CRQ.NEO vs. TBIL
CRQ.NEO (iShares Canadian Fundamental Index ETF) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past 3 years, CRQ.NEO returned 26.75%/yr vs 5.83%/yr for TBIL. At a correlation of -0.32, they often move in opposite directions. CRQ.NEO charges 0.72%/yr vs 0.15%/yr for TBIL.
Performance
CRQ.NEO vs. TBIL - Performance Comparison
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Different Trading Currencies
CRQ.NEO 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, CRQ.NEO achieves a 17.22% return, which is significantly higher than TBIL's 2.90% return.
CRQ.NEO
- 1D
- 1.11%
- 1M
- 4.70%
- YTD
- 17.22%
- 6M
- 20.22%
- 1Y
- 44.45%
- 3Y*
- 26.75%
- 5Y*
- 17.85%
- 10Y*
- 13.46%
TBIL
- 1D
- 0.12%
- 1M
- 2.42%
- YTD
- 2.90%
- 6M
- 1.43%
- 1Y
- 5.70%
- 3Y*
- 5.83%
- 5Y*
- —
- 10Y*
- —
CRQ.NEO vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 17.22% | 31.87% | 22.17% | 9.76% | 0.76% |
TBIL US Treasury 3 Month Bill ETF | 2.90% | -0.59% | 14.18% | 2.80% | 6.47% |
Correlation
The correlation between CRQ.NEO and TBIL is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.32 |
The correlation between CRQ.NEO and TBIL shifts across timeframes, from -0.32 (all time) to -0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CRQ.NEO vs. TBIL — Risk / Return Rank
CRQ.NEO
TBIL
CRQ.NEO vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) 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.
| CRQ.NEO | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.32 | ||
| Sortino ratioReturn per unit of downside risk | +4.65 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.22 | +0.81 |
| Calmar ratioReturn relative to maximum drawdown | 6.53 | 1.54 | +4.99 |
| Martin ratioReturn relative to average drawdown | 31.92 | 4.29 | +27.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CRQ.NEO | TBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.55 | 1.23 | +3.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.83 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 1.11 | -0.42 |
Drawdowns
CRQ.NEO vs. TBIL - Drawdown Comparison
The maximum CRQ.NEO drawdown since its inception was -41.75%, which is greater than TBIL's maximum drawdown of -5.18%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and TBIL.
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Drawdown Indicators
| CRQ.NEO | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.75% | -5.18% | -36.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -3.72% | -3.12% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -5.18% | -6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.75% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.62% | -1.48% | -4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 1.33% | +0.07% |
Volatility
CRQ.NEO vs. TBIL - Volatility Comparison
iShares Canadian Fundamental Index ETF (CRQ.NEO) has a higher volatility of 3.13% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.81%. This indicates that CRQ.NEO'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.
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Volatility by Period
| CRQ.NEO | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 0.81% | +2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.07% | 3.49% | +4.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.81% | 4.65% | +5.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.42% | 5.99% | +6.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.27% | 5.99% | +10.28% |
CRQ.NEO vs. TBIL - Expense Ratio Comparison
CRQ.NEO has a 0.72% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
CRQ.NEO vs. TBIL - Dividend Comparison
CRQ.NEO's dividend yield for the trailing twelve months is around 1.87%, less than TBIL's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 1.87% | 2.18% | 2.72% | 2.97% | 2.90% | 2.17% | 2.98% | 2.71% | 2.46% | 1.91% | 1.89% | 3.09% |
TBIL US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CRQ.NEO and TBIL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.72% for CRQ.NEO.
CRQ.NEO is categorized as Canada Equities, while TBIL is Ultrashort Bond. CRQ.NEO tracks FTSE RAFI Canada Index, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.72% for CRQ.NEO and 0.15% for TBIL.
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