CBIL.TO vs. TBIL

Last updated Apr 1, 2026

Compare and contrast key facts about Global X 0-3 Month T-Bill ETF (CBIL.TO) and US Treasury 3 Month Bill ETF (TBIL).

CBIL.TO and TBIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBIL.TO is an actively managed fund by Global X. It was launched on Apr 12, 2023. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022.

Performance

CBIL.TO vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X 0-3 Month T-Bill ETF (CBIL.TO) and US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

CBIL.TO vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBIL.TO Global X 0-3 Month T-Bill ETF	0.30%	2.68%	4.47%	3.36%
TBIL US Treasury 3 Month Bill ETF	2.23%	-0.59%	14.18%	2.81%

Different Trading Currencies

CBIL.TO is traded in CAD, while TBIL is traded in USD. To make them comparable, the TBIL values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CBIL.TO achieves a 0.30% return, which is significantly lower than TBIL's 2.23% return.

CBIL.TO

• 1D: -0.15%
• 1M: 0.04%
• YTD: 0.30%
• 6M: 0.93%
• 1Y: 2.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: -0.11%
• 1M: 2.30%
• YTD: 2.23%
• 6M: 1.80%
• 1Y: 0.59%
• 3Y*: 5.71%
• 5Y*: —
• 10Y*: —

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

CBIL.TO vs. TBIL - Expense Ratio Comparison

CBIL.TO has a 0.10% expense ratio, which is lower than TBIL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

TBIL

US Treasury 3 Month Bill ETF

CBIL.TO

Global X 0-3 Month T-Bill ETF

Return for Risk

CBIL.TO vs. TBIL — Risk / Return Rank

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

CBIL.TO

CBIL.TO Risk / Return Rank: 99
CBIL.TO Sharpe Ratio Rank: 99
CBIL.TO Sortino Ratio Rank: 99
CBIL.TO Omega Ratio Rank: 99
CBIL.TO Calmar Ratio Rank: 99
CBIL.TO Martin Ratio Rank: 99

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.

CBIL.TO vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 0-3 Month T-Bill ETF (CBIL.TO) 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.

	CBIL.TO	TBIL	Difference
Sharpe ratio Return per unit of total volatility	8.16	0.11	+8.05
Sortino ratio Return per unit of downside risk	13.19	0.18	+13.01
Omega ratio Gain probability vs. loss probability	5.24	1.02	+4.21
Calmar ratio Return relative to maximum drawdown	15.01	0.24	+14.77
Martin ratio Return relative to average drawdown	204.88	0.45	+204.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBIL.TO vs. TBIL - Sharpe Ratio Comparison

The current CBIL.TO Sharpe Ratio is 8.16, which is higher than the TBIL Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of CBIL.TO and TBIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CBIL.TO	TBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.16	0.11	+8.05
Sharpe Ratio (All Time) Calculated using the full available price history	11.25	1.12	+10.12

Correlation

The correlation between CBIL.TO and TBIL is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CBIL.TO vs. TBIL - Dividend Comparison

CBIL.TO's dividend yield for the trailing twelve months is around 2.27%, less than TBIL's 4.28% yield.

	TTM	2025	2024	2023	2022
CBIL.TO Global X 0-3 Month T-Bill ETF	2.27%	2.59%	4.38%	3.39%	0.00%
TBIL US Treasury 3 Month Bill ETF	4.28%	4.07%	5.02%	5.00%	1.10%

Drawdowns

CBIL.TO vs. TBIL - Drawdown Comparison

The maximum CBIL.TO drawdown since its inception was -0.15%, smaller than the maximum TBIL drawdown of -5.18%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and TBIL.

Drawdown Indicators

	CBIL.TO	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.15%	-0.10%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.02%	-0.13%
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

CBIL.TO vs. TBIL - Volatility Comparison

The current volatility for Global X 0-3 Month T-Bill ETF (CBIL.TO) is 0.16%, while US Treasury 3 Month Bill ETF (TBIL) has a volatility of 1.37%. This indicates that CBIL.TO experiences smaller price fluctuations and is considered to be less risky than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBIL.TO	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	1.37%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	3.45%	-3.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	5.38%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.33%	6.08%	-5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.33%	6.08%	-5.75%