OBIL vs. UTRE

Last updated Jun 3, 2026

OBIL (US Treasury 12 Month Bill ETF) and UTRE (US Treasury 3 Year Note ETF) are both Government Bonds funds from US Benchmark Series - OBIL tracks the ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross while UTRE tracks the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, OBIL returned 4.55%/yr vs 3.67%/yr for UTRE. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

OBIL vs. UTRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 12 Month Bill ETF (OBIL) and US Treasury 3 Year Note ETF (UTRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

OBIL

• 1D: 0.02%
• 1M: 0.24%
• YTD: 1.17%
• 6M: 1.53%
• 1Y: 3.83%
• 3Y*: 4.55%
• 5Y*: —
• 10Y*: —

UTRE

• 1D: -0.03%
• 1M: -0.17%
• YTD: -0.00%
• 6M: 0.25%
• 1Y: 2.96%
• 3Y*: 3.67%
• 5Y*: —
• 10Y*: —

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

OBIL vs. UTRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OBIL US Treasury 12 Month Bill ETF	1.17%	4.19%	4.94%	3.37%
UTRE US Treasury 3 Year Note ETF	-0.00%	5.68%	2.96%	2.16%

Correlation

The correlation between OBIL and UTRE is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.73

The correlation between OBIL and UTRE has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

OBIL vs. UTRE — Risk / Return Rank

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

OBIL

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

UTRE

UTRE Risk / Return Rank: 41
UTRE Sharpe Ratio Rank: 41
UTRE Sortino Ratio Rank: 45
UTRE Omega Ratio Rank: 40
UTRE Calmar Ratio Rank: 40
UTRE Martin Ratio Rank: 38

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.

OBIL vs. UTRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) and US Treasury 3 Year Note ETF (UTRE). 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.

	OBIL	UTRE	Difference
Sharpe ratio Return per unit of total volatility	7.07	1.47	+5.60
Sortino ratio Return per unit of downside risk	16.19	2.30	+13.89
Omega ratio Gain probability vs. loss probability	3.70	1.27	+2.43
Calmar ratio Return relative to maximum drawdown	27.64	1.99	+25.65
Martin ratio Return relative to average drawdown	151.12	6.01	+145.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBIL vs. UTRE - Sharpe Ratio Comparison

The current OBIL Sharpe Ratio is 7.07, which is higher than the UTRE Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of OBIL and UTRE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OBIL	UTRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.07	1.47	+5.60
Sharpe Ratio (All Time) Calculated using the full available price history	5.38	1.26	+4.12

Drawdowns

OBIL vs. UTRE - Drawdown Comparison

The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum UTRE drawdown of -2.80%. Use the drawdown chart below to compare losses from any high point for OBIL and UTRE.

Drawdown Indicators

	OBIL	UTRE	Difference
Max Drawdown Largest peak-to-trough decline	-0.33%	-2.80%	+2.47%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-1.44%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.21%	-1.86%	+1.65%
Current Drawdown Current decline from peak	0.00%	-0.99%	+0.99%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.77%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.48%	-0.45%

Volatility

OBIL vs. UTRE - Volatility Comparison

The current volatility for US Treasury 12 Month Bill ETF (OBIL) is 0.11%, while US Treasury 3 Year Note ETF (UTRE) has a volatility of 0.59%. This indicates that OBIL experiences smaller price fluctuations and is considered to be less risky than UTRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBIL	UTRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.59%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	0.33%	1.41%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	2.02%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	2.70%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	2.70%	-1.88%

OBIL vs. UTRE - Expense Ratio Comparison

Both OBIL and UTRE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

OBIL vs. UTRE - Dividend Comparison

OBIL's dividend yield for the trailing twelve months is around 3.65%, more than UTRE's 3.50% yield.

Position	TTM	2025	2024	2023	2022
OBIL US Treasury 12 Month Bill ETF	3.65%	3.83%	4.56%	4.92%	0.52%
UTRE US Treasury 3 Year Note ETF	3.50%	3.60%	4.01%	3.14%	0.00%

Frequently Asked Questions

Can I hold both OBIL and UTRE in my portfolio?

OBIL and UTRE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBIL or UTRE?

UTRE has higher volatility (0.59%) compared to OBIL (0.11%). In terms of maximum drawdown, OBIL dropped -0.33% vs UTRE's -2.80%.

Which ETF is better, OBIL or UTRE?

On 3-year performance, OBIL leads with 4.55% vs 3.67% for UTRE. Both ETFs have the same 0.15% expense ratio. On volatility, OBIL has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBIL or UTRE?

Over the 3-year period, OBIL has performed better with a 4.55% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBIL or UTRE?

OBIL and UTRE have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, OBIL or UTRE?

OBIL has the higher dividend yield at 3.65%, compared with 3.50% for UTRE.

What is the main difference between OBIL and UTRE?

OBIL tracks ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while UTRE tracks ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

OBIL currently has the higher Sharpe Ratio (7.07 vs 1.47), 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.