U03A.L vs. USFR.L
U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both exchange-traded funds - U03A.L is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Bill Index, while USFR.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past year, U03A.L returned 4.02% vs 3.96% for USFR.L. At a correlation of -0.00, they often move in opposite directions. U03A.L charges 0.07%/yr vs 0.15%/yr for USFR.L.
Performance
U03A.L vs. USFR.L - Performance Comparison
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Returns By Period
In the year-to-date period, U03A.L achieves a 1.51% return, which is significantly lower than USFR.L's 1.59% return.
U03A.L
- 1D
- 0.03%
- 1M
- 0.29%
- YTD
- 1.51%
- 6M
- 1.81%
- 1Y
- 4.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USFR.L
- 1D
- 0.01%
- 1M
- 0.33%
- YTD
- 1.59%
- 6M
- 1.90%
- 1Y
- 3.96%
- 3Y*
- 4.69%
- 5Y*
- 3.59%
- 10Y*
- —
U03A.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.51% | 4.22% | 1.33% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 1.59% | 4.13% | 1.36% |
Correlation
The correlation between U03A.L and USFR.L is 0.07, 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 | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | -0.00 |
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Return for Risk
U03A.L vs. USFR.L — Risk / Return Rank
U03A.L
USFR.L
U03A.L vs. USFR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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.
| U03A.L | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.25 | ||
| Sortino ratioReturn per unit of downside risk | +14.40 | ||
| Omega ratioGain probability vs. loss probability | 5.03 | 1.93 | +3.10 |
| Calmar ratioReturn relative to maximum drawdown | 41.98 | 14.72 | +27.27 |
| Martin ratioReturn relative to average drawdown | 274.18 | 58.09 | +216.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| U03A.L | USFR.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.85 | 3.60 | +5.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.99 | 1.51 | +3.48 |
Drawdowns
U03A.L vs. USFR.L - Drawdown Comparison
The maximum U03A.L drawdown since its inception was -0.83%, smaller than the maximum USFR.L drawdown of -2.99%. Use the drawdown chart below to compare losses from any high point for U03A.L and USFR.L.
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Drawdown Indicators
| U03A.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.83% | -2.99% | +2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.27% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.09% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.07% | -0.06% |
Volatility
U03A.L vs. USFR.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) is 0.13%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) has a volatility of 0.28%. This indicates that U03A.L experiences smaller price fluctuations and is considered to be less risky than USFR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| U03A.L | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.28% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 0.86% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.45% | 1.10% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.88% | 1.50% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 1.84% | -0.96% |
U03A.L vs. USFR.L - Expense Ratio Comparison
U03A.L has a 0.07% expense ratio, which is lower than USFR.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
U03A.L vs. USFR.L - Dividend Comparison
U03A.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 3.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.99% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
U03A.L and USFR.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.15% for USFR.L.
U03A.L is categorized as Ultrashort Bond, while USFR.L is Government Bonds. U03A.L tracks ICE 0-3 Month US Treasury Bill Index, while USFR.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.07% for U03A.L and 0.15% for USFR.L.
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