AFSM vs. RBIL

Last updated Jun 23, 2026

AFSM (First Trust Active Factor Small Cap ETF) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - AFSM is a Small Cap Blend Equities fund actively managed by First Trust, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. AFSM is actively managed, while RBIL is passively managed. Over the past year, AFSM returned 38.04% vs 3.95% for RBIL. At a correlation of -0.15, they often move in opposite directions. AFSM charges 0.77%/yr vs 0.17%/yr for RBIL.

Performance

AFSM vs. RBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFSM achieves a 21.22% return, which is significantly higher than RBIL's 2.31% return.

AFSM

• 1D: 0.94%
• 1M: 5.32%
• YTD: 21.22%
• 6M: 17.97%
• 1Y: 38.04%
• 3Y*: 19.28%
• 5Y*: 9.54%
• 10Y*: —

RBIL

• 1D: -0.05%
• 1M: -0.20%
• YTD: 2.31%
• 6M: 2.35%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFSM vs. RBIL - Yearly Performance Comparison

	2026 (YTD)	2025
AFSM First Trust Active Factor Small Cap ETF	21.22%	13.74%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.31%	2.85%

Correlation

The correlation between AFSM and RBIL is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Feb 25, 2025	-0.15

Return for Risk

AFSM vs. RBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFSM

AFSM Risk / Return Rank: 69
AFSM Sharpe Ratio Rank: 66
AFSM Sortino Ratio Rank: 66
AFSM Omega Ratio Rank: 59
AFSM Calmar Ratio Rank: 80
AFSM Martin Ratio Rank: 72

RBIL

RBIL Risk / Return Rank: 97
RBIL Sharpe Ratio Rank: 97
RBIL Sortino Ratio Rank: 97
RBIL Omega Ratio Rank: 98
RBIL Calmar Ratio Rank: 95
RBIL Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFSM vs. RBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AFSM	RBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.08	4.18	-2.10
Sortino ratio: Return per unit of downside risk	2.93	6.39	-3.46
Omega ratio: Gain probability vs. loss probability	1.35	2.06	-0.71
Calmar ratio: Return relative to maximum drawdown	4.00	7.59	-3.59
Martin ratio: Return relative to average drawdown	13.15	44.07	-30.93

AFSM vs. RBIL - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 2.08, which is lower than the RBIL Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of AFSM and RBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFSM vs. RBIL - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, which is greater than RBIL's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for AFSM and RBIL.

Drawdown Indicators

	AFSM	RBIL	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-0.52%	-43.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-0.52%	-9.04%
Max Drawdown (3Y) Largest decline over 3 years	-25.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	—	—
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-9.41%	-0.07%	-9.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	0.09%	+2.81%

Volatility

AFSM vs. RBIL - Volatility Comparison

First Trust Active Factor Small Cap ETF (AFSM) has a higher volatility of 5.93% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.36%. This indicates that AFSM's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSM	RBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	0.36%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	0.85%	+13.01%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	0.95%	+17.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	1.07%	+19.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.38%	1.07%	+24.31%

AFSM vs. RBIL - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is higher than RBIL's 0.17% expense ratio.

Dividends

AFSM vs. RBIL - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.45%, less than RBIL's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	0.45%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.38%	3.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFSM and RBIL in my portfolio?

AFSM and RBIL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFSM or RBIL?

AFSM has higher volatility (5.93%) compared to RBIL (0.36%). In terms of maximum drawdown, AFSM dropped -43.54% vs RBIL's -0.52%.

Which ETF is better, AFSM or RBIL?

On 1-year performance, AFSM leads with 38.04% vs 3.95% for RBIL. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or RBIL?

Over the 1-year period, AFSM has performed better with a 38.04% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or RBIL?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.77% for AFSM.

Which ETF pays a higher dividend yield, AFSM or RBIL?

RBIL has the higher dividend yield at 4.38%, compared with 0.45% for AFSM.

What is the main difference between AFSM and RBIL?

AFSM is categorized as Small Cap Blend Equities, while RBIL is Inflation-Protected Bonds. They also come from different issuers: First Trust and F/m. Their fees differ too: 0.77% for AFSM and 0.17% for RBIL.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (4.18 vs 2.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.