AMDL vs. TBIL

Last updated Jun 4, 2026

AMDL (GraniteShares 2x Long AMD Daily ETF) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - AMDL is a Leveraged Equities fund actively managed by GraniteShares, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. AMDL is actively managed, while TBIL is passively managed. Over the past year, AMDL returned 1189.78% vs 3.93% for TBIL. At a correlation of -0.10, they often move in opposite directions. AMDL charges 1.15%/yr vs 0.15%/yr for TBIL.

Performance

AMDL vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AMD Daily ETF (AMDL) and US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDL achieves a 395.18% return, which is significantly higher than TBIL's 1.49% return.

AMDL

• 1D: 8.25%
• 1M: 135.69%
• YTD: 395.18%
• 6M: 371.52%
• 1Y: 1,189.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.49%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

AMDL vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMDL GraniteShares 2x Long AMD Daily ETF	395.18%	103.00%	-69.97%
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	4.02%

Correlation

The correlation between AMDL and TBIL is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Mar 19, 2024	-0.10

Return for Risk

AMDL vs. TBIL — Risk / Return Rank

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

AMDL

AMDL Risk / Return Rank: 96
AMDL Sharpe Ratio Rank: 99
AMDL Sortino Ratio Rank: 93
AMDL Omega Ratio Rank: 92
AMDL Calmar Ratio Rank: 99
AMDL Martin Ratio Rank: 97

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

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.

AMDL vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AMD Daily ETF (AMDL) and US Treasury 3 Month Bill ETF (TBIL). 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.

	AMDL	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	9.30	13.78	-4.48
Sortino ratio: Return per unit of downside risk	4.81	58.40	-53.59
Omega ratio: Gain probability vs. loss probability	1.63	17.16	-15.53
Calmar ratio: Return relative to maximum drawdown	21.43	196.84	-175.41
Martin ratio: Return relative to average drawdown	42.08	934.41	-892.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMDL vs. TBIL - Sharpe Ratio Comparison

The current AMDL Sharpe Ratio is 9.30, which is lower than the TBIL Sharpe Ratio of 13.78. The chart below compares the historical Sharpe Ratios of AMDL and TBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMDL	TBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.30	13.78	-4.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	14.07	-13.51

Drawdowns

AMDL vs. TBIL - Drawdown Comparison

The maximum AMDL drawdown since its inception was -88.63%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for AMDL and TBIL.

Drawdown Indicators

	AMDL	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-0.10%	-88.53%
Max Drawdown (1Y) Largest decline over 1 year	-56.13%	-0.02%	-56.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-48.58%	-0.00%	-48.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.53%	0.00%	+28.53%

Volatility

AMDL vs. TBIL - Volatility Comparison

GraniteShares 2x Long AMD Daily ETF (AMDL) has a higher volatility of 46.02% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that AMDL's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMDL	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.02%	0.08%	+45.94%
Volatility (6M) Calculated over the trailing 6-month period	94.09%	0.19%	+93.90%
Volatility (1Y) Calculated over the trailing 1-year period	129.41%	0.29%	+129.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.59%	0.32%	+116.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.59%	0.32%	+116.27%

AMDL vs. TBIL - Expense Ratio Comparison

AMDL has a 1.15% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

AMDL vs. TBIL - Dividend Comparison

AMDL has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.82%.

Position	TTM	2025	2024	2023	2022
AMDL GraniteShares 2x Long AMD Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both AMDL and TBIL in my portfolio?

AMDL and TBIL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDL or TBIL?

AMDL has higher volatility (46.02%) compared to TBIL (0.08%). In terms of maximum drawdown, AMDL dropped -88.63% vs TBIL's -0.10%.

Which ETF is better, AMDL or TBIL?

On 1-year performance, AMDL leads with 1189.78% vs 3.93% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDL or TBIL?

Over the 1-year period, AMDL has performed better with a 1189.78% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDL or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 1.15% for AMDL.

Which ETF pays a higher dividend yield, AMDL or TBIL?

TBIL has the higher dividend yield at 3.82%, compared with 0.00% for AMDL.

What is the main difference between AMDL and TBIL?

AMDL is categorized as Leveraged Equities, while TBIL is Ultrashort Bond. They also come from different issuers: GraniteShares and US Benchmark Series. Their fees differ too: 1.15% for AMDL and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.78 vs 9.30), 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.