Performance drop for NTFS formatted USB Memory

I need to copy file which is exceed 4GB to my Flash Voyager 16G, thus I formatted it as NTFS. However, I get a very big performance drop when it is in NTFS format compare to previous it is formatted as FAT32.

The below are the steps that I have performed to do some tests.

FORMAT E: /FS:FAT32 /U
and the hdbench test result is:
Read 22059
Write 14465
RandomRead 21413
RandomWrite 2868

Then I created a batch file (.BAT) to record the time start & end for copying files to Voyager 16G and the result is:
Start 11:04:50.32 - End 11:12:05.23
( about 8 minutes for 1.2GB files copying )

I format it with the below 2 commands and then I run the hdbench test (at 100MB).
FORMAT E: /FS:NTFS /U
and the hdbench test result is:
Read 21481
Write 6687
RandomRead 17198
RandomWrite 1822

Then I run the same batch file (.BAT) to record the time start & end for copying files and the result is:
Start 10:32:50.12 - End 10:50:57.39
( about 18 minutes for 1.2GB files copying )

Please advise me, whether NTFS has a big performance drop compare to FAT32 formatted Voyager 16G ?

My computer Specification:
DELL Latitude D820 Laptop with 2 GB memory
Intel CPU T2500 @ 2.00GHz
Windows XP Professional with Service Pack 3