TBIL vs. CPAG

Last updated Jun 24, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and CPAG (F/m Compoundr U.S. Aggregate Bond 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 CPAG is a Total Bond Market fund tracking the Nasdaq Compoundr U.S. Aggregate Bond Index. Both are passively managed. At a 0.10 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.31%/yr for CPAG.

Performance

TBIL vs. CPAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 3 Month Bill ETF (TBIL) and F/m Compoundr U.S. Aggregate Bond ETF (CPAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 1.69% return, which is significantly higher than CPAG's 0.18% return.

TBIL

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

CPAG

• 1D: 0.08%
• 1M: 0.53%
• YTD: 0.18%
• 6M: 0.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. CPAG - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	1.59%
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.18%	2.26%

Correlation

The correlation between TBIL and CPAG is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 12, 2025	0.10

Return for Risk

TBIL vs. CPAG — Risk / Return Rank

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

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

CPAG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TBIL vs. CPAG - 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 F/m Compoundr U.S. Aggregate Bond ETF (CPAG). 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	CPAG	Difference
Sharpe ratio: Return per unit of total volatility	13.76	—	—
Sortino ratio: Return per unit of downside risk	58.09	—	—
Omega ratio: Gain probability vs. loss probability	17.08	—	—
Calmar ratio: Return relative to maximum drawdown	195.79	—	—
Martin ratio: Return relative to average drawdown	929.44	—	—

Drawdowns

TBIL vs. CPAG - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum CPAG drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for TBIL and CPAG.

Drawdown Indicators

	TBIL	CPAG	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-2.78%	+2.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-1.48%	+1.48%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.79%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	TBIL	CPAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	3.70%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	3.70%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	3.70%	-3.38%

TBIL vs. CPAG - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than CPAG's 0.31% expense ratio.

Dividends

TBIL vs. CPAG - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, while CPAG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CPAG F/m Compoundr U.S. Aggregate Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and CPAG in my portfolio?

TBIL and CPAG have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBIL or CPAG?

On fees, TBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBIL or CPAG?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.31% for CPAG.

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

TBIL has the higher dividend yield at 3.81%, compared with 0.00% for CPAG.

What is the main difference between TBIL and CPAG?

TBIL is categorized as Ultrashort Bond, while CPAG is Total Bond Market. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while CPAG tracks Nasdaq Compoundr U.S. Aggregate Bond Index. Their fees differ too: 0.15% for TBIL and 0.31% for CPAG.