FTMN vs. BIL

Last updated Jun 4, 2026

FTMN (Franklin Minnesota Municipal Income ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - FTMN is a Municipal Bonds fund tracking the Actively Managed, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. At a correlation of -0.28, they often move in opposite directions. FTMN charges 0.35%/yr vs 0.14%/yr for BIL.

Performance

FTMN vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Minnesota Municipal Income ETF (FTMN) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FTMN having a 1.52% return and BIL slightly lower at 1.49%.

FTMN

• 1D: -0.06%
• 1M: 0.55%
• YTD: 1.52%
• 6M: 2.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.77%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

FTMN vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025
FTMN Franklin Minnesota Municipal Income ETF	1.52%	0.61%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	0.52%

Correlation

The correlation between FTMN and BIL is -0.28, 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 (All Time) Calculated using the full available price history since Nov 11, 2025	-0.28

Return for Risk

FTMN vs. BIL — Risk / Return Rank

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

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

FTMN vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Minnesota Municipal Income ETF (FTMN) and SPDR Bloomberg 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.

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

Sharpe Ratios by Period

	FTMN	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	19.71	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	13.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	2.78	-1.83

Drawdowns

FTMN vs. BIL - Drawdown Comparison

The maximum FTMN drawdown since its inception was -3.10%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FTMN and BIL.

Drawdown Indicators

	FTMN	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-0.78%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.41%	0.00%	-0.41%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.26%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	FTMN	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	0.20%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	0.26%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	0.26%	+3.88%

FTMN vs. BIL - Expense Ratio Comparison

FTMN has a 0.35% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

FTMN vs. BIL - Dividend Comparison

FTMN's dividend yield for the trailing twelve months is around 1.83%, less than BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.86%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
FTMN Franklin Minnesota Municipal Income ETF	1.83%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTMN and BIL in my portfolio?

FTMN and BIL have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMN or BIL?

On fees, BIL 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, FTMN or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for FTMN.

Which ETF pays a higher dividend yield, FTMN or BIL?

BIL has the higher dividend yield at 3.86%, compared with 1.83% for FTMN.

What is the main difference between FTMN and BIL?

FTMN is categorized as Municipal Bonds, while BIL is Government Bonds. FTMN tracks Actively Managed, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.35% for FTMN and 0.14% for BIL.