TBIL vs. SLV
TBIL (F/m US Treasury 3 Month Bill ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, TBIL returned 4.62%/yr vs 38.96%/yr for SLV. At a 0.01 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.50%/yr for SLV.
Performance
TBIL vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, TBIL achieves a 1.67% return, which is significantly higher than SLV's -7.62% return.
TBIL
- 1D
- 0.04%
- 1M
- 0.30%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.62%
- 5Y*
- —
- 10Y*
- —
SLV
- 1D
- -1.81%
- 1M
- -14.31%
- YTD
- -7.62%
- 6M
- -2.33%
- 1Y
- 81.88%
- 3Y*
- 38.96%
- 5Y*
- 20.04%
- 10Y*
- 13.58%
TBIL vs. SLV - 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% |
SLV iShares Silver Trust | -7.62% | 144.66% | 20.89% | -1.09% | 15.71% |
Correlation
The correlation between TBIL and SLV is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.01 |
The correlation between TBIL and SLV shifts across timeframes, from -0.11 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBIL vs. SLV — Risk / Return Rank
TBIL
SLV
TBIL vs. SLV - 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 Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.55 | ||
| Sortino ratioReturn per unit of downside risk | +57.02 | ||
| Omega ratioGain probability vs. loss probability | 17.24 | 1.27 | +15.97 |
| Calmar ratioReturn relative to maximum drawdown | 197.88 | 1.75 | +196.13 |
| Martin ratioReturn relative to average drawdown | 939.33 | 3.68 | +935.66 |
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Drawdowns
TBIL vs. SLV - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for TBIL and SLV.
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Drawdown Indicators
| TBIL | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -76.28% | +76.18% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -45.40% | +45.38% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -45.40% | +45.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.40% | — |
Current DrawdownCurrent decline from peak | 0.00% | -43.65% | +43.65% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -44.65% | +44.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 21.52% | -21.52% |
Volatility
TBIL vs. SLV - Volatility Comparison
The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.07%, while iShares Silver Trust (SLV) has a volatility of 14.09%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 14.09% | -14.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 59.18% | -58.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 60.10% | -59.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 36.50% | -36.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 32.04% | -31.72% |
TBIL vs. SLV - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
TBIL vs. SLV - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 3.81%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 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
TBIL and SLV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.09%) compared to TBIL (0.07%). In terms of maximum drawdown, TBIL dropped -0.10% vs SLV's -76.28%.
On 3-year performance, SLV leads with 38.96% vs 4.62% for TBIL. On fees, TBIL is cheaper at 0.15% 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, SLV has performed better with a 38.96% return vs 4.62%. 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 0.50% for SLV.
TBIL has the higher dividend yield at 3.81%, compared with 0.00% for SLV.
TBIL is categorized as Ultrashort Bond, while SLV is Silver. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while SLV tracks LBMA Silver Price. They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.15% for TBIL and 0.50% for SLV.
TBIL currently has the higher Sharpe Ratio (13.87 vs 1.32), 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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