GDMA vs. TBIL

Last updated Jun 24, 2026

GDMA (Gadsden Dynamic Multi-Asset ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - GDMA is a Hedge Fund fund actively managed by Gadsden, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. GDMA is actively managed, while TBIL is passively managed. Over the past 3 years, GDMA returned 16.68%/yr vs 4.60%/yr for TBIL. At a correlation of -0.01, they often move in opposite directions. GDMA charges 0.77%/yr vs 0.15%/yr for TBIL.

Performance

GDMA vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gadsden Dynamic Multi-Asset ETF (GDMA) and F/m US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDMA achieves a 10.22% return, which is significantly higher than TBIL's 1.69% return.

GDMA

• 1D: -3.51%
• 1M: 2.90%
• YTD: 10.22%
• 6M: 9.52%
• 1Y: 30.24%
• 3Y*: 16.68%
• 5Y*: 8.19%
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

GDMA vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDMA Gadsden Dynamic Multi-Asset ETF	10.22%	25.29%	7.44%	1.72%	0.66%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	5.12%	1.29%

Correlation

The correlation between GDMA and TBIL is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.01

Return for Risk

GDMA vs. TBIL — Risk / Return Rank

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

GDMA

GDMA Risk / Return Rank: 67
GDMA Sharpe Ratio Rank: 65
GDMA Sortino Ratio Rank: 57
GDMA Omega Ratio Rank: 69
GDMA Calmar Ratio Rank: 81
GDMA Martin Ratio Rank: 63

TBIL

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

GDMA vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gadsden Dynamic Multi-Asset ETF (GDMA) and F/m US Treasury 3 Month Bill ETF (TBIL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GDMA	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.00	13.76	-11.76
Sortino ratio: Return per unit of downside risk	2.56	58.09	-55.53
Omega ratio: Gain probability vs. loss probability	1.39	17.08	-15.69
Calmar ratio: Return relative to maximum drawdown	4.03	195.79	-191.76
Martin ratio: Return relative to average drawdown	10.70	929.44	-918.74

GDMA vs. TBIL - Sharpe Ratio Comparison

The current GDMA Sharpe Ratio is 2.00, which is lower than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of GDMA and TBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDMA vs. TBIL - Drawdown Comparison

The maximum GDMA drawdown since its inception was -16.66%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for GDMA and TBIL.

Drawdown Indicators

	GDMA	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-16.66%	-0.10%	-16.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-0.02%	-7.51%
Max Drawdown (3Y) Largest decline over 3 years	-7.53%	-0.02%	-7.51%
Max Drawdown (5Y) Largest decline over 5 years	-12.74%	—	—
Current Drawdown Current decline from peak	-3.51%	0.00%	-3.51%
Average Drawdown Average peak-to-trough decline	-3.78%	-0.00%	-3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	0.00%	+2.83%

Volatility

GDMA vs. TBIL - Volatility Comparison

Gadsden Dynamic Multi-Asset ETF (GDMA) has a higher volatility of 8.71% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that GDMA's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDMA	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.71%	0.06%	+8.65%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	0.19%	+12.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	0.29%	+14.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.21%	0.32%	+9.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	0.32%	+11.00%

GDMA vs. TBIL - Expense Ratio Comparison

GDMA has a 0.77% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

GDMA vs. TBIL - Dividend Comparison

GDMA's dividend yield for the trailing twelve months is around 2.53%, less than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GDMA Gadsden Dynamic Multi-Asset ETF	2.53%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDMA and TBIL in my portfolio?

GDMA and TBIL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDMA or TBIL?

GDMA has higher volatility (8.71%) compared to TBIL (0.06%). In terms of maximum drawdown, GDMA dropped -16.66% vs TBIL's -0.10%.

Which ETF is better, GDMA or TBIL?

On 3-year performance, GDMA leads with 16.68% vs 4.60% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDMA or TBIL?

Over the 3-year period, GDMA has performed better with a 16.68% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDMA or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.77% for GDMA.

Which ETF pays a higher dividend yield, GDMA or TBIL?

TBIL has the higher dividend yield at 3.81%, compared with 2.53% for GDMA.

What is the main difference between GDMA and TBIL?

GDMA is categorized as Hedge Fund, while TBIL is Ultrashort Bond. They also come from different issuers: Gadsden and F/m Investments. Their fees differ too: 0.77% for GDMA and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 2.00), 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.