IWV vs. TBIL
IWV (iShares Russell 3000 ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index, 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, IWV returned 20.32%/yr vs 4.63%/yr for TBIL. At a 0.04 correlation, their price movements are largely independent. IWV charges 0.20%/yr vs 0.15%/yr for TBIL.
Performance
IWV vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, IWV achieves a 9.30% return, which is significantly higher than TBIL's 1.61% return.
IWV
- 1D
- 0.53%
- 1M
- -0.32%
- YTD
- 9.30%
- 6M
- 9.38%
- 1Y
- 25.70%
- 3Y*
- 20.32%
- 5Y*
- 12.07%
- 10Y*
- 14.84%
TBIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
IWV vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IWV iShares Russell 3000 ETF | 9.30% | 16.96% | 23.49% | 25.82% | -7.17% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.61% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between IWV 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 | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.04 |
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Return for Risk
IWV vs. TBIL — Risk / Return Rank
IWV
TBIL
IWV vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) 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.
| IWV | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.93 | ||
| Sortino ratioReturn per unit of downside risk | -56.06 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 17.24 | -15.89 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 197.88 | -195.14 |
| Martin ratioReturn relative to average drawdown | 12.28 | 939.34 | -927.06 |
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Drawdowns
IWV vs. TBIL - Drawdown Comparison
The maximum IWV drawdown since its inception was -55.61%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for IWV and TBIL.
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Drawdown Indicators
| IWV | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.61% | -0.10% | -55.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.89% | -0.02% | -8.87% |
Max Drawdown (3Y)Largest decline over 3 years | -19.28% | -0.02% | -19.26% |
Max Drawdown (5Y)Largest decline over 5 years | -25.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.22% | — | — |
Current DrawdownCurrent decline from peak | -2.09% | 0.00% | -2.09% |
Average DrawdownAverage peak-to-trough decline | -10.58% | -0.00% | -10.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 0.00% | +1.98% |
Volatility
IWV vs. TBIL - Volatility Comparison
iShares Russell 3000 ETF (IWV) has a higher volatility of 4.44% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.07%. This indicates that IWV'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
| IWV | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 0.07% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.75% | 0.19% | +9.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 0.29% | +12.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 0.32% | +16.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.43% | 0.32% | +18.11% |
IWV vs. TBIL - Expense Ratio Comparison
IWV has a 0.20% expense ratio, which is higher than TBIL's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IWV vs. TBIL - Dividend Comparison
IWV's dividend yield for the trailing twelve months is around 0.87%, less than TBIL's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWV iShares Russell 3000 ETF | 0.87% | 0.96% | 1.08% | 1.30% | 1.56% | 1.04% | 1.30% | 1.69% | 1.97% | 1.58% | 1.79% | 1.99% |
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
IWV 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.
IWV has higher volatility (4.44%) compared to TBIL (0.07%). In terms of maximum drawdown, IWV dropped -55.61% vs TBIL's -0.10%.
On 3-year performance, IWV leads with 20.32% vs 4.63% for TBIL. On fees, TBIL is cheaper at 0.15% 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, IWV has performed better with a 20.32% return vs 4.63%. 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 0.20% for IWV.
TBIL has the higher dividend yield at 3.82%, compared with 0.87% for IWV.
IWV is categorized as Large Cap Blend Equities, while TBIL is Ultrashort Bond. IWV tracks Russell 3000 Index, 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: 0.20% for IWV and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.87 vs 1.94), 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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