TBIL vs. GSY
Compare and contrast key facts about US Treasury 3 Month Bill ETF (TBIL) and Invesco Ultra Short Duration ETF (GSY).
TBIL and GSY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. GSY is an actively managed fund by Invesco. It was launched on Feb 12, 2008.
Performance
TBIL vs. GSY - Performance Comparison
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TBIL vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 0.87% | 4.19% | 5.15% | 5.12% | 1.30% |
GSY Invesco Ultra Short Duration ETF | 0.80% | 4.96% | 5.95% | 5.99% | 1.00% |
Returns By Period
In the year-to-date period, TBIL achieves a 0.87% return, which is significantly higher than GSY's 0.80% return.
TBIL
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 0.87%
- 6M
- 1.89%
- 1Y
- 4.05%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
GSY
- 1D
- 0.04%
- 1M
- 0.08%
- YTD
- 0.80%
- 6M
- 1.92%
- 1Y
- 4.52%
- 3Y*
- 5.49%
- 5Y*
- 3.51%
- 10Y*
- 2.84%
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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%.
Return for Risk
TBIL vs. GSY — Risk / Return Rank
TBIL
GSY
TBIL vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 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.
| TBIL | GSY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 14.34 | 10.64 | +3.69 |
Sortino ratioReturn per unit of downside risk | 63.08 | 24.03 | +39.05 |
Omega ratioGain probability vs. loss probability | 19.16 | 6.27 | +12.89 |
Calmar ratioReturn relative to maximum drawdown | 204.06 | 25.29 | +178.77 |
Martin ratioReturn relative to average drawdown | 1,017.13 | 176.75 | +840.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBIL | GSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.34 | 10.64 | +3.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 6.07 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 14.17 | 0.45 | +13.72 |
Correlation
The correlation between TBIL and GSY is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TBIL vs. GSY - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 4.28%, less than GSY's 4.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 4.28% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GSY Invesco Ultra Short Duration ETF | 4.43% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
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.
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Drawdown Indicators
| TBIL | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -12.14% | +12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -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 DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -2.41% | +2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.03% | -0.03% |
Volatility
TBIL vs. GSY - Volatility Comparison
The current volatility for US Treasury 3 Month Bill ETF (TBIL) is 0.09%, 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.
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Volatility by Period
| TBIL | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.15% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.28% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 0.43% | -0.15% |
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% |