Which yield definition should you use when comparing floating rate treasury funds?


For example, USFR or TFLO, both floating rate treasury funds, list a number of yield definitions on their respective fund pages. Here are USFR's:

  • Embedded Income Yield: 4.9%
  • Average Yield to Maturity (a/o 03/31/2023): 4.9%
  • Distribution Yield: 4.7%
  • SEC 30-day Yield (Subsidized): 4.79%

For the purposes of comparing the yields to money market funds like VUSXX or SPAXX, which list 7-day SEC yields, which yield definition above would be the most useful comparison?


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