HIGH vs. TBIL

Last updated Jun 24, 2026

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 2.72%/yr vs 4.60%/yr for TBIL. At a correlation of -0.01, they often move in opposite directions. HIGH charges 0.51%/yr vs 0.15%/yr for TBIL.

Performance

HIGH vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Enhanced Income ETF (HIGH) 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, HIGH achieves a -0.79% return, which is significantly lower than TBIL's 1.69% return.

HIGH

• 1D: -0.82%
• 1M: 0.09%
• YTD: -0.79%
• 6M: -1.67%
• 1Y: -1.43%
• 3Y*: 2.72%
• 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)

HIGH vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	-0.79%	4.35%	1.52%	7.70%	0.47%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	5.12%	0.71%

Correlation

The correlation between HIGH and TBIL is -0.01, 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	-0.01
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

Return for Risk

HIGH vs. TBIL — Risk / Return Rank

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

HIGH

HIGH Risk / Return Rank: 7
HIGH Sharpe Ratio Rank: 7
HIGH Sortino Ratio Rank: 6
HIGH Omega Ratio Rank: 6
HIGH Calmar Ratio Rank: 7
HIGH Martin Ratio Rank: 8

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.

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 ratio: Return per unit of total volatility	-0.16	13.76	-13.92
Sortino ratio: Return per unit of downside risk	-0.17	58.09	-58.26
Omega ratio: Gain probability vs. loss probability	0.98	17.08	-16.10
Calmar ratio: Return relative to maximum drawdown	-0.15	195.79	-195.94
Martin ratio: Return relative to average drawdown	-0.21	929.44	-929.66

HIGH vs. TBIL - Sharpe Ratio Comparison

The current HIGH Sharpe Ratio is -0.16, which is lower than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of HIGH 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

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.

Drawdown Indicators

	HIGH	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-0.10%	-9.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-0.02%	-9.48%
Max Drawdown (3Y) Largest decline over 3 years	-9.50%	-0.02%	-9.48%
Current Drawdown Current decline from peak	-7.50%	0.00%	-7.50%
Average Drawdown Average peak-to-trough decline	-2.44%	-0.00%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.73%	0.00%	+6.73%

Volatility

HIGH vs. TBIL - Volatility Comparison

Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.91% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. 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.

Volatility by Period

	HIGH	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	0.06%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	3.81%	0.19%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	0.29%	+8.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.53%	0.32%	+9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.53%	0.32%	+9.21%

HIGH vs. TBIL - Expense Ratio Comparison

HIGH has a 0.51% 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 7.36%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	7.36%	7.71%	8.34%	9.40%	0.62%
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 HIGH and TBIL in my portfolio?

HIGH and TBIL have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIGH or TBIL?

HIGH has higher volatility (1.91%) compared to TBIL (0.06%). In terms of maximum drawdown, HIGH dropped -9.50% vs TBIL's -0.10%.

Which ETF is better, HIGH or TBIL?

On 3-year performance, TBIL leads with 4.60% vs 2.72% for HIGH. 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, HIGH or TBIL?

Over the 3-year period, TBIL has performed better with a 4.60% return vs 2.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIGH or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.51% for HIGH.

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

HIGH has the higher dividend yield at 7.36%, compared with 3.81% for TBIL.

What is the main difference between HIGH and 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: 0.51% for HIGH and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs -0.16), 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.