TBIL vs. UFIV

Last updated Jun 4, 2026

TBIL (US Treasury 3 Month Bill ETF) and UFIV (F/m US Treasury 5 Year Note ETF) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index, while UFIV is a Government Bonds fund tracking the ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, TBIL returned 4.64%/yr vs 3.12%/yr for UFIV. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

TBIL vs. UFIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Month Bill ETF (TBIL) and F/m US Treasury 5 Year Note ETF (UFIV). 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 UFIV's -0.60% return.

TBIL

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

UFIV

• 1D: -0.15%
• 1M: -0.24%
• YTD: -0.60%
• 6M: -0.75%
• 1Y: 2.93%
• 3Y*: 3.12%
• 5Y*: —
• 10Y*: —

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

TBIL vs. UFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	5.15%	3.95%
UFIV F/m US Treasury 5 Year Note ETF	-0.60%	6.89%	1.09%	1.58%

Correlation

The correlation between TBIL and UFIV is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.12

Return for Risk

TBIL vs. UFIV — 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

UFIV

UFIV Risk / Return Rank: 25
UFIV Sharpe Ratio Rank: 26
UFIV Sortino Ratio Rank: 26
UFIV Omega Ratio Rank: 24
UFIV Calmar Ratio Rank: 24
UFIV Martin Ratio Rank: 25

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. UFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) and F/m US Treasury 5 Year Note ETF (UFIV). 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	UFIV	Difference
Sharpe ratio: Return per unit of total volatility	13.78	0.92	+12.86
Sortino ratio: Return per unit of downside risk	58.40	1.39	+57.01
Omega ratio: Gain probability vs. loss probability	17.16	1.16	+16.00
Calmar ratio: Return relative to maximum drawdown	196.84	1.09	+195.75
Martin ratio: Return relative to average drawdown	934.41	3.26	+931.15
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. UFIV - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.78, which is higher than the UFIV Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TBIL and UFIV, 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	UFIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.78	0.92	+12.86
Sharpe Ratio (All Time) Calculated using the full available price history	14.07	0.64	+13.43

Drawdowns

TBIL vs. UFIV - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum UFIV drawdown of -5.63%. Use the drawdown chart below to compare losses from any high point for TBIL and UFIV.

Drawdown Indicators

	TBIL	UFIV	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-5.63%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-2.71%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-4.03%	+4.01%
Current Drawdown Current decline from peak	0.00%	-2.08%	+2.08%
Average Drawdown Average peak-to-trough decline	-0.00%	-1.56%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.90%	-0.90%

Volatility

TBIL vs. UFIV - Volatility Comparison

The current volatility for US Treasury 3 Month Bill ETF (TBIL) is 0.08%, while F/m US Treasury 5 Year Note ETF (UFIV) has a volatility of 1.00%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than UFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	UFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	1.00%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	2.24%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	3.20%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	4.38%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	4.38%	-4.06%

TBIL vs. UFIV - Expense Ratio Comparison

Both TBIL and UFIV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TBIL vs. UFIV - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.82%, more than UFIV's 3.57% yield.

Position	TTM	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%
UFIV F/m US Treasury 5 Year Note ETF	3.57%	3.66%	4.00%	2.96%	0.00%

Frequently Asked Questions

Can I hold both TBIL and UFIV in my portfolio?

TBIL and UFIV have a correlation of 0.10, 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 UFIV?

UFIV has higher volatility (1.00%) compared to TBIL (0.08%). In terms of maximum drawdown, TBIL dropped -0.10% vs UFIV's -5.63%.

Which ETF is better, TBIL or UFIV?

On 3-year performance, TBIL leads with 4.64% vs 3.12% for UFIV. Both ETFs have the same 0.15% expense ratio. 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 UFIV?

Over the 3-year period, TBIL has performed better with a 4.64% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or UFIV?

TBIL and UFIV have the same expense ratio: 0.15% per year.

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

TBIL has the higher dividend yield at 3.82%, compared with 3.57% for UFIV.

What is the main difference between TBIL and UFIV?

TBIL is categorized as Ultrashort Bond, while UFIV is Government Bonds. TBIL tracks ICE BofA US Treasury Bill 3 Month Index, while UFIV tracks ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.78 vs 0.92), 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.