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, USFR has been the lower-risk option at 0.08%. 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 2.48% return vs -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT and USFR have the same expense ratio: 0.15% per year.

TLT has the higher dividend yield at 4.60%, compared with 3.91% for USFR.

TLT tracks ICE U.S. Treasury 20+ Year Bond 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 (15.07 vs 0.30), 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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