TBIL vs. MSTY

Last updated Jun 24, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and MSTY (YieldMax™ MSTR Option Income Strategy 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 MSTY is a Derivative Income fund actively managed by YieldMax. TBIL is passively managed, while MSTY is actively managed. Over the past year, TBIL returned 3.91% vs -66.58% for MSTY. At a 0.02 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.99%/yr for MSTY.

Performance

TBIL vs. MSTY - 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 YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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 MSTY's -27.80% return.

TBIL

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

MSTY

• 1D: -4.55%
• 1M: -31.74%
• YTD: -27.80%
• 6M: -29.80%
• 1Y: -66.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	4.39%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-27.80%	-42.71%	212.16%

Correlation

The correlation between TBIL and MSTY is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.02

Return for Risk

TBIL vs. MSTY — 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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

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. MSTY - 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 YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	13.76	-1.08	+14.83
Sortino ratio: Return per unit of downside risk	58.09	-1.96	+60.05
Omega ratio: Gain probability vs. loss probability	17.08	0.79	+16.29
Calmar ratio: Return relative to maximum drawdown	195.79	-0.93	+196.72
Martin ratio: Return relative to average drawdown	929.44	-1.35	+930.79

TBIL vs. MSTY - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.76, which is higher than the MSTY Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of TBIL and MSTY, 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. MSTY - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for TBIL and MSTY.

Drawdown Indicators

	TBIL	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-71.79%	+71.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-71.79%	+71.77%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-71.62%	+71.62%
Average Drawdown Average peak-to-trough decline	-0.00%	-26.97%	+26.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	49.36%	-49.36%

Volatility

TBIL vs. MSTY - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 19.32%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	19.32%	-19.26%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	49.66%	-49.47%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	62.02%	-61.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	71.82%	-71.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	71.82%	-71.50%

TBIL vs. MSTY - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

TBIL vs. MSTY - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, less than MSTY's 286.06% yield.

Position	TTM	2025	2024	2023	2022
MSTY YieldMax™ MSTR Option Income Strategy ETF	286.06%	294.61%	104.56%	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 MSTY in my portfolio?

TBIL and MSTY have a correlation of -0.02, 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 MSTY?

MSTY has higher volatility (19.32%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs MSTY's -71.79%.

Which ETF is better, TBIL or MSTY?

On 1-year performance, TBIL leads with 3.91% vs -66.58% for MSTY. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBIL or MSTY?

Over the 1-year period, TBIL has performed better with a 3.91% return vs -66.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or MSTY?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 286.06%, compared with 3.81% for TBIL.

What is the main difference between TBIL and MSTY?

TBIL is categorized as Ultrashort Bond, while MSTY is Derivative Income. They also come from different issuers: F/m Investments and YieldMax. Their fees differ too: 0.15% for TBIL and 0.99% for MSTY.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs -1.08), 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.