VUTY.L vs. TFRN.L
VUTY.L (Vanguard USD Treasury Bond UCITS ETF Distributing) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both Government Bonds funds - VUTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index while TFRN.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, VUTY.L returned 0.61%/yr vs 4.72%/yr for TFRN.L. A 0.64 correlation means they provide meaningful diversification when combined. VUTY.L charges 0.05%/yr vs 0.15%/yr for TFRN.L.
Performance
VUTY.L vs. TFRN.L - Performance Comparison
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Different Trading Currencies
VUTY.L is traded in GBP, while TFRN.L is traded in USD. To make them comparable, the TFRN.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VUTY.L achieves a -0.16% return, which is significantly lower than TFRN.L's 2.00% return.
VUTY.L
- 1D
- 0.07%
- 1M
- 0.78%
- YTD
- -0.16%
- 6M
- -0.78%
- 1Y
- 4.55%
- 3Y*
- 0.23%
- 5Y*
- 0.61%
- 10Y*
- 1.68%
TFRN.L
- 1D
- 0.04%
- 1M
- 1.22%
- YTD
- 2.00%
- 6M
- 1.18%
- 1Y
- 4.86%
- 3Y*
- 2.06%
- 5Y*
- 4.72%
- 10Y*
- —
VUTY.L vs. TFRN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | -0.16% | -1.13% | 2.55% | -1.94% | -1.87% | -1.11% | 3.99% | 5.11% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 1.97% | -3.31% | 7.28% | -0.32% | 13.90% | 1.04% | -2.38% | 1.05% |
Correlation
The correlation between VUTY.L and TFRN.L is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2019 | 0.64 |
The correlation between VUTY.L and TFRN.L has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
VUTY.L vs. TFRN.L — Risk / Return Rank
VUTY.L
TFRN.L
VUTY.L vs. TFRN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.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.
| VUTY.L | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 0.95 | -0.12 |
| Martin ratioReturn relative to average drawdown | 1.98 | 2.54 | -0.55 |
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
| VUTY.L | TFRN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.71 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | 0.55 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.29 | -0.16 |
Drawdowns
VUTY.L vs. TFRN.L - Drawdown Comparison
The maximum VUTY.L drawdown since its inception was -22.63%, which is greater than TFRN.L's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for VUTY.L and TFRN.L.
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Drawdown Indicators
| VUTY.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.63% | -18.17% | -4.46% |
Max Drawdown (1Y)Largest decline over 1 year | -5.25% | -5.10% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -8.27% | -10.05% | +1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -16.17% | -15.61% | -0.56% |
Max Drawdown (10Y)Largest decline over 10 years | -22.63% | — | — |
Current DrawdownCurrent decline from peak | -17.85% | -5.81% | -12.04% |
Average DrawdownAverage peak-to-trough decline | -12.63% | -8.89% | -3.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 1.91% | +0.29% |
Volatility
VUTY.L vs. TFRN.L - Volatility Comparison
The current volatility for Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) is 1.43%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) has a volatility of 1.61%. This indicates that VUTY.L experiences smaller price fluctuations and is considered to be less risky than TFRN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUTY.L | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.61% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 4.96% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 6.80% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.71% | 8.61% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.00% | 8.90% | +1.10% |
VUTY.L vs. TFRN.L - Expense Ratio Comparison
VUTY.L has a 0.05% expense ratio, which is lower than TFRN.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
VUTY.L vs. TFRN.L - Dividend Comparison
VUTY.L's dividend yield for the trailing twelve months is around 4.27%, while TFRN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 4.27% | 4.40% | 4.00% | 3.47% | 2.06% | 1.19% | 1.64% | 2.42% | 2.24% | 1.64% | 0.92% |
Frequently Asked Questions
VUTY.L and TFRN.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTY.L is cheaper with a 0.05% expense ratio, compared with 0.15% for TFRN.L.
VUTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index, while TFRN.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: Vanguard and WisdomTree. Their fees differ too: 0.05% for VUTY.L and 0.15% for TFRN.L.
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