HIGH vs. TBIL
HIGH (Simplify Enhanced Income ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. HIGH is actively managed, while TBIL is passively managed. Over the past 3 years, HIGH returned 2.69%/yr vs 4.58%/yr for TBIL. At a correlation of -0.01, they often move in opposite directions. HIGH charges 0.50%/yr vs 0.15%/yr for TBIL.
Performance
HIGH vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.61% return, which is significantly lower than TBIL's 1.93% return.
HIGH
- 1D
- -0.53%
- 1M
- -0.23%
- 6M
- -0.45%
- YTD
- -0.61%
- 1Y
- -2.26%
- 3Y*
- 2.69%
- 5Y*
- —
- 10Y*
- —
TBIL
- 1D
- 0.02%
- 1M
- 0.29%
- 6M
- 1.79%
- YTD
- 1.93%
- 1Y
- 3.89%
- 3Y*
- 4.58%
- 5Y*
- —
- 10Y*
- —
HIGH vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.61% | 4.35% | 1.52% | 7.70% | 0.47% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.93% | 4.19% | 5.15% | 5.12% | 0.71% |
Correlation
The correlation between HIGH and TBIL is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | -0.01 |
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Return for Risk
HIGH vs. TBIL — Risk / Return Rank
HIGH
TBIL
HIGH vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) 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.
| HIGH | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.24 | ||
| Sortino ratioReturn per unit of downside risk | -64.86 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 20.57 | -19.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 194.74 | -195.06 |
| Martin ratioReturn relative to average drawdown | -0.52 | 1,042.78 | -1,043.30 |
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Drawdowns
HIGH vs. TBIL - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for HIGH and TBIL.
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Drawdown Indicators
| HIGH | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -0.10% | -9.40% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -0.02% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -0.02% | -9.48% |
Current DrawdownCurrent decline from peak | -7.33% | 0.00% | -7.33% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -0.00% | -2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.34% | 0.00% | +4.34% |
Volatility
HIGH vs. TBIL - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.87% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that HIGH'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.
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Volatility by Period
| HIGH | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 0.08% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.76% | 0.20% | +3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.25% | 0.28% | +6.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 0.32% | +9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.48% | 0.32% | +9.16% |
HIGH vs. TBIL - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
HIGH vs. TBIL - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.10%, more than TBIL's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.10% | 7.71% | 8.34% | 9.40% | 0.62% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.73% | 4.07% | 5.02% | 5.00% | 1.10% |
Frequently Asked Questions
HIGH and TBIL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (1.87%) compared to TBIL (0.08%). In terms of maximum drawdown, HIGH dropped -9.50% vs TBIL's -0.10%.
On 3-year performance, TBIL leads with 4.58% vs 2.69% for HIGH. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TBIL has performed better with a 4.58% return vs 2.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.50% for HIGH.
HIGH has the higher dividend yield at 7.10%, compared with 3.73% for TBIL.
HIGH is categorized as Derivative Income, while TBIL is Ultrashort Bond. They also come from different issuers: Simplify and F/m Investments. Their fees differ too: 0.50% for HIGH and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.92 vs -0.31), 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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