Data as of Oct 28, 2026.
TIP vs USFR: Differences, Returns & Fees
TIP's duration was 6.3 years on Jul 31, 2026 and USFR's 0.0 on May 31, 2026; USFR charges 0.15% to TIP's 0.18%.
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Net assets: $14.6bn on Oct 27, 2026 for iShares TIPS Bond ETF, and $17.0bn on May 31, 2026 for WisdomTree Floating Rate Treasury Fund.
Pair scorecard
USFR costs 0.03 points a year less; their one-year returns differ by 5.1 points.
| Measure | TIP | USFR |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.0% | +4.1% |
| Benchmark | ||
| What it tracks | ICE U.S. Treasury Inflation Linked Bond Index | Bloomberg U.S. Treasury Floating Rate Bond Index |
| Cost and size | ||
| Expense ratio | 0.18% | 0.15% |
| Net assets, TIP as of Oct 27, 2026 and USFR as of May 31, 2026 | $14.6bn | $17.0bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026. Method
Risk and return
Feb 14, 2014 to Oct 23, 2026 · 662 weekly returnsEach against its own benchmark: TIP against VTP, Jul 18, 2025 to Oct 23, 2026; USFR against TFLO, Feb 14, 2014 to Oct 23, 2026.
TIP returned more: +33.2% to +29.1%. USFR swung less: 0.9% to 5.3%. USFR fell less at its worst: −1.4% to −14.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | TIP | USFR | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +33.2% | +29.1% | TIP | Price change plus distributions, reinvested. |
| Annualized | +2.3% | +2.0% | TIP | Total return as a yearly rate. |
| Price return | −5.0% | +1.1% | USFR | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.3% | 0.9% | USFR | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.0% | 0.6% | USFR | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −14.2% | −1.4% | USFR | Deepest fall from a high to the low after it. |
| Upside capture | 99.7% | 67.2% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 101.8% | 0.5% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 0.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.98 | 0.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.07 | 0.01 | TIP | Return above Treasury bills per unit of volatility. |
| Sortino | 0.10 | 0.01 | TIP | Return above Treasury bills per unit of downside deviation. |
| Treynor | −0.023 | 0.006 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.16 | 1.49 | USFR | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VTP | TFLO | The ETF each fund is measured against. | |
| Alpha | −0.2% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.56 | 0.02 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −1.0% to +0.6% | −0.5% to +0.5% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.45 | 0.00 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 2.1% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 662 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, TIP and USFR hold 0% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.
half
0% in common
Only in one fund ↓
Side by side
TIP and USFR on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
TIP and USFR do different jobs. What does each one do in a portfolio?
- What each follows. TIP follows ICE U.S. Treasury Inflation Linked Bond Index and USFR follows Bloomberg U.S. Treasury Floating Rate Bond Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 TIP returned −1.0% and USFR +4.1% with distributions reinvested, a gap of 5.1 points.
Data as of Oct 28, 2026.
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TIP
TIP tracks an index of TIPS Bond. Over the year to Oct 28, 2026 it returned −1.0% with distributions reinvested, against −0.8% for its benchmark, the ICE U.S. Treasury Inflation Linked Bond Index. The prospectus expense ratio is 0.18% a year.
USFR
USFR tracks an index of Floating Rate Treasury. Over the year to Oct 28, 2026 it returned +4.1% with distributions reinvested, against +4.0% for its benchmark, the Bloomberg U.S. Treasury Floating Rate Bond Index. The prospectus expense ratio is 0.15% a year.
Questions people ask
- Which returned more over the last year, TIP or USFR?
- In the year to Oct 28, 2026, with distributions reinvested, TIP returned −1.0% and USFR +4.1%.
- Which is cheaper, TIP or USFR?
- USFR is cheaper, by 0.03 percentage points a year. That is about $3 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, TIP against USFR, data as of Oct 28, 2026. https://etfiq.com/compare/any/tip-vs-usfr
ETFIQ. (Oct 28, 2026). TIP against USFR. Retrieved from https://etfiq.com/compare/any/tip-vs-usfr
[TIP against USFR (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/tip-vs-usfr)
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