TBIL vs. SPTU

Last updated Aug 2, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds - TBIL tracks the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. Their 0.42 correlation means their historical movements had little consistent relationship. TBIL charges 0.15%/yr vs 0.05%/yr for SPTU.

Performance

TBIL vs. SPTU - 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 State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with TBIL at 2.11% and SPTU at 2.11%.

TBIL

• 1D: 0.04%
• 1M: 0.28%
• 6M: 1.80%
• YTD: 2.11%
• 1Y: 3.85%
• 3Y*: 4.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.50%

SPTU

• 1D: 0.04%
• 1M: 0.32%
• 6M: 1.82%
• YTD: 2.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	$29.52K	$31.42K	$66.34K
TBIL F/m US Treasury 3 Month Bill ETF	$84.47M	$81.39M	$91.49M

TBIL vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	0.93%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.11%	0.87%

Correlation

The correlation between TBIL and SPTU is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.42

Return for Risk

TBIL vs. SPTU — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

SPTU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBIL vs. SPTU - 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 State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	14.11	—	—
Sortino ratio: Return per unit of downside risk	68.82	—	—
Omega ratio: Gain probability vs. loss probability	22.93	—	—
Calmar ratio: Return relative to maximum drawdown	195.78	—	—
Martin ratio: Return relative to average drawdown	1,113.66	—	—

Drawdowns

TBIL vs. SPTU - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for TBIL and SPTU.

Drawdown Indicators

	TBIL	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-0.04%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	TBIL	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	0.32%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.32%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.32%	0.00%

TBIL vs. SPTU - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is higher than SPTU's 0.05% 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. SPTU - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 4.04%, more than SPTU's 2.65% yield.

Position	TTM	2025	2024	2023	2022
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.65%	0.89%	0.00%	0.00%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	3.69%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and SPTU in my portfolio?

TBIL and SPTU have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBIL or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBIL or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.15% for TBIL.

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

TBIL has the higher dividend yield at 3.69%, compared with 2.65% for SPTU.

What is the main difference between TBIL and SPTU?

TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: F/m and State Street. Their fees differ too: 0.15% for TBIL and 0.05% for SPTU.