TBLL vs. TBIL

Last updated Jun 23, 2026

TBLL (Invesco Short Term Treasury ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds - TBLL tracks the ICE U.S. Treasury Short Bond Index while TBIL tracks the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, TBLL returned 4.60%/yr vs 4.59%/yr for TBIL. At a 0.34 correlation, their price movements are largely independent. TBLL charges 0.08%/yr vs 0.15%/yr for TBIL.

Performance

TBLL vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) and F/m US Treasury 3 Month Bill ETF (TBIL). 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 TBLL having a 1.60% return and TBIL slightly higher at 1.67%.

TBLL

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

TBIL

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —

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

TBLL vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBLL Invesco Short Term Treasury ETF	1.60%	4.21%	5.11%	5.01%	1.03%
TBIL F/m US Treasury 3 Month Bill ETF	1.67%	4.19%	5.15%	5.12%	1.29%

Correlation

The correlation between TBLL and TBIL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.34

Return for Risk

TBLL vs. TBIL — 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

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

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. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and F/m US Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	20.65	13.76	+6.89
Sortino ratio: Return per unit of downside risk	189.54	58.09	+131.45
Omega ratio: Gain probability vs. loss probability	81.26	17.08	+64.19
Calmar ratio: Return relative to maximum drawdown	410.16	195.79	+214.36
Martin ratio: Return relative to average drawdown	3,066.50	929.44	+2,137.06

TBLL vs. TBIL - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 20.65, which is higher than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of TBLL and TBIL, 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. TBIL - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for TBLL and TBIL.

Drawdown Indicators

	TBLL	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-0.10%	-0.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.02%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	-0.02%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.14%	-0.00%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

TBLL vs. TBIL - Volatility Comparison

The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.05%, while F/m US Treasury 3 Month Bill ETF (TBIL) has a volatility of 0.06%. This indicates that TBLL experiences smaller price fluctuations and is considered to be less risky than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLL	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.06%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	0.19%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	0.29%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	0.32%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	0.32%	+0.24%

TBLL vs. TBIL - Expense Ratio Comparison

TBLL has a 0.08% expense ratio, which is lower than TBIL'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. TBIL - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 4.11%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%	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 TBIL in my portfolio?

TBLL and TBIL have a correlation of 0.38, 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 TBIL?

TBIL has higher volatility (0.06%) compared to TBLL (0.05%). In terms of maximum drawdown, TBLL dropped -0.63% vs TBIL's -0.10%.

Which ETF is better, TBLL or TBIL?

On 3-year performance, TBLL leads with 4.60% vs 4.59% for TBIL. On fees, TBLL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLL or TBIL?

Over the 3-year period, TBLL has performed better with a 4.60% return vs 4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLL or TBIL?

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

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

TBLL has the higher dividend yield at 4.11%, compared with 3.81% for TBIL.

What is the main difference between TBLL and TBIL?

TBLL tracks ICE U.S. Treasury Short Bond Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: Invesco and F/m Investments. Their fees differ too: 0.08% for TBLL and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.65 vs 13.76), 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.