TBLL vs. QUAL

Last updated Jun 13, 2026

TBLL (Invesco Short Term Treasury ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, TBLL returned 3.38%/yr vs 11.97%/yr for QUAL. At a correlation of -0.06, they often move in opposite directions. TBLL charges 0.08%/yr vs 0.15%/yr for QUAL.

Performance

TBLL vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBLL achieves a 1.55% return, which is significantly lower than QUAL's 9.44% return.

TBLL

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.55%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.64%
• 5Y*: 3.38%
• 10Y*: —

QUAL

• 1D: 0.47%
• 1M: 2.82%
• YTD: 9.44%
• 6M: 9.29%
• 1Y: 20.90%
• 3Y*: 19.30%
• 5Y*: 11.97%
• 10Y*: 14.46%

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

TBLL vs. QUAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLL Invesco Short Term Treasury ETF	1.55%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%
QUAL iShares MSCI USA Quality Factor ETF	9.44%	12.65%	22.29%	30.88%	-20.50%	26.94%	17.04%	33.89%	-5.70%	21.14%

Correlation

The correlation between TBLL and QUAL is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	-0.06

TBLL vs. QUAL - Sectors Allocation Comparison

Sectors	TBLL	QUAL
Financial Services	64.1%	11.5%
Basic Materials	-	1.7%
Communication Services	-	11.1%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	4.9%
Energy	-	4.0%
Healthcare	-	9.0%
Industrials	-	8.2%
Real Estate	-	1.8%
Technology	-	36.5%
Utilities	-	1.9%

Return for Risk

TBLL vs. QUAL — 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

QUAL

QUAL Risk / Return Rank: 59
QUAL Sharpe Ratio Rank: 59
QUAL Sortino Ratio Rank: 60
QUAL Omega Ratio Rank: 56
QUAL Calmar Ratio Rank: 53
QUAL Martin Ratio Rank: 67

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. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and iShares MSCI USA Quality Factor ETF (QUAL). 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	QUAL	Difference
Sharpe ratio: Return per unit of total volatility	20.89	1.74	+19.16
Sortino ratio: Return per unit of downside risk	217.77	2.46	+215.31
Omega ratio: Gain probability vs. loss probability	102.67	1.31	+101.36
Calmar ratio: Return relative to maximum drawdown	415.79	2.32	+413.47
Martin ratio: Return relative to average drawdown	3,524.23	10.60	+3,513.63

TBLL vs. QUAL - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 20.89, which is higher than the QUAL Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of TBLL and QUAL, 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. QUAL - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for TBLL and QUAL.

Drawdown Indicators

	TBLL	QUAL	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-34.06%	+33.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-9.03%	+9.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	-18.00%	+17.64%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	-28.23%	+27.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.06%	—
Current Drawdown Current decline from peak	0.00%	-0.19%	+0.19%
Average Drawdown Average peak-to-trough decline	-0.14%	-4.10%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	1.99%	-1.99%

Volatility

TBLL vs. QUAL - Volatility Comparison

The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.04%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 3.63%. This indicates that TBLL experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLL	QUAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	3.63%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	9.43%	-9.31%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	12.10%	-11.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	17.36%	-16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	18.11%	-17.55%

TBLL vs. QUAL - Expense Ratio Comparison

TBLL has a 0.08% expense ratio, which is lower than QUAL's 0.15% 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

TBLL vs. QUAL - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 3.81%, more than QUAL's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUAL iShares MSCI USA Quality Factor ETF	0.87%	0.94%	1.02%	1.23%	1.59%	1.20%	1.39%	1.60%	2.00%	1.76%	1.96%	1.63%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLL and QUAL in my portfolio?

TBLL and QUAL have a correlation of 0.03, 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 QUAL?

QUAL has higher volatility (3.63%) compared to TBLL (0.04%). In terms of maximum drawdown, TBLL dropped -0.63% vs QUAL's -34.06%.

Which ETF is better, TBLL or QUAL?

On 5-year performance, QUAL leads with 11.97% vs 3.38% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLL or QUAL?

Over the 5-year period, QUAL has performed better with a 11.97% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLL or QUAL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for QUAL.

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

TBLL has the higher dividend yield at 3.81%, compared with 0.87% for QUAL.

What is the main difference between TBLL and QUAL?

TBLL is categorized as Ultrashort Bond, while QUAL is Large Cap Blend Equities. TBLL tracks ICE U.S. Treasury Short Bond Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.08% for TBLL and 0.15% for QUAL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.89 vs 1.74), 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.