TBIL vs. ZHOG

Last updated Jun 24, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and ZHOG (F/m Opportunistic Income 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 ZHOG is a Intermediate Core-Plus Bond fund actively managed by F/m Investments. TBIL is passively managed, while ZHOG is actively managed. Over the past year, TBIL returned 3.91% vs 4.74% for ZHOG. At a 0.15 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.43%/yr for ZHOG.

Performance

TBIL vs. ZHOG - 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 F/m Opportunistic Income ETF (ZHOG). 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 ZHOG's 0.81% return.

TBIL

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

ZHOG

• 1D: 0.06%
• 1M: 0.37%
• YTD: 0.81%
• 6M: 1.02%
• 1Y: 4.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. ZHOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	1.70%
ZHOG F/m Opportunistic Income ETF	0.81%	5.98%	4.94%	5.93%

Correlation

The correlation between TBIL and ZHOG 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 (All Time) Calculated using the full available price history since Sep 6, 2023	0.15

Return for Risk

TBIL vs. ZHOG — 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

ZHOG

ZHOG Risk / Return Rank: 88
ZHOG Sharpe Ratio Rank: 92
ZHOG Sortino Ratio Rank: 95
ZHOG Omega Ratio Rank: 93
ZHOG Calmar Ratio Rank: 76
ZHOG Martin Ratio Rank: 83

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. ZHOG - 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 F/m Opportunistic Income ETF (ZHOG). 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	ZHOG	Difference
Sharpe ratio: Return per unit of total volatility	13.76	3.01	+10.75
Sortino ratio: Return per unit of downside risk	58.09	4.63	+53.46
Omega ratio: Gain probability vs. loss probability	17.08	1.60	+15.47
Calmar ratio: Return relative to maximum drawdown	195.79	3.64	+192.16
Martin ratio: Return relative to average drawdown	929.44	15.65	+913.79

TBIL vs. ZHOG - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.76, which is higher than the ZHOG Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of TBIL and ZHOG, 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. ZHOG - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum ZHOG drawdown of -3.66%. Use the drawdown chart below to compare losses from any high point for TBIL and ZHOG.

Drawdown Indicators

	TBIL	ZHOG	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-3.66%	+3.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-1.31%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.69%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.30%	-0.30%

Volatility

TBIL vs. ZHOG - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while F/m Opportunistic Income ETF (ZHOG) has a volatility of 0.47%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than ZHOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	ZHOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.47%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	1.19%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	1.58%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	3.98%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	3.98%	-3.66%

TBIL vs. ZHOG - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than ZHOG's 0.43% expense ratio.

Dividends

TBIL vs. ZHOG - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, less than ZHOG's 5.11% 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%
ZHOG F/m Opportunistic Income ETF	5.11%	5.35%	5.50%	1.70%	0.00%

Frequently Asked Questions

Can I hold both TBIL and ZHOG in my portfolio?

TBIL and ZHOG 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 ZHOG?

ZHOG has higher volatility (0.47%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs ZHOG's -3.66%.

Which ETF is better, TBIL or ZHOG?

On 1-year performance, ZHOG leads with 4.74% vs 3.91% for TBIL. On fees, TBIL is cheaper at 0.15% 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.

Which ETF has performed better, TBIL or ZHOG?

Over the 1-year period, ZHOG has performed better with a 4.74% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or ZHOG?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.43% for ZHOG.

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

ZHOG has the higher dividend yield at 5.11%, compared with 3.81% for TBIL.

What is the main difference between TBIL and ZHOG?

TBIL is categorized as Ultrashort Bond, while ZHOG is Intermediate Core-Plus Bond. Their fees differ too: 0.15% for TBIL and 0.43% for ZHOG.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 3.01), 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.