RAVI vs. TBIL

Last updated Jun 24, 2026

RAVI (FlexShares Ultra-Short Income ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds. RAVI is actively managed, while TBIL is passively managed. Over the past 3 years, RAVI returned 5.17%/yr vs 4.60%/yr for TBIL. At a 0.11 correlation, their price movements are largely independent. RAVI charges 0.25%/yr vs 0.15%/yr for TBIL.

Performance

RAVI vs. TBIL - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with RAVI at 1.69% and TBIL at 1.69%.

RAVI

• 1D: 0.05%
• 1M: 0.30%
• YTD: 1.69%
• 6M: 1.79%
• 1Y: 4.37%
• 3Y*: 5.17%
• 5Y*: 3.54%
• 10Y*: 2.67%

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

RAVI vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RAVI FlexShares Ultra-Short Income ETF	1.69%	4.98%	5.67%	5.55%	1.16%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	5.12%	1.29%

Correlation

The correlation between RAVI and TBIL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.11

The correlation between RAVI and TBIL shifts across timeframes, from 0.09 (3 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RAVI vs. TBIL — Risk / Return Rank

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

RAVI

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

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.

RAVI vs. TBIL - Risk-Adjusted Trends Comparison

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

	RAVI	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	10.73	13.76	-3.02
Sortino ratio: Return per unit of downside risk	23.47	58.09	-34.62
Omega ratio: Gain probability vs. loss probability	5.23	17.08	-11.84
Calmar ratio: Return relative to maximum drawdown	37.51	195.79	-158.29
Martin ratio: Return relative to average drawdown	214.85	929.44	-714.59

RAVI vs. TBIL - Sharpe Ratio Comparison

The current RAVI Sharpe Ratio is 10.73, which is comparable to the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of RAVI 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

RAVI vs. TBIL - Drawdown Comparison

The maximum RAVI drawdown since its inception was -3.72%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for RAVI and TBIL.

Drawdown Indicators

	RAVI	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-0.10%	-3.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-0.02%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	-0.02%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-3.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-3.72%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.00%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.00%	+0.02%

Volatility

RAVI vs. TBIL - Volatility Comparison

FlexShares Ultra-Short Income ETF (RAVI) has a higher volatility of 0.13% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that RAVI'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

	RAVI	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.06%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.31%	0.19%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	0.29%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.41%	0.32%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.28%	0.32%	+0.96%

RAVI vs. TBIL - Expense Ratio Comparison

RAVI has a 0.25% 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

RAVI vs. TBIL - Dividend Comparison

RAVI's dividend yield for the trailing twelve months is around 4.37%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RAVI FlexShares Ultra-Short Income ETF	4.37%	4.59%	5.34%	4.55%	1.70%	0.90%	1.29%	2.53%	2.22%	1.28%	0.90%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAVI and TBIL in my portfolio?

RAVI and TBIL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAVI or TBIL?

RAVI has higher volatility (0.13%) compared to TBIL (0.06%). In terms of maximum drawdown, RAVI dropped -3.72% vs TBIL's -0.10%.

Which ETF is better, RAVI or TBIL?

On 3-year performance, RAVI leads with 5.17% vs 4.60% 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, RAVI or TBIL?

Over the 3-year period, RAVI has performed better with a 5.17% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAVI or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.25% for RAVI.

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

RAVI has the higher dividend yield at 4.37%, compared with 3.81% for TBIL.

What is the main difference between RAVI and TBIL?

They also come from different issuers: FlexShares and F/m Investments. Their fees differ too: 0.25% for RAVI and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 10.73), 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.