TBIL vs. VWRD.L

Last updated Jun 13, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and VWRD.L (Vanguard FTSE All-World UCITS 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 VWRD.L is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, TBIL returned 4.63%/yr vs 19.78%/yr for VWRD.L. At a correlation of -0.02, they often move in opposite directions. TBIL charges 0.15%/yr vs 0.22%/yr for VWRD.L.

Performance

TBIL vs. VWRD.L - 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 Vanguard FTSE All-World UCITS ETF (VWRD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 1.61% return, which is significantly lower than VWRD.L's 10.27% return.

TBIL

• 1D: 0.03%
• 1M: 0.32%
• YTD: 1.61%
• 6M: 1.78%
• 1Y: 3.91%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —

VWRD.L

• 1D: 2.38%
• 1M: 0.88%
• YTD: 10.27%
• 6M: 11.90%
• 1Y: 25.73%
• 3Y*: 19.78%
• 5Y*: 10.91%
• 10Y*: 12.94%

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

TBIL vs. VWRD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	1.61%	4.19%	5.15%	5.12%	1.29%
VWRD.L Vanguard FTSE All-World UCITS ETF	10.27%	22.39%	17.65%	22.31%	-5.22%

Correlation

The correlation between TBIL and VWRD.L is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.02

Return for Risk

TBIL vs. VWRD.L — 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

VWRD.L

VWRD.L Risk / Return Rank: 72
VWRD.L Sharpe Ratio Rank: 72
VWRD.L Sortino Ratio Rank: 78
VWRD.L Omega Ratio Rank: 72
VWRD.L Calmar Ratio Rank: 67
VWRD.L Martin Ratio Rank: 73

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. VWRD.L - 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 FTSE All-World UCITS ETF (VWRD.L). 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	VWRD.L	Difference
Sharpe ratio: Return per unit of total volatility	13.87	2.01	+11.86
Sortino ratio: Return per unit of downside risk	58.70	3.00	+55.70
Omega ratio: Gain probability vs. loss probability	17.24	1.37	+15.87
Calmar ratio: Return relative to maximum drawdown	197.88	2.91	+194.97
Martin ratio: Return relative to average drawdown	939.34	11.88	+927.46

TBIL vs. VWRD.L - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.87, which is higher than the VWRD.L Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of TBIL and VWRD.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBIL vs. VWRD.L - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum VWRD.L drawdown of -33.83%. Use the drawdown chart below to compare losses from any high point for TBIL and VWRD.L.

Drawdown Indicators

	TBIL	VWRD.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-33.83%	+33.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-8.80%	+8.78%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-16.25%	+16.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.83%	—
Current Drawdown Current decline from peak	0.00%	-1.99%	+1.99%
Average Drawdown Average peak-to-trough decline	-0.00%	-4.51%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.16%	-2.16%

Volatility

TBIL vs. VWRD.L - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.07%, while Vanguard FTSE All-World UCITS ETF (VWRD.L) has a volatility of 4.40%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than VWRD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	VWRD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	4.40%	-4.33%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	10.29%	-10.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	12.77%	-12.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	15.38%	-15.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	15.73%	-15.41%

TBIL vs. VWRD.L - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than VWRD.L's 0.22% expense ratio. Despite the difference, 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. VWRD.L - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.82%, more than VWRD.L's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIL F/m US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VWRD.L Vanguard FTSE All-World UCITS ETF	1.25%	1.38%	1.52%	1.69%	2.05%	1.48%	1.47%	1.88%	2.29%	1.82%	2.04%	2.07%

Frequently Asked Questions

Can I hold both TBIL and VWRD.L in my portfolio?

TBIL and VWRD.L have a correlation of -0.02, 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 VWRD.L?

On fees, TBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBIL or VWRD.L?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.22% for VWRD.L.

What is the main difference between TBIL and VWRD.L?

TBIL is categorized as Ultrashort Bond, while VWRD.L is Global Equities. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while VWRD.L tracks FTSE All-World Index. They also come from different issuers: F/m Investments and Vanguard. Their fees differ too: 0.15% for TBIL and 0.22% for VWRD.L.