TBIL vs. GSY

Last updated Jun 20, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. TBIL is passively managed, while GSY is actively managed. Over the past 3 years, TBIL returned 4.62%/yr vs 5.46%/yr for GSY. At a 0.23 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.22%/yr for GSY.

Performance

TBIL vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 1.67% return, which is significantly lower than GSY's 1.76% return.

TBIL

• 1D: 0.04%
• 1M: 0.30%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.62%
• 5Y*: —
• 10Y*: —

GSY

• 1D: 0.04%
• 1M: 0.32%
• YTD: 1.76%
• 6M: 1.90%
• 1Y: 4.41%
• 3Y*: 5.46%
• 5Y*: 3.69%
• 10Y*: 2.86%

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

TBIL vs. GSY - 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%
GSY Invesco Ultra Short Duration ETF	1.76%	4.96%	5.95%	5.99%	0.98%

Correlation

The correlation between TBIL and GSY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.23

Return for Risk

TBIL vs. GSY — 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

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY 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.

TBIL vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	13.87	10.83	+3.04
Sortino ratio: Return per unit of downside risk	58.70	25.31	+33.39
Omega ratio: Gain probability vs. loss probability	17.24	6.08	+11.16
Calmar ratio: Return relative to maximum drawdown	197.88	74.67	+123.21
Martin ratio: Return relative to average drawdown	939.33	350.46	+588.87

TBIL vs. GSY - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.87, which is comparable to the GSY Sharpe Ratio of 10.83. The chart below compares the historical Sharpe Ratios of TBIL and GSY, 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. GSY - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for TBIL and GSY.

Drawdown Indicators

	TBIL	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-12.14%	+12.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.06%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-0.18%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.25%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.00%	-2.38%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

TBIL vs. GSY - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.07%, while Invesco Ultra Short Duration ETF (GSY) has a volatility of 0.15%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.15%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.31%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.41%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.58%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	1.22%	-0.90%

TBIL vs. GSY - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than GSY's 0.22% expense ratio. Despite the difference, 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. GSY - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, less than GSY's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.33%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
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

Can I hold both TBIL and GSY in my portfolio?

TBIL and GSY have a correlation of 0.21, 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 GSY?

GSY has higher volatility (0.15%) compared to TBIL (0.07%). In terms of maximum drawdown, TBIL dropped -0.10% vs GSY's -12.14%.

Which ETF is better, TBIL or GSY?

On 3-year performance, GSY leads with 5.46% vs 4.62% 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, TBIL or GSY?

Over the 3-year period, GSY has performed better with a 5.46% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or GSY?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.22% for GSY.

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

GSY has the higher dividend yield at 4.33%, compared with 3.81% for TBIL.

What is the main difference between TBIL and GSY?

They also come from different issuers: F/m Investments and Invesco. Their fees differ too: 0.15% for TBIL and 0.22% for GSY.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.87 vs 10.83), 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.