PHYS vs. TBIL
PHYS (Sprott Physical Gold Trust) is a stock, while TBIL (F/m US Treasury 3 Month Bill ETF) is Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Over the past 3 years, PHYS returned 26.68%/yr vs 4.55%/yr for TBIL. Their 0.05 correlation means their historical movements had little consistent relationship.
Performance
PHYS vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, PHYS achieves a -7.09% return, which is significantly lower than TBIL's 2.11% return.
PHYS
- 1D
- 0.29%
- 1M
- -1.29%
- 6M
- -12.34%
- YTD
- -7.09%
- 1Y
- 19.56%
- 3Y*
- 26.68%
- 5Y*
- 16.38%
- 10Y*
- 10.70%
- ALL TIME*
- 7.29%
TBIL
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.80%
- YTD
- 2.11%
- 1Y
- 3.85%
- 3Y*
- 4.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $100.21M | $90.62M | $105.67M | |
| $85.10M | $79.65M | $91.28M |
PHYS vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PHYS Sprott Physical Gold Trust | -7.09% | 63.95% | 26.43% | 12.98% | 0.79% |
TBIL F/m US Treasury 3 Month Bill ETF | 2.11% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between PHYS and TBIL is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.05 |
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Return for Risk
PHYS vs. TBIL — Risk / Return Rank
PHYS
TBIL
PHYS vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS) 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.
| PHYS | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.35 | ||
| Sortino ratioReturn per unit of downside risk | -66.81 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 22.61 | -21.46 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 192.87 | -192.14 |
| Martin ratioReturn relative to average drawdown | 1.58 | 1,097.12 | -1,095.54 |
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Drawdowns
PHYS vs. TBIL - Drawdown Comparison
The maximum PHYS drawdown since its inception was -48.16%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for PHYS and TBIL.
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Drawdown Indicators
| PHYS | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.16% | -0.10% | -48.06% |
Max Drawdown (1Y)Largest decline over 1 year | -26.75% | -0.02% | -26.73% |
Max Drawdown (3Y)Largest decline over 3 years | -26.75% | -0.02% | -26.73% |
Max Drawdown (5Y)Largest decline over 5 years | -26.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.75% | — | — |
Current DrawdownCurrent decline from peak | -25.04% | 0.00% | -25.04% |
Average DrawdownAverage peak-to-trough decline | -21.02% | 0.00% | -21.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.45% | 0.00% | +12.45% |
Volatility
PHYS vs. TBIL - Volatility Comparison
Sprott Physical Gold Trust (PHYS) has a higher volatility of 6.19% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.07%. This indicates that PHYS'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
| PHYS | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 0.07% | +6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 21.44% | 0.20% | +21.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.92% | 0.28% | +28.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.82% | 0.32% | +18.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.45% | 0.32% | +16.13% |
Dividends
PHYS vs. TBIL - Dividend Comparison
PHYS has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PHYS Sprott Physical Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.69% | 4.07% | 5.02% | 5.00% | 1.10% |
Frequently Asked Questions
PHYS and TBIL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHYS has higher volatility (6.19%) compared to TBIL (0.07%). In terms of maximum drawdown, PHYS dropped -48.16% vs TBIL's -0.10%.
TBIL currently has the higher Sharpe Ratio (14.03 vs 0.68), 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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