TSP G Fund vs F Fund
The G Fund tracks no market index: it holds special U.S. Treasury securities issued only to the TSP. The F Fund tracks the Bloomberg U.S. Aggregate Bond Index: U.S. government, corporate and mortgage-backed bonds. From 2004 through 2025, the G Fund averaged 2.99% a year and the F Fund 3.41%, and the G Fund came out ahead in 8 of 22 years.
Side by side
| G Fund | F Fund | |
|---|---|---|
| Compound average (2004–2025) | 2.99% | 3.41% |
| Best year | +4.93% (2006) | +8.68% (2019) |
| Worst year | +0.97% (2020) | -12.83% (2022) |
| Years with a loss | 0 of 22 | 3 of 22 |
| 2026 so far | +4.02% | +0.08% |
G Fund
The G Fund invests in short-term U.S. Treasury securities issued only to the TSP. Its interest rate is set each month from the average yield of longer-term Treasury securities, and the U.S. government guarantees payment of principal and interest.
Risk: Designed not to lose value. The trade-off is that its long-term growth may not keep up with inflation.
G Fund detailsF Fund
The F Fund holds investment-grade U.S. bonds: Treasury securities, corporate bonds and mortgage-backed securities.
Risk: Bond fund: usually steadier than the stock funds, but its price can fall, notably when interest rates rise (as in 2022).
F Fund detailsReturns by year
| Year | G Fund | F Fund | Difference |
|---|---|---|---|
| 2025 | +4.44% | +7.21% | -2.76% |
| 2024 | +4.40% | +1.33% | +3.07% |
| 2023 | +4.22% | +5.58% | -1.35% |
| 2022 | +2.98% | -12.83% | +15.81% |
| 2021 | +1.38% | -1.46% | +2.84% |
| 2020 | +0.97% | +7.50% | -6.53% |
| 2019 | +2.24% | +8.68% | -6.44% |
| 2018 | +2.91% | +0.15% | +2.75% |
| 2017 | +2.33% | +3.82% | -1.49% |
| 2016 | +1.82% | +2.91% | -1.09% |
| 2015 | +2.04% | +0.91% | +1.13% |
| 2014 | +2.31% | +6.73% | -4.43% |
| 2013 | +1.89% | -1.68% | +3.57% |
| 2012 | +1.47% | +4.29% | -2.83% |
| 2011 | +2.45% | +7.89% | -5.43% |
| 2010 | +2.81% | +6.71% | -3.90% |
| 2009 | +2.97% | +5.99% | -3.02% |
| 2008 | +3.75% | +5.45% | -1.70% |
| 2007 | +4.87% | +7.09% | -2.22% |
| 2006 | +4.93% | +4.40% | +0.52% |
| 2005 | +4.49% | +2.40% | +2.10% |
| 2004 | +4.30% | +4.30% | -0.01% |
Common questions
What's the difference between the TSP G Fund and F Fund?
The G Fund tracks no market index: it holds special U.S. Treasury securities issued only to the TSP. The F Fund tracks the Bloomberg U.S. Aggregate Bond Index: U.S. government, corporate and mortgage-backed bonds.
Which has returned more, the G Fund or the F Fund?
From 2004 through 2025, the G Fund's compound average was 2.99% a year and the F Fund's 3.41%. The G Fund came out ahead in 8 of 22 calendar years. Past performance does not predict future returns.
See every fund's returns by year, or get the free morning briefing on what moved each fund.
Source: official TSP share prices (tsp.gov), through Monday, November 9, 2026. Past performance does not guarantee future results. Educational information, not investment advice; which funds to use is your decision.
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