CPAG vs. TBIL

Last updated Jun 24, 2026

CPAG (F/m Compoundr U.S. Aggregate Bond ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - CPAG is a Total Bond Market fund tracking the Nasdaq Compoundr U.S. Aggregate Bond Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. At a 0.10 correlation, their price movements are largely independent. CPAG charges 0.31%/yr vs 0.15%/yr for TBIL.

Performance

CPAG vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Compoundr U.S. Aggregate Bond ETF (CPAG) and F/m 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, CPAG achieves a 0.18% return, which is significantly lower than TBIL's 1.69% return.

CPAG

• 1D: 0.08%
• 1M: 0.53%
• YTD: 0.18%
• 6M: 0.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

CPAG vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.18%	2.26%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	1.59%

Correlation

The correlation between CPAG and TBIL is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 12, 2025	0.10

Return for Risk

CPAG vs. TBIL — Risk / Return Rank

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

CPAG

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

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.

CPAG vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Compoundr U.S. Aggregate Bond ETF (CPAG) and F/m 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.

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.

	CPAG	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	—	13.76	—
Sortino ratio: Return per unit of downside risk	—	58.09	—
Omega ratio: Gain probability vs. loss probability	—	17.08	—
Calmar ratio: Return relative to maximum drawdown	—	195.79	—
Martin ratio: Return relative to average drawdown	—	929.44	—

Drawdowns

CPAG vs. TBIL - Drawdown Comparison

The maximum CPAG drawdown since its inception was -2.78%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for CPAG and TBIL.

Drawdown Indicators

	CPAG	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-0.10%	-2.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-0.79%	-0.00%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	CPAG	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	0.29%	+3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	0.32%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	0.32%	+3.38%

CPAG vs. TBIL - Expense Ratio Comparison

CPAG has a 0.31% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

CPAG vs. TBIL - Dividend Comparison

CPAG has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.81%.

Position	TTM	2025	2024	2023	2022
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both CPAG and TBIL in my portfolio?

CPAG and TBIL have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPAG or TBIL?

On fees, TBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPAG or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.31% for CPAG.

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

TBIL has the higher dividend yield at 3.81%, compared with 0.00% for CPAG.

What is the main difference between CPAG and TBIL?

CPAG is categorized as Total Bond Market, while TBIL is Ultrashort Bond. CPAG tracks Nasdaq Compoundr U.S. Aggregate Bond Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Their fees differ too: 0.31% for CPAG and 0.15% for TBIL.