TBIL vs. XBIL

Last updated Jun 24, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and XBIL (US Treasury 6 Month Bill ETF) are both Ultrashort Bond funds - TBIL tracks the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index while XBIL tracks the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, TBIL returned 4.60%/yr vs 4.60%/yr for XBIL. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

TBIL vs. XBIL - 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 US Treasury 6 Month Bill ETF (XBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 1.69% return, which is significantly higher than XBIL's 1.57% return.

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

XBIL

• 1D: 0.01%
• 1M: 0.22%
• YTD: 1.57%
• 6M: 1.67%
• 1Y: 3.82%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

TBIL vs. XBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	4.30%
XBIL US Treasury 6 Month Bill ETF	1.57%	4.17%	5.16%	4.28%

Correlation

The correlation between TBIL and XBIL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.38

Return for Risk

TBIL vs. XBIL — 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

XBIL

XBIL Risk / Return Rank: 100
XBIL Sharpe Ratio Rank: 100
XBIL Sortino Ratio Rank: 100
XBIL Omega Ratio Rank: 99
XBIL Calmar Ratio Rank: 100
XBIL Martin Ratio Rank: 100

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. XBIL - 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 US Treasury 6 Month Bill ETF (XBIL). 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	XBIL	Difference
Sharpe ratio: Return per unit of total volatility	13.76	12.56	+1.20
Sortino ratio: Return per unit of downside risk	58.09	38.47	+19.62
Omega ratio: Gain probability vs. loss probability	17.08	10.10	+6.98
Calmar ratio: Return relative to maximum drawdown	195.79	64.01	+131.78
Martin ratio: Return relative to average drawdown	929.44	592.11	+337.33

TBIL vs. XBIL - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.76, which is comparable to the XBIL Sharpe Ratio of 12.56. The chart below compares the historical Sharpe Ratios of TBIL and XBIL, 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. XBIL - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, which is greater than XBIL's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for TBIL and XBIL.

Drawdown Indicators

	TBIL	XBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-0.08%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.06%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-0.07%	+0.05%
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%	0.01%	-0.01%

Volatility

TBIL vs. XBIL - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while US Treasury 6 Month Bill ETF (XBIL) has a volatility of 0.12%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than XBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	XBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.12%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.19%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.31%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.38%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.38%	-0.06%

TBIL vs. XBIL - Expense Ratio Comparison

Both TBIL and XBIL 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. XBIL - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, more than XBIL's 3.76% yield.

Position	TTM	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%
XBIL US Treasury 6 Month Bill ETF	3.76%	4.01%	4.90%	4.30%	0.00%

Frequently Asked Questions

Can I hold both TBIL and XBIL in my portfolio?

TBIL and XBIL 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 is riskier, TBIL or XBIL?

XBIL has higher volatility (0.12%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs XBIL's -0.08%.

Which ETF is better, TBIL or XBIL?

On 3-year performance, XBIL leads with 4.60% vs 4.60% for TBIL. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBIL or XBIL?

Over the 3-year period, XBIL has performed better with a 4.60% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or XBIL?

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

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

TBIL has the higher dividend yield at 3.81%, compared with 3.76% for XBIL.

What is the main difference between TBIL and XBIL?

TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. They also come from different issuers: F/m Investments and US Benchmark Series.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 12.56), 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.