FTSM vs. BIL
FTSM (First Trust Enhanced Short Maturity ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - FTSM is a Ultrashort Bond fund actively managed by First Trust, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. FTSM is actively managed, while BIL is passively managed. Over the past 10 years, FTSM returned 2.54%/yr vs 2.18%/yr for BIL. At a 0.15 correlation, their price movements are largely independent. FTSM charges 0.44%/yr vs 0.14%/yr for BIL.
Performance
FTSM vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FTSM having a 1.43% return and BIL slightly higher at 1.49%. Over the past 10 years, FTSM has outperformed BIL with an annualized return of 2.54%, while BIL has yielded a comparatively lower 2.18% annualized return.
FTSM
- 1D
- -0.05%
- 1M
- 0.33%
- YTD
- 1.43%
- 6M
- 1.77%
- 1Y
- 4.16%
- 3Y*
- 4.84%
- 5Y*
- 3.45%
- 10Y*
- 2.54%
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%
FTSM vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 1.43% | 4.66% | 5.22% | 5.12% | 1.02% | -0.01% | 1.12% | 2.82% | 1.94% | 1.57% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between FTSM and BIL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2014 | 0.15 |
The correlation between FTSM and BIL shifts across timeframes, from 0.15 (all time) to 0.29 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FTSM vs. BIL — Risk / Return Rank
FTSM
BIL
FTSM vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) 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.
| FTSM | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.93 | ||
| Sortino ratioReturn per unit of downside risk | -153.48 | ||
| Omega ratioGain probability vs. loss probability | 4.37 | 87.91 | -83.53 |
| Calmar ratioReturn relative to maximum drawdown | 35.73 | 355.35 | -319.62 |
| Martin ratioReturn relative to average drawdown | 177.67 | 2,817.77 | -2,640.11 |
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
| FTSM | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.78 | 19.71 | -10.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.02 | 13.16 | -6.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.89 | 8.52 | -5.63 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.96 | 2.78 | -0.82 |
Drawdowns
FTSM vs. BIL - Drawdown Comparison
The maximum FTSM drawdown since its inception was -4.12%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FTSM and BIL.
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Drawdown Indicators
| FTSM | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -0.78% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -0.01% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.15% | -0.01% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -0.65% | -0.10% | -0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | -0.21% | -3.91% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -0.26% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.00% | +0.02% |
Volatility
FTSM vs. BIL - Volatility Comparison
First Trust Enhanced Short Maturity ETF (FTSM) has a higher volatility of 0.16% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that FTSM'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
| FTSM | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 0.05% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.35% | 0.13% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.48% | 0.20% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.49% | 0.26% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 0.26% | +0.62% |
FTSM vs. BIL - Expense Ratio Comparison
FTSM has a 0.44% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
FTSM vs. BIL - Dividend Comparison
FTSM's dividend yield for the trailing twelve months is around 4.16%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
FTSM First Trust Enhanced Short Maturity ETF | 4.16% | 4.28% | 4.91% | 4.62% | 1.62% | 0.39% | 1.20% | 2.38% | 2.14% | 1.49% | 1.03% | 0.48% |
Frequently Asked Questions
FTSM and BIL have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTSM has higher volatility (0.16%) compared to BIL (0.05%). In terms of maximum drawdown, FTSM dropped -4.12% vs BIL's -0.78%.
On 10-year performance, FTSM leads with 2.54% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTSM has performed better with a 2.54% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.44% for FTSM.
FTSM has the higher dividend yield at 4.16%, compared with 3.86% for BIL.
FTSM is categorized as Ultrashort Bond, while BIL is Government Bonds. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.44% for FTSM and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 8.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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