IMST vs. RBIL

Last updated Jun 24, 2026

IMST (Bitwise Funds Trust) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - IMST is a Derivative Income fund actively managed by Bitwise, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. IMST is actively managed, while RBIL is passively managed. Over the past year, IMST returned -66.17% vs 4.07% for RBIL. At a correlation of -0.06, they often move in opposite directions. IMST charges 0.99%/yr vs 0.17%/yr for RBIL.

Performance

IMST vs. RBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMST achieves a -25.05% return, which is significantly lower than RBIL's 2.32% return.

IMST

• 1D: -1.74%
• 1M: -26.67%
• YTD: -25.05%
• 6M: -27.13%
• 1Y: -66.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RBIL

• 1D: 0.01%
• 1M: -0.19%
• YTD: 2.32%
• 6M: 2.37%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. RBIL - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-25.05%	-46.36%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	2.32%	2.16%

Correlation

The correlation between IMST and RBIL 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 (All Time) Calculated using the full available price history since Apr 3, 2025	-0.06

Return for Risk

IMST vs. RBIL — Risk / Return Rank

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

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 1
IMST Sortino Ratio Rank: 0
IMST Omega Ratio Rank: 1
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

RBIL

RBIL Risk / Return Rank: 97
RBIL Sharpe Ratio Rank: 97
RBIL Sortino Ratio Rank: 98
RBIL Omega Ratio Rank: 98
RBIL Calmar Ratio Rank: 96
RBIL Martin Ratio Rank: 97

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.

IMST vs. RBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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.

	IMST	RBIL	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	4.35	-5.49
Sortino ratio: Return per unit of downside risk	-2.11	6.69	-8.80
Omega ratio: Gain probability vs. loss probability	0.77	2.13	-1.36
Calmar ratio: Return relative to maximum drawdown	-0.94	7.82	-8.76
Martin ratio: Return relative to average drawdown	-1.36	42.95	-44.31

IMST vs. RBIL - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.14, which is lower than the RBIL Sharpe Ratio of 4.35. The chart below compares the historical Sharpe Ratios of IMST and RBIL, 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

IMST vs. RBIL - Drawdown Comparison

The maximum IMST drawdown since its inception was -70.68%, which is greater than RBIL's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for IMST and RBIL.

Drawdown Indicators

	IMST	RBIL	Difference
Max Drawdown Largest peak-to-trough decline	-70.68%	-0.52%	-70.16%
Max Drawdown (1Y) Largest decline over 1 year	-70.68%	-0.52%	-70.16%
Current Drawdown Current decline from peak	-70.68%	-0.50%	-70.18%
Average Drawdown Average peak-to-trough decline	-36.57%	-0.07%	-36.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.73%	0.10%	+48.63%

Volatility

IMST vs. RBIL - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 17.47% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.36%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	RBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.47%	0.36%	+17.11%
Volatility (6M) Calculated over the trailing 6-month period	44.16%	0.85%	+43.31%
Volatility (1Y) Calculated over the trailing 1-year period	58.04%	0.95%	+57.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.62%	1.07%	+58.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.62%	1.07%	+58.55%

IMST vs. RBIL - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than RBIL's 0.17% expense ratio.

Dividends

IMST vs. RBIL - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 251.60%, more than RBIL's 4.38% yield.

Position	TTM	2025
IMST Bitwise Funds Trust	251.60%	195.93%
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF	4.38%	3.65%

Frequently Asked Questions

Can I hold both IMST and RBIL in my portfolio?

IMST and RBIL 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, IMST or RBIL?

IMST has higher volatility (17.47%) compared to RBIL (0.36%). In terms of maximum drawdown, IMST dropped -70.68% vs RBIL's -0.52%.

Which ETF is better, IMST or RBIL?

On 1-year performance, RBIL leads with 4.07% vs -66.17% for IMST. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or RBIL?

Over the 1-year period, RBIL has performed better with a 4.07% return vs -66.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or RBIL?

RBIL is cheaper with a 0.17% expense ratio, compared with 0.99% for IMST.

Which ETF pays a higher dividend yield, IMST or RBIL?

IMST has the higher dividend yield at 251.60%, compared with 4.38% for RBIL.

What is the main difference between IMST and RBIL?

IMST is categorized as Derivative Income, while RBIL is Inflation-Protected Bonds. They also come from different issuers: Bitwise and F/m. Their fees differ too: 0.99% for IMST and 0.17% for RBIL.

Which has better risk-adjusted returns?

RBIL currently has the higher Sharpe Ratio (4.35 vs -1.14), 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.