GBIL vs. TBLL
GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - GBIL is a Government Bonds fund tracking the FTSE US Treasury 0-1 Year Composite Select Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, GBIL returned 3.33%/yr vs 3.36%/yr for TBLL. At a 0.44 correlation, their price movements are largely independent. GBIL charges 0.12%/yr vs 0.08%/yr for TBLL.
Performance
GBIL vs. TBLL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GBIL having a 1.47% return and TBLL slightly higher at 1.48%.
GBIL
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.47%
- 6M
- 1.74%
- 1Y
- 3.90%
- 3Y*
- 4.62%
- 5Y*
- 3.33%
- 10Y*
- —
TBLL
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.48%
- 6M
- 1.74%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.36%
- 10Y*
- —
GBIL vs. TBLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 1.47% | 4.12% | 5.24% | 4.91% | 1.05% | -0.08% | 0.79% | 2.31% | 1.78% | 0.66% |
TBLL Invesco Short Term Treasury ETF | 1.48% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
Correlation
The correlation between GBIL and TBLL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017 | 0.44 |
The correlation between GBIL and TBLL shifts across timeframes, from 0.44 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBIL vs. TBLL — Risk / Return Rank
GBIL
TBLL
GBIL vs. TBLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) and Invesco Short Term Treasury ETF (TBLL). 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.
| GBIL | TBLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.88 | ||
| Sortino ratioReturn per unit of downside risk | -110.73 | ||
| Omega ratioGain probability vs. loss probability | 43.59 | 102.42 | -58.83 |
| Calmar ratioReturn relative to maximum drawdown | 195.91 | 414.75 | -218.84 |
| Martin ratioReturn relative to average drawdown | 1,660.91 | 3,515.41 | -1,854.50 |
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
| GBIL | TBLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 17.06 | 20.94 | -3.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 5.79 | 7.56 | -1.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.88 | 4.26 | +0.62 |
Drawdowns
GBIL vs. TBLL - Drawdown Comparison
The maximum GBIL drawdown since its inception was -0.76%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for GBIL and TBLL.
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Drawdown Indicators
| GBIL | TBLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.76% | -0.63% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.01% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.76% | -0.36% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -0.76% | -0.36% | -0.40% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -0.14% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
GBIL vs. TBLL - Volatility Comparison
Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) and Invesco Short Term Treasury ETF (TBLL) have volatilities of 0.04% and 0.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBIL | TBLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 0.04% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.12% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 0.19% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 0.45% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.47% | 0.56% | -0.09% |
GBIL vs. TBLL - Expense Ratio Comparison
GBIL has a 0.12% expense ratio, which is higher than TBLL's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBIL vs. TBLL - Dividend Comparison
GBIL's dividend yield for the trailing twelve months is around 3.74%, less than TBLL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 3.74% | 4.02% | 4.93% | 4.77% | 1.37% | 0.00% | 0.81% | 2.20% | 1.70% | 0.74% | 0.11% |
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% |
Frequently Asked Questions
GBIL and TBLL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBLL has higher volatility (0.04%) compared to GBIL (0.04%). In terms of maximum drawdown, GBIL dropped -0.76% vs TBLL's -0.63%.
On 5-year performance, TBLL leads with 3.36% vs 3.33% for GBIL. On fees, TBLL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBLL has performed better with a 3.36% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.12% for GBIL.
TBLL has the higher dividend yield at 3.81%, compared with 3.74% for GBIL.
GBIL is categorized as Government Bonds, while TBLL is Ultrashort Bond. GBIL tracks FTSE US Treasury 0-1 Year Composite Select Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.12% for GBIL and 0.08% for TBLL.
TBLL currently has the higher Sharpe Ratio (20.94 vs 17.06), 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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