USFR vs. TBLL
USFR (WisdomTree Floating Rate Treasury Fund) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, USFR returned 3.71%/yr vs 3.39%/yr for TBLL. At a 0.17 correlation, their price movements are largely independent. USFR charges 0.15%/yr vs 0.08%/yr for TBLL.
Performance
USFR vs. TBLL - Performance Comparison
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Returns By Period
In the year-to-date period, USFR achieves a 1.82% return, which is significantly higher than TBLL's 1.60% return.
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
TBLL
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.60%
- 6M
- 1.68%
- 1Y
- 3.86%
- 3Y*
- 4.60%
- 5Y*
- 3.39%
- 10Y*
- —
USFR vs. TBLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
TBLL Invesco Short Term Treasury ETF | 1.60% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
Correlation
The correlation between USFR and TBLL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.17 |
The correlation between USFR and TBLL shifts across timeframes, from 0.17 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USFR vs. TBLL — Risk / Return Rank
USFR
TBLL
USFR vs. TBLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Floating Rate Treasury Fund (USFR) and Invesco Short Term Treasury ETF (TBLL). 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.
| USFR | TBLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.85 | ||
| Sortino ratioReturn per unit of downside risk | -138.86 | ||
| Omega ratioGain probability vs. loss probability | 13.31 | 81.03 | -67.72 |
| Calmar ratioReturn relative to maximum drawdown | 201.33 | 408.95 | -207.61 |
| Martin ratioReturn relative to average drawdown | 779.76 | 3,057.45 | -2,277.69 |
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Drawdowns
USFR vs. TBLL - Drawdown Comparison
The maximum USFR drawdown since its inception was -1.36%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for USFR and TBLL.
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Drawdown Indicators
| USFR | TBLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.36% | -0.63% | -0.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.01% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.06% | -0.36% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -0.18% | -0.36% | +0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -0.80% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.15% | -0.14% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.00% | +0.01% |
Volatility
USFR vs. TBLL - Volatility Comparison
WisdomTree Floating Rate Treasury Fund (USFR) has a higher volatility of 0.09% compared to Invesco Short Term Treasury ETF (TBLL) at 0.05%. This indicates that USFR's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USFR | TBLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.05% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.12% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 0.19% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.40% | 0.45% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.78% | 0.56% | +0.22% |
USFR vs. TBLL - Expense Ratio Comparison
USFR has a 0.15% expense ratio, which is higher than TBLL's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USFR vs. TBLL - Dividend Comparison
USFR's dividend yield for the trailing twelve months is around 3.90%, more than TBLL's 3.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 3.76% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
USFR and TBLL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USFR has higher volatility (0.09%) compared to TBLL (0.05%). In terms of maximum drawdown, USFR dropped -1.36% vs TBLL's -0.63%.
On 5-year performance, USFR leads with 3.71% vs 3.39% for TBLL. On fees, TBLL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USFR has performed better with a 3.71% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for USFR.
USFR has the higher dividend yield at 3.90%, compared with 3.76% for TBLL.
USFR is categorized as Government Bonds, while TBLL is Ultrashort Bond. USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.15% for USFR and 0.08% for TBLL.
TBLL currently has the higher Sharpe Ratio (20.52 vs 14.67), 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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