CMBO vs. BILS

Last updated Aug 6, 2026

CMBO (Wayfinder Dynamic U.S. Interest Rate ETF) and BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) are both Ultrashort Bond funds. CMBO is actively managed, while BILS is passively managed. Their 0.40 correlation means their historical movements had little consistent relationship. CMBO charges 0.15%/yr vs 0.14%/yr for BILS.

Performance

CMBO vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wayfinder Dynamic U.S. Interest Rate ETF (CMBO) and State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMBO achieves a 2.35% return, which is significantly higher than BILS's 2.05% return.

CMBO

• 1D: 0.01%
• 1M: 0.41%
• 6M: 2.02%
• YTD: 2.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BILS

• 1D: 0.01%
• 1M: 0.31%
• 6M: 1.75%
• YTD: 2.05%
• 1Y: 3.78%
• 3Y*: 4.58%
• 5Y*: 3.43%
• 10Y*: —
• ALL TIME*: 2.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	$32.58M	$30.30M	$32.45M
CMBO Wayfinder Dynamic U.S. Interest Rate ETF	$79.26K	$59.47K	$33.01K

CMBO vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025
CMBO Wayfinder Dynamic U.S. Interest Rate ETF	2.35%	0.55%
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	2.05%	0.66%

Correlation

The correlation between CMBO and BILS is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	0.40

Return for Risk

CMBO vs. BILS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CMBO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BILS

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CMBO vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wayfinder Dynamic U.S. Interest Rate ETF (CMBO) and State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.

	CMBO	BILS	Difference
Sharpe ratio: Return per unit of total volatility	—	17.38	—
Sortino ratio: Return per unit of downside risk	—	83.66	—
Omega ratio: Gain probability vs. loss probability	—	29.92	—
Calmar ratio: Return relative to maximum drawdown	—	126.01	—
Martin ratio: Return relative to average drawdown	—	1,183.65	—

Drawdowns

CMBO vs. BILS - Drawdown Comparison

The maximum CMBO drawdown since its inception was -0.22%, smaller than the maximum BILS drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for CMBO and BILS.

Drawdown Indicators

	CMBO	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-0.22%	-0.41%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.03%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	CMBO	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.35%	0.22%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	0.31%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.35%	0.29%	+0.06%

CMBO vs. BILS - Expense Ratio Comparison

CMBO has a 0.15% expense ratio, which is higher than BILS's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CMBO vs. BILS - Dividend Comparison

CMBO has not paid dividends to shareholders, while BILS's dividend yield for the trailing twelve months is around 3.73%.

Position	TTM	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.73%	4.08%	5.01%	4.98%	1.61%
CMBO Wayfinder Dynamic U.S. Interest Rate ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMBO and BILS in my portfolio?

CMBO and BILS have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMBO or BILS?

On fees, BILS is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMBO or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.15% for CMBO.

Which ETF pays a higher dividend yield, CMBO or BILS?

BILS has the higher dividend yield at 3.73%, compared with 0.00% for CMBO.

What is the main difference between CMBO and BILS?

They also come from different issuers: Wayfinder and State Street. Their fees differ too: 0.15% for CMBO and 0.14% for BILS.