TBIL vs. VGSH
TBIL (F/m US Treasury 3 Month Bill ETF) and VGSH (Vanguard Short-Term Treasury 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 VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 3 years, TBIL returned 4.59%/yr vs 4.18%/yr for VGSH. At a 0.18 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.03%/yr for VGSH.
Performance
TBIL vs. VGSH - 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 VGSH's 0.41% return.
TBIL
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.59%
- 5Y*
- —
- 10Y*
- —
VGSH
- 1D
- -0.09%
- 1M
- 0.06%
- YTD
- 0.41%
- 6M
- 0.53%
- 1Y
- 3.04%
- 3Y*
- 4.18%
- 5Y*
- 1.84%
- 10Y*
- 1.70%
TBIL vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 0.41% | 5.07% | 4.00% | 4.31% | -0.78% |
Correlation
The correlation between TBIL and VGSH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.18 |
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Return for Risk
TBIL vs. VGSH — Risk / Return Rank
TBIL
VGSH
TBIL vs. VGSH - 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 Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.43 | ||
| Sortino ratioReturn per unit of downside risk | +54.40 | ||
| Omega ratioGain probability vs. loss probability | 17.08 | 1.49 | +15.59 |
| Calmar ratioReturn relative to maximum drawdown | 195.79 | 3.46 | +192.34 |
| Martin ratioReturn relative to average drawdown | 929.44 | 13.29 | +916.15 |
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Drawdowns
TBIL vs. VGSH - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for TBIL and VGSH.
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Drawdown Indicators
| TBIL | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -5.70% | +5.60% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.88% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -0.97% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.36% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.60% | +0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.23% | -0.23% |
Volatility
TBIL vs. VGSH - Volatility Comparison
The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.45%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.45% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.96% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 1.31% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 1.97% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 1.58% | -1.26% |
TBIL vs. VGSH - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is higher than VGSH's 0.03% 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. VGSH - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 3.81%, less than VGSH's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 3.81% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 3.88% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
TBIL and VGSH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSH has higher volatility (0.45%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs VGSH's -5.70%.
On 3-year performance, TBIL leads with 4.59% vs 4.18% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, TBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TBIL has performed better with a 4.59% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.15% for TBIL.
VGSH has the higher dividend yield at 3.88%, compared with 3.81% for TBIL.
TBIL is categorized as Ultrashort Bond, while VGSH is Government Bonds. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: F/m Investments and Vanguard. Their fees differ too: 0.15% for TBIL and 0.03% for VGSH.
TBIL currently has the higher Sharpe Ratio (13.76 vs 2.33), 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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