TBLL vs. SHV

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Short Term Treasury ETF (TBLL) and iShares Short Treasury Bond ETF (SHV).

TBLL and SHV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBLL is a passively managed fund by Invesco that tracks the performance of the ICE U.S. Treasury Short Bond Index. It was launched on Jan 10, 2017. SHV is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Short Treasury Bond Index. It was launched on Jan 11, 2007. Both TBLL and SHV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TBLL vs. SHV - Performance Comparison

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

TBLL vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLL Invesco Short Term Treasury ETF	0.81%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%
SHV iShares Short Treasury Bond ETF	0.81%	4.21%	5.12%	5.04%	0.94%	-0.10%	0.81%	2.36%	1.72%	0.62%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with TBLL at 0.81% and SHV at 0.81%.

TBLL

• 1D: 0.01%
• 1M: 0.25%
• YTD: 0.81%
• 6M: 1.81%
• 1Y: 3.99%
• 3Y*: 4.66%
• 5Y*: 3.22%
• 10Y*: —

SHV

• 1D: 0.01%
• 1M: 0.28%
• YTD: 0.81%
• 6M: 1.82%
• 1Y: 3.99%
• 3Y*: 4.68%
• 5Y*: 3.19%
• 10Y*: 2.17%

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

TBLL vs. SHV - Expense Ratio Comparison

TBLL has a 0.08% expense ratio, which is lower than SHV'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%.

SHV

iShares Short Treasury Bond ETF

TBLL

Invesco Short Term Treasury ETF

Return for Risk

TBLL vs. SHV — 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

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV 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.

TBLL vs. SHV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and iShares Short Treasury Bond ETF (SHV). 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.

	TBLL	SHV	Difference
Sharpe ratio Return per unit of total volatility	19.99	19.56	+0.44
Sortino ratio Return per unit of downside risk	122.32	153.08	-30.76
Omega ratio Gain probability vs. loss probability	52.75	55.01	-2.26
Calmar ratio Return relative to maximum drawdown	105.93	441.03	-335.10
Martin ratio Return relative to average drawdown	1,282.71	2,478.85	-1,196.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLL vs. SHV - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 19.99, which is comparable to the SHV Sharpe Ratio of 19.56. The chart below compares the historical Sharpe Ratios of TBLL and SHV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TBLL	SHV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.99	19.56	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.22	11.07	-3.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	7.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.18	4.43	-0.25

Correlation

The correlation between TBLL and SHV is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TBLL vs. SHV - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 3.91%, less than SHV's 3.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBLL Invesco Short Term Treasury ETF	3.91%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%
SHV iShares Short Treasury Bond ETF	3.98%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Drawdowns

TBLL vs. SHV - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for TBLL and SHV.

Drawdown Indicators

	TBLL	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-0.45%	-0.18%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-0.01%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	-0.42%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.14%	-0.03%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

TBLL vs. SHV - Volatility Comparison

Invesco Short Term Treasury ETF (TBLL) and iShares Short Treasury Bond ETF (SHV) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLL	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	0.13%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.21%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	0.29%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	0.28%	+0.28%