TBIL vs. ZTOP

Last updated Jun 24, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and ZTOP (F/m High Yield 100 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 ZTOP is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Both are passively managed. Over the past year, TBIL returned 3.91% vs 5.91% for ZTOP. At a 0.05 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.39%/yr for ZTOP.

Performance

TBIL vs. ZTOP - 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 High Yield 100 ETF (ZTOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TBIL having a 1.69% return and ZTOP slightly higher at 1.73%.

TBIL

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

ZTOP

• 1D: 0.02%
• 1M: 0.36%
• YTD: 1.73%
• 6M: 2.05%
• 1Y: 5.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. ZTOP - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	3.00%
ZTOP F/m High Yield 100 ETF	1.73%	8.06%

Correlation

The correlation between TBIL and ZTOP is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.05

Return for Risk

TBIL vs. ZTOP — 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

ZTOP

ZTOP Risk / Return Rank: 61
ZTOP Sharpe Ratio Rank: 59
ZTOP Sortino Ratio Rank: 64
ZTOP Omega Ratio Rank: 65
ZTOP Calmar Ratio Rank: 53
ZTOP Martin Ratio Rank: 64

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. ZTOP - 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 High Yield 100 ETF (ZTOP). 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	ZTOP	Difference
Sharpe ratio: Return per unit of total volatility	13.76	1.79	+11.97
Sortino ratio: Return per unit of downside risk	58.09	2.68	+55.41
Omega ratio: Gain probability vs. loss probability	17.08	1.35	+15.72
Calmar ratio: Return relative to maximum drawdown	195.79	2.35	+193.44
Martin ratio: Return relative to average drawdown	929.44	10.65	+918.79

TBIL vs. ZTOP - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 13.76, which is higher than the ZTOP Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of TBIL and ZTOP, 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. ZTOP - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum ZTOP drawdown of -2.52%. Use the drawdown chart below to compare losses from any high point for TBIL and ZTOP.

Drawdown Indicators

	TBIL	ZTOP	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-2.52%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-2.52%	+2.50%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.29%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.56%	-0.56%

Volatility

TBIL vs. ZTOP - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.06%, while F/m High Yield 100 ETF (ZTOP) has a volatility of 0.83%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than ZTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	ZTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.83%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	2.65%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	3.33%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	3.47%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	3.47%	-3.15%

TBIL vs. ZTOP - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than ZTOP's 0.39% expense ratio.

Dividends

TBIL vs. ZTOP - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.81%, less than ZTOP's 6.27% 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%
ZTOP F/m High Yield 100 ETF	6.27%	4.39%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBIL and ZTOP in my portfolio?

TBIL and ZTOP have a correlation of 0.06, 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 ZTOP?

ZTOP has higher volatility (0.83%) compared to TBIL (0.06%). In terms of maximum drawdown, TBIL dropped -0.10% vs ZTOP's -2.52%.

Which ETF is better, TBIL or ZTOP?

On 1-year performance, ZTOP leads with 5.91% 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 ZTOP?

Over the 1-year period, ZTOP has performed better with a 5.91% 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 ZTOP?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.39% for ZTOP.

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

ZTOP has the higher dividend yield at 6.27%, compared with 3.81% for TBIL.

What is the main difference between TBIL and ZTOP?

TBIL is categorized as Ultrashort Bond, while ZTOP is High Yield Bonds. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. Their fees differ too: 0.15% for TBIL and 0.39% for ZTOP.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 1.79), 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.