SHV vs. TBIL
SHV (iShares 0-1 Year Treasury Bond ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index, 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, SHV returned 4.62%/yr vs 4.62%/yr for TBIL. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
SHV vs. TBIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SHV achieves a 1.59% return, which is significantly lower than TBIL's 1.67% return.
SHV
- 1D
- 0.05%
- 1M
- 0.27%
- YTD
- 1.59%
- 6M
- 1.71%
- 1Y
- 3.84%
- 3Y*
- 4.62%
- 5Y*
- 3.35%
- 10Y*
- 2.24%
TBIL
- 1D
- 0.04%
- 1M
- 0.30%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.62%
- 5Y*
- —
- 10Y*
- —
SHV vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 1.59% | 4.21% | 5.12% | 5.04% | 1.05% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.67% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between SHV and TBIL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.43 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SHV vs. TBIL — Risk / Return Rank
SHV
TBIL
SHV vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) 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.
| SHV | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.94 | ||
| Sortino ratioReturn per unit of downside risk | +43.37 | ||
| Omega ratioGain probability vs. loss probability | 39.19 | 17.24 | +21.94 |
| Calmar ratioReturn relative to maximum drawdown | 143.22 | 197.88 | -54.66 |
| Martin ratioReturn relative to average drawdown | 1,651.41 | 939.33 | +712.07 |
Loading charts...
Drawdowns
SHV vs. TBIL - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for SHV and TBIL.
Loading charts...
Drawdown Indicators
| SHV | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -0.10% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.02% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -0.02% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -0.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -0.00% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
SHV vs. TBIL - Volatility Comparison
iShares 0-1 Year Treasury Bond ETF (SHV) and F/m US Treasury 3 Month Bill ETF (TBIL) have volatilities of 0.07% and 0.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SHV | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.07% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.19% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.21% | 0.29% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 0.32% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 0.32% | -0.04% |
SHV vs. TBIL - Expense Ratio Comparison
Both SHV and TBIL 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
SHV vs. TBIL - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.83%, which matches TBIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
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% | 0.00% |
Frequently Asked Questions
SHV and TBIL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBIL has higher volatility (0.07%) compared to SHV (0.07%). In terms of maximum drawdown, SHV dropped -0.45% vs TBIL's -0.10%.
On 3-year performance, TBIL leads with 4.62% vs 4.62% for SHV. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TBIL has performed better with a 4.62% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV and TBIL have the same expense ratio: 0.15% per year.
SHV has the higher dividend yield at 3.83%, compared with 3.81% for TBIL.
SHV is categorized as Government Bonds, while TBIL is Ultrashort Bond. SHV tracks ICE Short US Treasury Securities Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: iShares and F/m Investments.
SHV currently has the higher Sharpe Ratio (18.81 vs 13.87), 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.
Find the right allocation for SHV and TBIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer