TBIL vs. BIL
TBIL (F/m US Treasury 3 Month Bill ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 3 years, TBIL returned 4.59%/yr vs 4.60%/yr for BIL. At a 0.41 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
TBIL vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TBIL having a 1.67% return and BIL slightly lower at 1.66%.
TBIL
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.59%
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
TBIL vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 1.67% | 4.19% | 5.15% | 5.12% | 1.29% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.18% |
Correlation
The correlation between TBIL and BIL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
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 | 0.41 |
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Return for Risk
TBIL vs. BIL — Risk / Return Rank
TBIL
BIL
TBIL vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 3 Month Bill ETF (TBIL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| TBIL | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.61 | ||
| Sortino ratioReturn per unit of downside risk | -115.07 | ||
| Omega ratioGain probability vs. loss probability | 17.08 | 87.41 | -70.34 |
| Calmar ratioReturn relative to maximum drawdown | 195.79 | 353.28 | -157.49 |
| Martin ratioReturn relative to average drawdown | 929.44 | 2,801.35 | -1,871.90 |
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Drawdowns
TBIL vs. BIL - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TBIL and BIL.
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Drawdown Indicators
| TBIL | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -0.78% | +0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.01% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -0.01% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.09% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.26% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TBIL vs. BIL - Volatility Comparison
The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a volatility of 0.07%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.07% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.14% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 0.20% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.26% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 0.26% | +0.06% |
TBIL vs. BIL - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is higher than BIL's 0.14% 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
TBIL vs. BIL - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 3.81%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
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
TBIL and BIL have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.07%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs BIL's -0.78%.
On 3-year performance, BIL leads with 4.60% vs 4.59% for TBIL. On fees, BIL is cheaper at 0.14% per year. 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, BIL has performed better with a 4.60% return vs 4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.15% for TBIL.
BIL has the higher dividend yield at 3.85%, compared with 3.81% for TBIL.
TBIL is categorized as Ultrashort Bond, while BIL is Government Bonds. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: F/m Investments and State Street. Their fees differ too: 0.15% for TBIL and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 13.76), 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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