Comparison page

EFFR vs SOFR

Compare the policy-sensitive federal funds benchmark with the secured overnight financing benchmark across real historical windows.

EFFR

3.88%

SOFR

3.89%

Historical change comparison

RangeEFFRSOFRSpread
1D0.00+0.01-0.01
5D0.00+0.02-0.02
1M+0.25+0.250.00
6M+0.24+0.17+0.07
1Y-0.22-0.40+0.18
ALL-3.15+2.06-5.21

EFFR and SOFR often move closely, but they are not identical. EFFR reflects overnight federal funds activity, while SOFR reflects overnight secured funding backed by Treasury collateral.

Related pages: Fed interest rate and SOFR rate.