Data as of Oct 28, 2026.
USFR vs USHY: Differences, Returns & Fees
USFR's duration was 0.0 years on May 31, 2026 and USHY's 3.0 on Jul 31, 2026; USHY charges 0.08% to USFR's 0.15%.
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Net assets: $17.0bn on May 31, 2026 for WisdomTree Floating Rate Treasury Fund, and $26.3bn on Oct 27, 2026 for iShares Broad USD High Yield Corporate Bond ETF.
Pair scorecard
USHY costs 0.07 points a year less; their one-year returns differ by 2.4 points.
| Measure | USFR | USHY |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.1% | +1.7% |
| Benchmark | ||
| What it tracks | Bloomberg U.S. Treasury Floating Rate Bond Index | ICE BofA US High Yield Constrained Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.08% |
| Net assets, USFR as of May 31, 2026 and USHY as of Oct 27, 2026 | $17.0bn | $26.3bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026. Method
Risk and return
Nov 3, 2017 to Oct 23, 2026 · 468 weekly returnsEach against its own benchmark: USFR against TFLO, Feb 14, 2014 to Oct 23, 2026; USHY against SPHY, Nov 3, 2017 to Oct 23, 2026.
USHY returned more: +47.3% to +27.5%. USFR swung less: 0.5% to 9.7%. USFR fell less at its worst: −0.8% to −21.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | USFR | USHY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +27.5% | +47.3% | USHY | Price change plus distributions, reinvested. |
| Annualized | +2.7% | +4.4% | USHY | Total return as a yearly rate. |
| Price return | +0.8% | −14.9% | USFR | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 0.5% | 9.7% | USFR | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 0.4% | 6.8% | USFR | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −0.8% | −21.9% | USFR | Deepest fall from a high to the low after it. |
| Upside capture | 67.2% | 104.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 0.5% | 103.7% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.01 | 1.07 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.00 | 0.95 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | −0.02 | 0.21 | USHY | Return above Treasury bills per unit of volatility. |
| Sortino | −0.03 | 0.30 | USHY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.006 | 0.019 | Return above Treasury bills per unit of beta. | |
| Calmar | 3.50 | 0.20 | USFR | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | TFLO | SPHY | The ETF each fund is measured against. | |
| Alpha | 0.0% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.02 | −0.10 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.5% to +0.5% | −1.5% to +1.4% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.00 | 0.03 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 2.1% | 2.3% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 468 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, USFR and USHY 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
USFR and USHY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
USFR and USHY do different jobs. What does each one do in a portfolio?
- What each follows. USFR follows Bloomberg U.S. Treasury Floating Rate Bond Index and USHY follows ICE BofA US High Yield Constrained Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated May 31, 2026 and Jul 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 USFR returned +4.1% and USHY +1.7% with distributions reinvested, a gap of 2.4 points.
Data as of Oct 28, 2026.
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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.
USHY
USHY tracks an index of Broad USD High Yield Corporate Bond. Over the year to Oct 28, 2026 it returned +1.7% with distributions reinvested, against +1.8% for its benchmark, the ICE BofA US High Yield Constrained Index, measured by the closely related ICE BofA US High Yield Index. The prospectus expense ratio is 0.08% a year.
Questions people ask
- Which returned more over the last year, USFR or USHY?
- In the year to Oct 28, 2026, with distributions reinvested, USFR returned +4.1% and USHY +1.7%.
- Which is cheaper, USFR or USHY?
- USHY is cheaper, by 0.07 percentage points a year. That is about $7 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.
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ETFIQ, USFR against USHY, data as of Oct 28, 2026. https://etfiq.com/compare/any/usfr-vs-ushy
ETFIQ. (Oct 28, 2026). USFR against USHY. Retrieved from https://etfiq.com/compare/any/usfr-vs-ushy
[USFR against USHY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/usfr-vs-ushy)
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