VFLO vs. USTB

Last updated Jun 4, 2026

VFLO (Victoryshares Free Cash Flow ETF) and USTB (VictoryShares Short-Term Bond ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index. Both are passively managed. Over the past year, VFLO returned 38.74% vs 4.75% for USTB. At a 0.19 correlation, their price movements are largely independent. VFLO charges 0.39%/yr vs 0.34%/yr for USTB.

Performance

VFLO vs. USTB - Performance Comparison

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

Returns By Period

In the year-to-date period, VFLO achieves a 20.09% return, which is significantly higher than USTB's 1.19% return.

VFLO

• 1D: -0.44%
• 1M: 10.60%
• YTD: 20.09%
• 6M: 21.04%
• 1Y: 38.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USTB

• 1D: -0.04%
• 1M: 0.32%
• YTD: 1.19%
• 6M: 1.58%
• 1Y: 4.75%
• 3Y*: 6.13%
• 5Y*: 3.50%
• 10Y*: —

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

VFLO vs. USTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO Victoryshares Free Cash Flow ETF	20.09%	17.51%	21.83%	14.59%
USTB VictoryShares Short-Term Bond ETF	1.19%	6.08%	6.49%	4.49%

Correlation

The correlation between VFLO and USTB is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.19

Return for Risk

VFLO vs. USTB — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 85
VFLO Sharpe Ratio Rank: 78
VFLO Sortino Ratio Rank: 82
VFLO Omega Ratio Rank: 75
VFLO Calmar Ratio Rank: 94
VFLO Martin Ratio Rank: 92

USTB

USTB Risk / Return Rank: 95
USTB Sharpe Ratio Rank: 95
USTB Sortino Ratio Rank: 97
USTB Omega Ratio Rank: 97
USTB Calmar Ratio Rank: 90
USTB Martin Ratio Rank: 93

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.

VFLO vs. USTB - Risk-Adjusted Trends Comparison

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

	VFLO	USTB	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.93	-1.33
Sortino ratio: Return per unit of downside risk	3.76	6.69	-2.94
Omega ratio: Gain probability vs. loss probability	1.46	1.88	-0.42
Calmar ratio: Return relative to maximum drawdown	7.82	5.65	+2.17
Martin ratio: Return relative to average drawdown	23.81	25.66	-1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFLO vs. USTB - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.60, which is lower than the USTB Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of VFLO and USTB, 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

	VFLO	USTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	3.93	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.73	-0.10

Drawdowns

VFLO vs. USTB - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, which is greater than USTB's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for VFLO and USTB.

Drawdown Indicators

	VFLO	USTB	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-5.32%	-12.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-0.84%	-4.14%
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	-2.08%	-0.04%	-2.04%
Average Drawdown Average peak-to-trough decline	-2.42%	-0.66%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.19%	+1.44%

Volatility

VFLO vs. USTB - Volatility Comparison

Victoryshares Free Cash Flow ETF (VFLO) has a higher volatility of 6.04% compared to VictoryShares Short-Term Bond ETF (USTB) at 0.33%. This indicates that VFLO's price experiences larger fluctuations and is considered to be riskier than USTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	USTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	0.33%	+5.71%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	0.84%	+10.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	1.22%	+13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	2.01%	+13.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	2.01%	+13.92%

VFLO vs. USTB - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is higher than USTB's 0.34% expense ratio.

Dividends

VFLO vs. USTB - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.19%, less than USTB's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VFLO Victoryshares Free Cash Flow ETF	1.19%	1.60%	1.20%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFLO and USTB in my portfolio?

VFLO and USTB have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or USTB?

VFLO has higher volatility (6.04%) compared to USTB (0.33%). In terms of maximum drawdown, VFLO dropped -17.79% vs USTB's -5.32%.

Which ETF is better, VFLO or USTB?

On 1-year performance, VFLO leads with 38.74% vs 4.75% for USTB. On fees, USTB is cheaper at 0.34% per year. On volatility, USTB has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or USTB?

Over the 1-year period, VFLO has performed better with a 38.74% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or USTB?

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

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

USTB has the higher dividend yield at 4.58%, compared with 1.19% for VFLO.

What is the main difference between VFLO and USTB?

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

Which has better risk-adjusted returns?

USTB currently has the higher Sharpe Ratio (3.93 vs 2.60), 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.