IEMG vs. TBIL
IEMG (iShares Core MSCI Emerging Markets ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, IEMG returned 21.33%/yr vs 4.63%/yr for TBIL. At a 0.04 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.15%/yr for TBIL.
Performance
IEMG vs. TBIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IEMG achieves a 22.84% return, which is significantly higher than TBIL's 1.61% return.
IEMG
- 1D
- 0.61%
- 1M
- 0.34%
- YTD
- 22.84%
- 6M
- 25.59%
- 1Y
- 44.83%
- 3Y*
- 21.33%
- 5Y*
- 7.15%
- 10Y*
- 10.42%
TBIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
IEMG vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 22.84% | 32.56% | 6.50% | 11.52% | -3.78% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.61% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between IEMG and TBIL is -0.05, 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 | -0.05 |
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 | 0.04 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IEMG vs. TBIL — Risk / Return Rank
IEMG
TBIL
IEMG vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.
| IEMG | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.85 | ||
| Sortino ratioReturn per unit of downside risk | -56.05 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 17.24 | -15.86 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 197.88 | -194.65 |
| Martin ratioReturn relative to average drawdown | 11.89 | 939.34 | -927.45 |
Loading charts...
Drawdowns
IEMG vs. TBIL - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for IEMG and TBIL.
Loading charts...
Drawdown Indicators
| IEMG | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -0.10% | -38.61% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -0.02% | -13.19% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -0.02% | -17.19% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | — | — |
Current DrawdownCurrent decline from peak | -3.98% | 0.00% | -3.98% |
Average DrawdownAverage peak-to-trough decline | -12.95% | -0.00% | -12.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 0.00% | +3.59% |
Volatility
IEMG vs. TBIL - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.60% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.07%. This indicates that IEMG'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.
Loading charts...
Volatility by Period
| IEMG | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 0.07% | +10.53% |
Volatility (6M)Calculated over the trailing 6-month period | 18.89% | 0.19% | +18.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.08% | 0.29% | +20.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 0.32% | +18.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.17% | 0.32% | +19.85% |
IEMG vs. TBIL - Expense Ratio Comparison
IEMG has a 0.09% 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
IEMG vs. TBIL - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.24%, less than TBIL's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.24% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEMG and TBIL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.60%) compared to TBIL (0.07%). In terms of maximum drawdown, IEMG dropped -38.71% vs TBIL's -0.10%.
On 3-year performance, IEMG leads with 21.33% vs 4.63% for TBIL. On fees, IEMG is cheaper at 0.09% per year. On volatility, TBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEMG has performed better with a 21.33% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.15% for TBIL.
TBIL has the higher dividend yield at 3.82%, compared with 2.24% for IEMG.
IEMG is categorized as Emerging Markets Diversified, while TBIL is Ultrashort Bond. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: iShares and F/m Investments. Their fees differ too: 0.09% for IEMG and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.87 vs 2.03), 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.
Find the right allocation for IEMG and TBIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer