TBIL vs. IEMG
TBIL (F/m US Treasury 3 Month Bill ETF) and IEMG (iShares Core MSCI Emerging Markets 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 IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 3 years, TBIL returned 4.63%/yr vs 21.33%/yr for IEMG. At a 0.04 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.09%/yr for IEMG.
Performance
TBIL vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, TBIL achieves a 1.61% return, which is significantly lower than IEMG's 22.84% return.
TBIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- 0.61%
- 1M
- 0.34%
- YTD
- 22.84%
- 6M
- 25.59%
- 1Y
- 44.83%
- 3Y*
- 21.33%
- 5Y*
- 7.15%
- 10Y*
- 10.42%
TBIL vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 1.61% | 4.19% | 5.15% | 5.12% | 1.29% |
IEMG iShares Core MSCI Emerging Markets ETF | 22.84% | 32.56% | 6.50% | 11.52% | -3.78% |
Correlation
The correlation between TBIL and IEMG is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.04 |
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Return for Risk
TBIL vs. IEMG — Risk / Return Rank
TBIL
IEMG
TBIL vs. IEMG - 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 iShares Core MSCI Emerging Markets ETF (IEMG). 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 | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.85 | ||
| Sortino ratioReturn per unit of downside risk | +56.05 | ||
| Omega ratioGain probability vs. loss probability | 17.24 | 1.39 | +15.86 |
| Calmar ratioReturn relative to maximum drawdown | 197.88 | 3.23 | +194.65 |
| Martin ratioReturn relative to average drawdown | 939.34 | 11.89 | +927.45 |
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Drawdowns
TBIL vs. IEMG - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for TBIL and IEMG.
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Drawdown Indicators
| TBIL | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -38.71% | +38.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -13.21% | +13.19% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -17.21% | +17.19% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.98% | +3.98% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -12.95% | +12.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.59% | -3.59% |
Volatility
TBIL vs. IEMG - Volatility Comparison
The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.07%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.60%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 10.60% | -10.53% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 18.89% | -18.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 21.08% | -20.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 18.73% | -18.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 20.17% | -19.85% |
TBIL vs. IEMG - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is higher than IEMG's 0.09% 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. IEMG - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 3.82%, more than IEMG's 2.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.24% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.82% | 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
TBIL and IEMG have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.60%) compared to TBIL (0.07%). In terms of maximum drawdown, TBIL dropped -0.10% vs IEMG's -38.71%.
On 3-year performance, IEMG leads with 21.33% vs 4.63% for TBIL. On fees, IEMG is cheaper at 0.09% per year. On volatility, TBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEMG has performed better with a 21.33% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.15% for TBIL.
TBIL has the higher dividend yield at 3.82%, compared with 2.24% for IEMG.
TBIL is categorized as Ultrashort Bond, while IEMG is Emerging Markets Diversified. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.15% for TBIL and 0.09% for IEMG.
TBIL currently has the higher Sharpe Ratio (13.87 vs 2.03), 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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