USTB vs. GFLW

Last updated Jun 3, 2026

USTB (VictoryShares Short-Term Bond ETF) and GFLW (VictoryShares Free Cash Flow Growth ETF) are both exchange-traded funds - USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index, while GFLW is a Large Cap Growth Equities fund tracking the Victory Free Cash Flow Growth Index. Both are passively managed. Over the past year, USTB returned 4.79% vs 30.36% for GFLW. At a 0.12 correlation, their price movements are largely independent. USTB charges 0.34%/yr vs 0.39%/yr for GFLW.

Performance

USTB vs. GFLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Short-Term Bond ETF (USTB) and VictoryShares Free Cash Flow Growth ETF (GFLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USTB achieves a 1.23% return, which is significantly lower than GFLW's 16.78% return.

USTB

• 1D: 0.04%
• 1M: 0.28%
• YTD: 1.23%
• 6M: 1.66%
• 1Y: 4.79%
• 3Y*: 6.14%
• 5Y*: 3.52%
• 10Y*: —

GFLW

• 1D: 0.09%
• 1M: 10.78%
• YTD: 16.78%
• 6M: 15.86%
• 1Y: 30.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USTB vs. GFLW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USTB VictoryShares Short-Term Bond ETF	1.23%	6.08%	0.12%
GFLW VictoryShares Free Cash Flow Growth ETF	16.78%	18.40%	-6.12%

Correlation

The correlation between USTB and GFLW is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	0.12

Return for Risk

USTB vs. GFLW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USTB

USTB Risk / Return Rank: 94
USTB Sharpe Ratio Rank: 95
USTB Sortino Ratio Rank: 98
USTB Omega Ratio Rank: 97
USTB Calmar Ratio Rank: 89
USTB Martin Ratio Rank: 92

GFLW

GFLW Risk / Return Rank: 42
GFLW Sharpe Ratio Rank: 44
GFLW Sortino Ratio Rank: 42
GFLW Omega Ratio Rank: 41
GFLW Calmar Ratio Rank: 41
GFLW Martin Ratio Rank: 43

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.

USTB vs. GFLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Short-Term Bond ETF (USTB) and VictoryShares Free Cash Flow Growth ETF (GFLW). 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.

	USTB	GFLW	Difference
Sharpe ratio Return per unit of total volatility	3.96	1.58	+2.38
Sortino ratio Return per unit of downside risk	6.76	2.17	+4.59
Omega ratio Gain probability vs. loss probability	1.89	1.27	+0.62
Calmar ratio Return relative to maximum drawdown	5.28	2.09	+3.19
Martin ratio Return relative to average drawdown	24.05	7.12	+16.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USTB vs. GFLW - Sharpe Ratio Comparison

The current USTB Sharpe Ratio is 3.96, which is higher than the GFLW Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of USTB and GFLW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USTB	GFLW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	1.58	+2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	0.79	+0.95

Drawdowns

USTB vs. GFLW - Drawdown Comparison

The maximum USTB drawdown since its inception was -5.32%, smaller than the maximum GFLW drawdown of -24.14%. Use the drawdown chart below to compare losses from any high point for USTB and GFLW.

Drawdown Indicators

	USTB	GFLW	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-24.14%	+18.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-14.95%	+14.11%
Max Drawdown (3Y) Largest decline over 3 years	-1.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-4.96%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.66%	-4.65%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	4.39%	-4.20%

Volatility

USTB vs. GFLW - Volatility Comparison

The current volatility for VictoryShares Short-Term Bond ETF (USTB) is 0.34%, while VictoryShares Free Cash Flow Growth ETF (GFLW) has a volatility of 5.40%. This indicates that USTB experiences smaller price fluctuations and is considered to be less risky than GFLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTB	GFLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	5.40%	-5.06%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	14.97%	-14.13%
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	19.31%	-18.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	24.60%	-22.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	24.60%	-22.59%

USTB vs. GFLW - Expense Ratio Comparison

USTB has a 0.34% expense ratio, which is lower than GFLW's 0.39% expense ratio.

Dividends

USTB vs. GFLW - Dividend Comparison

USTB's dividend yield for the trailing twelve months is around 4.58%, more than GFLW's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GFLW VictoryShares Free Cash Flow Growth ETF	0.01%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USTB VictoryShares Short-Term Bond ETF	4.58%	4.62%	5.05%	4.49%	2.54%	1.84%	2.59%	2.69%	2.32%	0.43%

Frequently Asked Questions

Can I hold both USTB and GFLW in my portfolio?

USTB and GFLW have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USTB or GFLW?

GFLW has higher volatility (5.40%) compared to USTB (0.34%). In terms of maximum drawdown, USTB dropped -5.32% vs GFLW's -24.14%.

Which ETF is better, USTB or GFLW?

On 1-year performance, GFLW leads with 30.36% vs 4.79% for USTB. On fees, USTB is cheaper at 0.34% per year. On volatility, USTB has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USTB or GFLW?

Over the 1-year period, GFLW has performed better with a 30.36% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USTB or GFLW?

USTB is cheaper with a 0.34% expense ratio, compared with 0.39% for GFLW.

Which ETF pays a higher dividend yield, USTB or GFLW?

USTB has the higher dividend yield at 4.58%, compared with 0.01% for GFLW.

What is the main difference between USTB and GFLW?

USTB is categorized as Short-Term Bond, while GFLW is Large Cap Growth Equities. USTB tracks Bloomberg 1–3 Year Credit Index, while GFLW tracks Victory Free Cash Flow Growth Index. Their fees differ too: 0.34% for USTB and 0.39% for GFLW.

Which has better risk-adjusted returns?

USTB currently has the higher Sharpe Ratio (3.96 vs 1.58), 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.