TBIL vs. PWV
TBIL (F/m US Treasury 3 Month Bill ETF) and PWV (Invesco Large Cap Value 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 PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 3 years, TBIL returned 4.57%/yr vs 20.57%/yr for PWV. Their 0.03 correlation means their historical movements had little consistent relationship. TBIL charges 0.15%/yr vs 0.55%/yr for PWV.
Performance
TBIL vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, TBIL achieves a 2.11% return, which is significantly lower than PWV's 21.58% 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%
PWV
- 1D
- 0.13%
- 1M
- 4.66%
- 6M
- 18.00%
- YTD
- 21.58%
- 1Y
- 31.94%
- 3Y*
- 20.57%
- 5Y*
- 15.05%
- 10Y*
- 12.37%
- ALL TIME*
- 10.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.04M | $7.39M | $4.81M | |
| $84.47M | $81.39M | $91.49M |
TBIL vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 2.11% | 4.19% | 5.15% | 5.12% | 1.29% |
PWV Invesco Large Cap Value ETF | 21.58% | 19.65% | 14.48% | 10.36% | 4.66% |
Correlation
The correlation between TBIL and PWV is 0.09, 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. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.03 |
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Return for Risk
TBIL vs. PWV — Risk / Return Rank
TBIL
PWV
TBIL vs. PWV - 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 Large Cap Value ETF (PWV). 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 | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.79 | ||
| Sortino ratioReturn per unit of downside risk | +64.00 | ||
| Omega ratioGain probability vs. loss probability | 22.93 | 1.60 | +21.33 |
| Calmar ratioReturn relative to maximum drawdown | 195.78 | 7.91 | +187.87 |
| Martin ratioReturn relative to average drawdown | 1,113.66 | 28.36 | +1,085.29 |
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Drawdowns
TBIL vs. PWV - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for TBIL and PWV.
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Drawdown Indicators
| TBIL | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -49.04% | +48.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -4.05% | +4.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -14.31% | +14.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.67% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.90% | +0.90% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -9.43% | +9.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 1.13% | -1.13% |
Volatility
TBIL vs. PWV - Volatility Comparison
The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.09%, while Invesco Large Cap Value ETF (PWV) has a volatility of 2.91%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 2.91% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 7.24% | -7.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 9.69% | -9.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 14.28% | -13.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 17.14% | -16.82% |
TBIL vs. PWV - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is lower than PWV's 0.55% expense ratio.
Dividends
TBIL vs. PWV - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 4.04%, more than PWV's 1.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 1.65% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
TBIL F/m US Treasury 3 Month Bill ETF | 4.04% | 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 PWV have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (2.91%) compared to TBIL (0.09%). In terms of maximum drawdown, TBIL dropped -0.10% vs PWV's -49.04%.
On 3-year performance, PWV leads with 20.57% vs 4.57% 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.
Over the 3-year period, PWV has performed better with a 20.57% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.55% for PWV.
TBIL has the higher dividend yield at 4.04%, compared with 1.65% for PWV.
TBIL is categorized as Ultrashort Bond, while PWV is Large Cap Value Equities. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: F/m and Invesco. Their fees differ too: 0.15% for TBIL and 0.55% for PWV.
TBIL currently has the higher Sharpe Ratio (14.11 vs 3.32), 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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