TBLL vs. FOXY

Last updated Jun 23, 2026

TBLL (Invesco Short Term Treasury ETF) and FOXY (Simplify Currency Strategy ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while FOXY is a Leveraged Currency fund actively managed by Simplify. TBLL is passively managed, while FOXY is actively managed. Over the past year, TBLL returned 3.87% vs 19.26% for FOXY. At a correlation of -0.14, they often move in opposite directions. TBLL charges 0.08%/yr vs 0.81%/yr for FOXY.

Performance

TBLL vs. FOXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) and Simplify Currency Strategy ETF (FOXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBLL achieves a 1.60% return, which is significantly lower than FOXY's 11.43% return.

TBLL

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.60%
• 6M: 1.69%
• 1Y: 3.87%
• 3Y*: 4.60%
• 5Y*: 3.39%
• 10Y*: —

FOXY

• 1D: -0.41%
• 1M: -0.27%
• YTD: 11.43%
• 6M: 7.48%
• 1Y: 19.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBLL vs. FOXY - Yearly Performance Comparison

	2026 (YTD)	2025
TBLL Invesco Short Term Treasury ETF	1.60%	3.84%
FOXY Simplify Currency Strategy ETF	11.43%	14.71%

Correlation

The correlation between TBLL and FOXY is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	-0.14

Return for Risk

TBLL vs. FOXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBLL

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

FOXY

FOXY Risk / Return Rank: 68
FOXY Sharpe Ratio Rank: 61
FOXY Sortino Ratio Rank: 66
FOXY Omega Ratio Rank: 60
FOXY Calmar Ratio Rank: 85
FOXY Martin Ratio Rank: 68

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.

TBLL vs. FOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and Simplify Currency Strategy ETF (FOXY). 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.

	TBLL	FOXY	Difference
Sharpe ratio: Return per unit of total volatility	20.65	1.97	+18.67
Sortino ratio: Return per unit of downside risk	189.54	2.91	+186.63
Omega ratio: Gain probability vs. loss probability	81.26	1.36	+79.91
Calmar ratio: Return relative to maximum drawdown	410.16	4.47	+405.68
Martin ratio: Return relative to average drawdown	3,066.50	12.11	+3,054.39

TBLL vs. FOXY - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 20.65, which is higher than the FOXY Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of TBLL and FOXY, 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

TBLL vs. FOXY - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum FOXY drawdown of -13.09%. Use the drawdown chart below to compare losses from any high point for TBLL and FOXY.

Drawdown Indicators

	TBLL	FOXY	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-13.09%	+12.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-4.32%	+4.31%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-0.14%	-2.10%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	1.60%	-1.60%

Volatility

TBLL vs. FOXY - Volatility Comparison

The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.05%, while Simplify Currency Strategy ETF (FOXY) has a volatility of 2.82%. This indicates that TBLL experiences smaller price fluctuations and is considered to be less risky than FOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLL	FOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	2.82%	-2.77%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	7.61%	-7.49%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	9.81%	-9.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	14.91%	-14.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	14.91%	-14.35%

TBLL vs. FOXY - Expense Ratio Comparison

TBLL has a 0.08% expense ratio, which is lower than FOXY's 0.81% expense ratio.

Dividends

TBLL vs. FOXY - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 4.11%, less than FOXY's 8.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOXY Simplify Currency Strategy ETF	8.15%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	4.11%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both TBLL and FOXY in my portfolio?

TBLL and FOXY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLL or FOXY?

FOXY has higher volatility (2.82%) compared to TBLL (0.05%). In terms of maximum drawdown, TBLL dropped -0.63% vs FOXY's -13.09%.

Which ETF is better, TBLL or FOXY?

On 1-year performance, FOXY leads with 19.26% vs 3.87% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLL or FOXY?

Over the 1-year period, FOXY has performed better with a 19.26% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLL or FOXY?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.81% for FOXY.

Which ETF pays a higher dividend yield, TBLL or FOXY?

FOXY has the higher dividend yield at 8.15%, compared with 4.11% for TBLL.

What is the main difference between TBLL and FOXY?

TBLL is categorized as Ultrashort Bond, while FOXY is Leveraged Currency. They also come from different issuers: Invesco and Simplify. Their fees differ too: 0.08% for TBLL and 0.81% for FOXY.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.65 vs 1.97), 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.