GSUI vs. TBIL

Last updated Jun 24, 2026

GSUI (Grayscale Sui Staking ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - GSUI is a Cryptocurrency fund tracking the CoinDesk SUI Reference Rate, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. At a correlation of -0.10, they often move in opposite directions. GSUI charges 0.00%/yr vs 0.15%/yr for TBIL.

Performance

GSUI vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Sui Staking ETF (GSUI) 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, GSUI achieves a -48.29% return, which is significantly lower than TBIL's 1.69% return.

GSUI

• 1D: -2.97%
• 1M: -33.68%
• YTD: -48.29%
• 6M: -46.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

GSUI vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025
GSUI Grayscale Sui Staking ETF	-48.29%	-42.99%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	0.43%

Correlation

The correlation between GSUI and TBIL is -0.10, 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 (All Time) Calculated using the full available price history since Nov 24, 2025	-0.10

Return for Risk

GSUI vs. TBIL — Risk / Return Rank

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

GSUI

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

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.

GSUI vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Sui Staking ETF (GSUI) 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.

	GSUI	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	—	13.76	—
Sortino ratio: Return per unit of downside risk	—	58.09	—
Omega ratio: Gain probability vs. loss probability	—	17.08	—
Calmar ratio: Return relative to maximum drawdown	—	195.79	—
Martin ratio: Return relative to average drawdown	—	929.44	—

Drawdowns

GSUI vs. TBIL - Drawdown Comparison

The maximum GSUI drawdown since its inception was -70.73%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for GSUI and TBIL.

Drawdown Indicators

	GSUI	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-70.73%	-0.10%	-70.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-70.52%	0.00%	-70.52%
Average Drawdown Average peak-to-trough decline	-52.30%	-0.00%	-52.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	GSUI	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	106.72%	0.29%	+106.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.72%	0.32%	+106.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.72%	0.32%	+106.40%

GSUI vs. TBIL - Expense Ratio Comparison

GSUI has a 0.00% expense ratio, which is lower than TBIL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSUI vs. TBIL - Dividend Comparison

GSUI has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.81%.

Position	TTM	2025	2024	2023	2022
GSUI Grayscale Sui Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both GSUI and TBIL in my portfolio?

GSUI and TBIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSUI or TBIL?

On fees, GSUI is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSUI or TBIL?

GSUI is cheaper with a 0.00% expense ratio, compared with 0.15% for TBIL.

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

TBIL has the higher dividend yield at 3.81%, compared with 0.00% for GSUI.

What is the main difference between GSUI and TBIL?

GSUI is categorized as Cryptocurrency, while TBIL is Ultrashort Bond. GSUI tracks CoinDesk SUI Reference Rate, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: Grayscale and F/m Investments. Their fees differ too: 0.00% for GSUI and 0.15% for TBIL.