TBIL vs. FMTM

Last updated Aug 1, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and FMTM (MarketDesk Focused U.S. Momentum 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 FMTM is a Momentum fund. TBIL is passively managed, while FMTM is actively managed. Over the past year, TBIL returned 3.91% vs 41.88% for FMTM. Their -0.01 correlation means they have often moved in opposite directions in the past. TBIL charges 0.15%/yr vs 0.45%/yr for FMTM.

Performance

TBIL vs. FMTM - 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 MarketDesk Focused U.S. Momentum ETF (FMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 2.11% return, which is significantly lower than FMTM's 19.49% return.

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%

FMTM

• 1D: 1.16%
• 1M: -9.20%
• 6M: 9.00%
• YTD: 19.49%
• 1Y: 41.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMTM MarketDesk Focused U.S. Momentum ETF	$7.27M	$8.73M	$9.00M
TBIL F/m US Treasury 3 Month Bill ETF	$84.47M	$81.39M	$91.49M

TBIL vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	3.28%
FMTM MarketDesk Focused U.S. Momentum ETF	19.49%	28.21%

Correlation

The correlation between TBIL and FMTM is -0.08, 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.	-0.08
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	-0.01

Return for Risk

TBIL vs. FMTM — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

FMTM

FMTM Risk / Return Rank: 70
FMTM Sharpe Ratio Rank: 70
FMTM Sortino Ratio Rank: 64
FMTM Omega Ratio Rank: 63
FMTM Calmar Ratio Rank: 78
FMTM Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBIL vs. FMTM - 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 MarketDesk Focused U.S. Momentum ETF (FMTM). 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	FMTM	Difference
Sharpe ratio: Return per unit of total volatility	14.11	1.58	+12.52
Sortino ratio: Return per unit of downside risk	68.82	2.09	+66.73
Omega ratio: Gain probability vs. loss probability	22.93	1.27	+21.66
Calmar ratio: Return relative to maximum drawdown	195.78	2.73	+193.05
Martin ratio: Return relative to average drawdown	1,113.66	9.51	+1,104.15

TBIL vs. FMTM - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 14.11, which is higher than the FMTM Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of TBIL and FMTM, 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

TBIL vs. FMTM - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum FMTM drawdown of -15.40%. Use the drawdown chart below to compare losses from any high point for TBIL and FMTM.

Drawdown Indicators

	TBIL	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-15.40%	+15.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-15.40%	+15.38%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-12.01%	+12.01%
Average Drawdown Average peak-to-trough decline	0.00%	-2.42%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	4.42%	-4.42%

Volatility

TBIL vs. FMTM - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.09%, while MarketDesk Focused U.S. Momentum ETF (FMTM) has a volatility of 9.67%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	9.67%	-9.58%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	21.17%	-20.97%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	26.61%	-26.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	24.76%	-24.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	24.76%	-24.44%

TBIL vs. FMTM - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than FMTM's 0.45% expense ratio.

Dividends

TBIL vs. FMTM - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 4.04%, more than FMTM's 0.25% yield.

Position	TTM	2025	2024	2023	2022
FMTM MarketDesk Focused U.S. Momentum ETF	0.25%	0.30%	0.00%	0.00%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	4.04%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and FMTM in my portfolio?

TBIL and FMTM have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIL or FMTM?

FMTM has higher volatility (9.67%) compared to TBIL (0.09%). In terms of maximum drawdown, TBIL dropped -0.10% vs FMTM's -15.40%.

Which ETF is better, TBIL or FMTM?

On 1-year performance, FMTM leads with 41.88% vs 3.91% 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.

Which ETF has performed better, TBIL or FMTM?

Over the 1-year period, FMTM has performed better with a 41.88% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or FMTM?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.45% for FMTM.

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

TBIL has the higher dividend yield at 4.04%, compared with 0.25% for FMTM.

What is the main difference between TBIL and FMTM?

TBIL is categorized as Ultrashort Bond, while FMTM is Momentum. Their fees differ too: 0.15% for TBIL and 0.45% for FMTM.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (14.11 vs 1.58), 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.