FTSM vs. BILS

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Enhanced Short Maturity ETF (FTSM) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS).

FTSM and BILS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FTSM is an actively managed fund by First Trust. It was launched on Aug 5, 2014. BILS is a passively managed fund by State Street that tracks the performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index. It was launched on Sep 24, 2020.

Performance

FTSM vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Short Maturity ETF (FTSM) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

FTSM vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FTSM First Trust Enhanced Short Maturity ETF	0.76%	4.66%	5.22%	5.12%	1.02%	-0.01%	0.20%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	0.80%	4.23%	5.17%	4.92%	0.90%	-0.08%	0.00%

Returns By Period

In the year-to-date period, FTSM achieves a 0.76% return, which is significantly lower than BILS's 0.80% return.

FTSM

• 1D: 0.07%
• 1M: 0.08%
• YTD: 0.76%
• 6M: 1.82%
• 1Y: 4.19%
• 3Y*: 4.86%
• 5Y*: 3.33%
• 10Y*: 2.50%

BILS

• 1D: 0.02%
• 1M: 0.26%
• YTD: 0.80%
• 6M: 1.82%
• 1Y: 3.99%
• 3Y*: 4.67%
• 5Y*: 3.17%
• 10Y*: —

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

FTSM vs. BILS - Expense Ratio Comparison

FTSM has a 0.44% expense ratio, which is higher than BILS's 0.14% expense ratio.

FTSM

First Trust Enhanced Short Maturity ETF

BILS

SPDR Bloomberg 3-12 Month T-Bill ETF

Return for Risk

FTSM vs. BILS — Risk / Return Rank

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

FTSM

FTSM Risk / Return Rank: 99
FTSM Sharpe Ratio Rank: 99
FTSM Sortino Ratio Rank: 99
FTSM Omega Ratio Rank: 99
FTSM Calmar Ratio Rank: 99
FTSM Martin Ratio Rank: 99

BILS

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

FTSM vs. BILS - 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 3-12 Month T-Bill ETF (BILS). 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	BILS	Difference
Sharpe ratio Return per unit of total volatility	8.29	16.39	-8.10
Sortino ratio Return per unit of downside risk	17.39	75.13	-57.74
Omega ratio Gain probability vs. loss probability	3.96	26.69	-22.74
Calmar ratio Return relative to maximum drawdown	28.25	132.67	-104.42
Martin ratio Return relative to average drawdown	139.10	1,118.82	-979.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTSM vs. BILS - Sharpe Ratio Comparison

The current FTSM Sharpe Ratio is 8.29, which is lower than the BILS Sharpe Ratio of 16.39. The chart below compares the historical Sharpe Ratios of FTSM and BILS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FTSM	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.29	16.39	-8.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.86	10.37	-3.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	9.65	-7.73

Correlation

The correlation between FTSM and BILS is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FTSM vs. BILS - Dividend Comparison

FTSM's dividend yield for the trailing twelve months is around 4.22%, more than BILS's 3.96% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSM First Trust Enhanced Short Maturity ETF	4.22%	4.28%	4.91%	4.62%	1.62%	0.39%	1.20%	2.38%	2.14%	1.49%	1.03%	0.48%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.96%	4.08%	5.01%	4.98%	1.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FTSM vs. BILS - Drawdown Comparison

The maximum FTSM drawdown since its inception was -4.12%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for FTSM and BILS.

Drawdown Indicators

	FTSM	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-0.41%	-3.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.03%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-0.65%	-0.40%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-4.12%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.04%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.00%	+0.03%

Volatility

FTSM vs. BILS - Volatility Comparison

First Trust Enhanced Short Maturity ETF (FTSM) has a higher volatility of 0.19% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.05%. This indicates that FTSM's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTSM	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.05%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.32%	0.15%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.51%	0.24%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.49%	0.31%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.88%	0.30%	+0.58%