NUSB vs. TBIL

Last updated Jun 23, 2026

NUSB (Nuveen Ultra Short Income ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds. NUSB is actively managed, while TBIL is passively managed. Over the past year, NUSB returned 4.24% vs 3.91% for TBIL. At a 0.16 correlation, their price movements are largely independent. NUSB charges 0.17%/yr vs 0.15%/yr for TBIL.

Performance

NUSB vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Ultra Short Income ETF (NUSB) and F/m US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NUSB having a 1.69% return and TBIL slightly lower at 1.67%.

NUSB

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.69%
• 6M: 1.77%
• 1Y: 4.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —

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

NUSB vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSB Nuveen Ultra Short Income ETF	1.69%	4.71%	4.48%
TBIL F/m US Treasury 3 Month Bill ETF	1.67%	4.19%	4.23%

Correlation

The correlation between NUSB and TBIL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.16

Return for Risk

NUSB vs. TBIL — Risk / Return Rank

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

NUSB

NUSB Risk / Return Rank: 99
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 99
NUSB Omega Ratio Rank: 99
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

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.

NUSB vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) 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.

	NUSB	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	11.52	13.76	-2.23
Sortino ratio: Return per unit of downside risk	30.56	58.09	-27.53
Omega ratio: Gain probability vs. loss probability	8.46	17.08	-8.62
Calmar ratio: Return relative to maximum drawdown	71.59	195.79	-124.20
Martin ratio: Return relative to average drawdown	380.34	929.44	-549.11

NUSB vs. TBIL - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 11.52, which is comparable to the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of NUSB 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

NUSB vs. TBIL - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for NUSB and TBIL.

Drawdown Indicators

	NUSB	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.10%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.02%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

NUSB vs. TBIL - Volatility Comparison

Nuveen Ultra Short Income ETF (NUSB) has a higher volatility of 0.09% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that NUSB'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

	NUSB	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.06%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	0.19%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.37%	0.29%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	0.32%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	0.32%	+0.07%

NUSB vs. TBIL - Expense Ratio Comparison

NUSB has a 0.17% 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

NUSB vs. TBIL - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.29%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022
NUSB Nuveen Ultra Short Income ETF	4.29%	4.51%	3.61%	0.00%	0.00%
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 NUSB and TBIL in my portfolio?

NUSB and TBIL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSB or TBIL?

NUSB has higher volatility (0.09%) compared to TBIL (0.06%). In terms of maximum drawdown, NUSB dropped -0.16% vs TBIL's -0.10%.

Which ETF is better, NUSB or TBIL?

On 1-year performance, NUSB leads with 4.24% vs 3.91% for TBIL. On fees, TBIL is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSB or TBIL?

Over the 1-year period, NUSB has performed better with a 4.24% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSB or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.17% for NUSB.

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

NUSB has the higher dividend yield at 4.29%, compared with 3.81% for TBIL.

What is the main difference between NUSB and TBIL?

They also come from different issuers: Nuveen and F/m Investments. Their fees differ too: 0.17% for NUSB and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 11.52), 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.