TBIL vs. THY

Last updated Jun 4, 2026

TBIL (US Treasury 3 Month Bill ETF) and THY (Agility Shares Dynamic Tactical Income ETF) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index, while THY is a High Yield Bonds fund actively managed by Toews Corp.. TBIL is passively managed, while THY is actively managed. Over the past 3 years, TBIL returned 4.64%/yr vs 5.21%/yr for THY. At a 0.08 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 1.36%/yr for THY.

Performance

TBIL vs. THY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Month Bill ETF (TBIL) and Agility Shares Dynamic Tactical Income ETF (THY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 1.49% return, which is significantly higher than THY's 0.45% return.

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.49%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

THY

• 1D: -0.26%
• 1M: -0.43%
• YTD: 0.45%
• 6M: 0.64%
• 1Y: 4.31%
• 3Y*: 5.21%
• 5Y*: 1.71%
• 10Y*: —

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

TBIL vs. THY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	5.15%	5.12%	1.30%
THY Agility Shares Dynamic Tactical Income ETF	0.45%	4.44%	5.38%	4.97%	-2.26%

Correlation

The correlation between TBIL and THY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.08

Return for Risk

TBIL vs. THY — 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

THY

THY Risk / Return Rank: 44
THY Sharpe Ratio Rank: 41
THY Sortino Ratio Rank: 43
THY Omega Ratio Rank: 41
THY Calmar Ratio Rank: 55
THY Martin Ratio Rank: 41

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. THY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) and Agility Shares Dynamic Tactical Income ETF (THY). 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.

	TBIL	THY	Difference
Sharpe ratio: Return per unit of total volatility	13.78	1.46	+12.32
Sortino ratio: Return per unit of downside risk	58.40	2.18	+56.22
Omega ratio: Gain probability vs. loss probability	17.16	1.27	+15.89
Calmar ratio: Return relative to maximum drawdown	196.84	2.70	+194.14
Martin ratio: Return relative to average drawdown	934.41	6.56	+927.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIL vs. THY - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.78, which is higher than the THY Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TBIL and THY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBIL	THY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.78	1.46	+12.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	14.07	0.48	+13.59

Drawdowns

TBIL vs. THY - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum THY drawdown of -8.56%. Use the drawdown chart below to compare losses from any high point for TBIL and THY.

Drawdown Indicators

	TBIL	THY	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-8.56%	+8.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-1.60%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-2.74%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.56%	—
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-0.00%	-2.61%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.66%	-0.66%

Volatility

TBIL vs. THY - Volatility Comparison

The current volatility for US Treasury 3 Month Bill ETF (TBIL) is 0.08%, while Agility Shares Dynamic Tactical Income ETF (THY) has a volatility of 0.93%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than THY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	THY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.93%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	1.87%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	2.97%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	4.55%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	4.48%	-4.16%

TBIL vs. THY - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than THY's 1.36% expense ratio.

Dividends

TBIL vs. THY - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.82%, less than THY's 5.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%	0.00%	0.00%
THY Agility Shares Dynamic Tactical Income ETF	5.40%	6.00%	5.09%	4.59%	2.56%	3.46%	2.53%

Frequently Asked Questions

Can I hold both TBIL and THY in my portfolio?

TBIL and THY have a correlation of 0.16, 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 THY?

THY has higher volatility (0.93%) compared to TBIL (0.08%). In terms of maximum drawdown, TBIL dropped -0.10% vs THY's -8.56%.

Which ETF is better, TBIL or THY?

On 3-year performance, THY leads with 5.21% vs 4.64% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBIL or THY?

Over the 3-year period, THY has performed better with a 5.21% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or THY?

TBIL is cheaper with a 0.15% expense ratio, compared with 1.36% for THY.

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

THY has the higher dividend yield at 5.40%, compared with 3.82% for TBIL.

What is the main difference between TBIL and THY?

TBIL is categorized as Ultrashort Bond, while THY is High Yield Bonds. They also come from different issuers: US Benchmark Series and Toews Corp.. Their fees differ too: 0.15% for TBIL and 1.36% for THY.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.78 vs 1.46), 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.