Dividend comparison

USFR vs SHV: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for WisdomTree Floating Rate Treasury Fund and iShares Trust iShares 0-1 Year Treasury Bond ETF, side by side. Updated October 21, 2026.

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USFR vs SHV: key differences
The short answer, from the latest data on this page.
  • Fees. Both charge about 0.15% a year, so cost is not what separates them.
  • Income. Their trailing yields are almost the same: 3.72% for USFR and 3.63% for SHV. Both pay monthly.
  • Performance. Over the last 5 years, USFR returned 20.4% versus 15.9% for SHV, with dividends reinvested. $10,000 would have grown to $12,038 in USFR and $11,587 in SHV.
  • Risk. Their worst declines over the last 5 years were similar: -0.4% for USFR and -0.6% for SHV from peak to trough.
  • Diversification. SHV holds 19 positions and USFR holds 6.
  • Dividend growth. USFR grew its yearly payout 318.5% a year over the last 3 years, versus 43.5% for SHV.

Bottom line: USFR fits better if you care most about stronger 5-year returns and faster dividend growth. SHV fits better if you care most about broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricUSFR
WisdomTree Floating Rate Treasury Fund
SHV
iShares Trust iShares 0-1 Year Treasury Bond ETF
Dividend yield (TTM)3.72%3.63%
Dividend / share (TTM)$1.88$4.00
Payout frequencyMonthlyMonthly
Last dividend$0.1582 on Sep 29, 2026$0.2991 on Oct 6, 2026
Ex-dividend dateSep 25, 2026Oct 1, 2026
Dividend growth (CAGR)318.5% over 4 yrs43.5% over 3 yrs
Price$50.50$110.26
Beta-0.020.01
Max drawdown (5Y)-0.4%-0.6%
Market cap$17.79B$23.42B
ExchangeAMEXNYSE
Expense ratio0.15%0.15%
Assets under management$21.25B$23.46B
Number of holdings619
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

USFR

$31.00/mo

$372 /yr at 3.72% yield

SHV

$30.27/mo

$363 /yr at 3.63% yield

Dividend history
Total dividends paid per share in each calendar year. USFR pays monthly; SHV pays monthly.
YearUSFRSHV
2025$2.0860$4.5036
2024$2.5996$5.5326
2023$2.5718$5.2126
2022$0.8956$1.5226
2021$0.0068—
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

What USFR vs SHV actually do

USFR
A WisdomTree fund holding US Treasury floating rate notes rather than fixed-rate bills.

Treasury FRNs are two-year securities whose coupon resets weekly against the 13-week Treasury bill auction, so the fund's income adjusts to rate changes through the coupon itself instead of by rolling into new bills. In practice that makes it respond to a rate move slightly faster than a bill ladder does. The trade-off is a smaller, less liquid corner of the Treasury market and a modest amount of price movement that a portfolio of near-maturity bills does not have.

Suits a cash holder who wants income that resets quickly and is comfortable with a less mainstream instrument. Offers no advantage over a plain bill fund once short rates stop moving, and it is not a place to seek return.

Capital preservation

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $12,038 in USFR and $11,587 in SHV.
PeriodUSFRSHV
1 month0.34%0.05%
3 months1.02%0.01%
Year to date3.17%0.10%
1 year4.04%0.56%
3 years13.30%10.54%
5 years20.38%15.87%
  • USFR
  • SHV
98110122202120222023202420252026120116

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • USFR
  • SHV
0%25%50%75%100%Cash & Others100.0%100.0%U.S. Treasury Debt99.5%Investment Company0.5%

Quick verdict

USFR fits better if you care most about stronger 5-year returns and faster dividend growth. SHV fits better if you care most about broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is USFR or SHV better for dividend income?
It depends on your goals. USFR currently yields 3.72% Trailing Twelve Months (TTM) while SHV yields 3.63%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between USFR and SHV?
WisdomTree Floating Rate Treasury Fund (USFR) is an ETF listed on AMEX. iShares Trust iShares 0-1 Year Treasury Bond ETF (SHV) is an ETF listed on NYSE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, USFR or SHV?
They cost about the same: USFR charges 0.15% a year and SHV charges 0.15%.
Which has performed better, USFR or SHV?
Over the last 5 years, USFR has the higher total return with dividends reinvested: USFR returned 20.4% and SHV returned 15.9%. Past performance does not predict future returns.
Which is riskier, USFR or SHV?
Measured by the worst peak-to-trough decline over the last five years, SHV has been riskier: USFR fell as much as 0.4% and SHV as much as 0.6%. Their betas are -0.02 and 0.01.
How often do USFR and SHV pay dividends?
Both pay monthly. The most recent payments were $0.1582 for USFR and $0.2991 for SHV.
How much income does $10,000 in USFR vs SHV generate?
At current TTM yields, $10,000 in USFR would generate roughly $31.00 per month ($372 annually). The same amount in SHV would produce about $30.27 per month ($363 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both USFR and SHV?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare USFR vs SHV with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how USFR and SHV fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.