FMFIX vs. BIL
Compare and contrast key facts about RBB Free Market Fixed Income Fund (FMFIX) and SPDR Barclays 1-3 Month T-Bill ETF (BIL).
FMFIX is managed by RBB Funds. It was launched on Dec 31, 2007. BIL is a passively managed fund by State Street that tracks the performance of the Barclays Capital U.S. 1-3 Month Treasury Bill Index. It was launched on May 25, 2007.
Performance
FMFIX vs. BIL - Performance Comparison
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FMFIX vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMFIX RBB Free Market Fixed Income Fund | 0.20% | 4.88% | 0.71% | 5.43% | -6.52% | -1.06% | 3.28% | 4.78% | 0.65% | 1.05% |
BIL SPDR Barclays 1-3 Month T-Bill ETF | 0.85% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Returns By Period
In the year-to-date period, FMFIX achieves a 0.20% return, which is significantly lower than BIL's 0.85% return. Over the past 10 years, FMFIX has underperformed BIL with an annualized return of 1.22%, while BIL has yielded a comparatively higher 2.12% annualized return.
FMFIX
- 1D
- 0.20%
- 1M
- -0.89%
- YTD
- 0.20%
- 6M
- 0.95%
- 1Y
- 3.59%
- 3Y*
- 3.08%
- 5Y*
- 0.84%
- 10Y*
- 1.22%
BIL
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 0.85%
- 6M
- 1.84%
- 1Y
- 3.99%
- 3Y*
- 4.70%
- 5Y*
- 3.27%
- 10Y*
- 2.12%
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FMFIX vs. BIL - Expense Ratio Comparison
FMFIX has a 0.68% expense ratio, which is higher than BIL's 0.14% expense ratio.
Return for Risk
FMFIX vs. BIL — Risk / Return Rank
FMFIX
BIL
FMFIX vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RBB Free Market Fixed Income Fund (FMFIX) and SPDR Barclays 1-3 Month T-Bill ETF (BIL). 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.
| FMFIX | BIL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.18 | 19.52 | -17.33 |
Sortino ratioReturn per unit of downside risk | 3.20 | 254.04 | -250.84 |
Omega ratioGain probability vs. loss probability | 1.46 | 180.28 | -178.82 |
Calmar ratioReturn relative to maximum drawdown | 3.52 | 365.54 | -362.02 |
Martin ratioReturn relative to average drawdown | 14.31 | 4,104.04 | -4,089.73 |
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
| FMFIX | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 19.52 | -17.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 12.54 | -12.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 8.22 | -7.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 2.72 | -2.11 |
Correlation
The correlation between FMFIX and BIL is 0.05, 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
FMFIX vs. BIL - Dividend Comparison
FMFIX's dividend yield for the trailing twelve months is around 3.67%, less than BIL's 4.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMFIX RBB Free Market Fixed Income Fund | 3.67% | 3.49% | 0.71% | 2.75% | 1.35% | 0.37% | 1.22% | 1.44% | 2.45% | 1.25% | 0.58% | 0.39% |
BIL SPDR Barclays 1-3 Month T-Bill ETF | 4.01% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
Drawdowns
FMFIX vs. BIL - Drawdown Comparison
The maximum FMFIX drawdown since its inception was -9.35%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FMFIX and BIL.
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Drawdown Indicators
| FMFIX | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.35% | -0.78% | -8.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.09% | -0.01% | -1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -9.26% | -0.12% | -9.14% |
Max Drawdown (10Y)Largest decline over 10 years | -9.35% | -0.21% | -9.14% |
Current DrawdownCurrent decline from peak | -0.89% | 0.00% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -1.23% | -0.26% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 0.00% | +0.27% |
Volatility
FMFIX vs. BIL - Volatility Comparison
RBB Free Market Fixed Income Fund (FMFIX) has a higher volatility of 0.69% compared to SPDR Barclays 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that FMFIX's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMFIX | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.05% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 0.14% | +0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.70% | 0.21% | +1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.86% | 0.26% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.43% | 0.26% | +2.17% |