PWV vs. TBIL
PWV (Invesco Large Cap Value ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), 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, PWV returned 20.57%/yr vs 4.57%/yr for TBIL. Their 0.03 correlation means their historical movements had little consistent relationship. PWV charges 0.55%/yr vs 0.15%/yr for TBIL.
Performance
PWV vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 21.58% return, which is significantly higher than TBIL's 2.11% return.
PWV
- 1D
- 0.13%
- 1M
- 4.66%
- 6M
- 18.00%
- YTD
- 21.58%
- 1Y
- 31.94%
- 3Y*
- 20.57%
- 5Y*
- 15.05%
- 10Y*
- 12.37%
- ALL TIME*
- 10.53%
TBIL
- 1D
- 0.04%
- 1M
- 0.34%
- 6M
- 1.80%
- YTD
- 2.11%
- 1Y
- 3.91%
- 3Y*
- 4.57%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.04M | $7.39M | $4.81M | |
| $84.47M | $81.39M | $91.49M |
PWV vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 21.58% | 19.65% | 14.48% | 10.36% | 4.66% |
TBIL F/m US Treasury 3 Month Bill ETF | 2.11% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between PWV and TBIL is 0.09, 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. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.03 |
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Return for Risk
PWV vs. TBIL — Risk / Return Rank
PWV
TBIL
PWV vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Value ETF (PWV) 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.
| PWV | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.79 | ||
| Sortino ratioReturn per unit of downside risk | -64.00 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 22.93 | -21.33 |
| Calmar ratioReturn relative to maximum drawdown | 7.91 | 195.78 | -187.87 |
| Martin ratioReturn relative to average drawdown | 28.36 | 1,113.66 | -1,085.29 |
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Drawdowns
PWV vs. TBIL - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for PWV and TBIL.
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Drawdown Indicators
| PWV | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -0.10% | -48.94% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -0.02% | -4.03% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -0.02% | -14.29% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | — | — |
Current DrawdownCurrent decline from peak | -0.90% | 0.00% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -9.43% | 0.00% | -9.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.00% | +1.13% |
Volatility
PWV vs. TBIL - Volatility Comparison
Invesco Large Cap Value ETF (PWV) has a higher volatility of 2.91% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.09%. This indicates that PWV'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
| PWV | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 0.09% | +2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 0.20% | +7.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.69% | 0.28% | +9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 0.32% | +13.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 0.32% | +16.82% |
PWV vs. TBIL - Expense Ratio Comparison
PWV has a 0.55% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
PWV vs. TBIL - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.65%, less than TBIL's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 1.65% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
TBIL F/m US Treasury 3 Month Bill ETF | 4.04% | 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
PWV and TBIL have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (2.91%) compared to TBIL (0.09%). In terms of maximum drawdown, PWV dropped -49.04% vs TBIL's -0.10%.
On 3-year performance, PWV leads with 20.57% vs 4.57% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PWV has performed better with a 20.57% return vs 4.57%. 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 0.55% for PWV.
TBIL has the higher dividend yield at 4.04%, compared with 1.65% for PWV.
PWV is categorized as Large Cap Value Equities, while TBIL is Ultrashort Bond. PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: Invesco and F/m. Their fees differ too: 0.55% for PWV and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (14.11 vs 3.32), 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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