TBUX vs. TBIL

Last updated Jun 26, 2026

TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds. TBUX is actively managed, while TBIL is passively managed. Over the past 3 years, TBUX returned 5.83%/yr vs 4.61%/yr for TBIL. At a 0.13 correlation, their price movements are largely independent. TBUX charges 0.17%/yr vs 0.15%/yr for TBIL.

Performance

TBUX vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and F/m US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBUX achieves a 1.92% return, which is significantly higher than TBIL's 1.71% return.

TBUX

• 1D: -0.00%
• 1M: 0.35%
• YTD: 1.92%
• 6M: 2.09%
• 1Y: 4.67%
• 3Y*: 5.83%
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.30%
• YTD: 1.71%
• 6M: 1.78%
• 1Y: 3.91%
• 3Y*: 4.61%
• 5Y*: —
• 10Y*: —

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

TBUX vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.92%	5.37%	6.38%	6.39%	1.16%
TBIL F/m US Treasury 3 Month Bill ETF	1.71%	4.19%	5.15%	5.12%	1.29%

Correlation

The correlation between TBUX and TBIL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.13

Return for Risk

TBUX vs. TBIL — Risk / Return Rank

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

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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.

TBUX vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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.

	TBUX	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	6.95	13.89	-6.95
Sortino ratio: Return per unit of downside risk	13.58	60.94	-47.36
Omega ratio: Gain probability vs. loss probability	2.99	18.55	-15.56
Calmar ratio: Return relative to maximum drawdown	46.74	195.79	-149.05
Martin ratio: Return relative to average drawdown	171.10	986.12	-815.02

TBUX vs. TBIL - Sharpe Ratio Comparison

The current TBUX Sharpe Ratio is 6.95, which is lower than the TBIL Sharpe Ratio of 13.89. The chart below compares the historical Sharpe Ratios of TBUX 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

TBUX vs. TBIL - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.82%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for TBUX and TBIL.

Drawdown Indicators

	TBUX	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.82%	-0.10%	-1.72%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.02%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.33%	-0.02%	-0.31%
Current Drawdown Current decline from peak	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.00%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.00%	+0.03%

Volatility

TBUX vs. TBIL - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a higher volatility of 0.25% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that TBUX's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBUX	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.06%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	0.19%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	0.68%	0.28%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	0.32%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	0.32%	+0.74%

TBUX vs. TBIL - Expense Ratio Comparison

TBUX has a 0.17% expense ratio, which is higher than TBIL's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TBUX vs. TBIL - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 4.45%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%	0.00%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.45%	4.67%	5.39%	4.66%	2.58%	0.27%

Frequently Asked Questions

Can I hold both TBUX and TBIL in my portfolio?

TBUX and TBIL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBUX or TBIL?

TBUX has higher volatility (0.25%) compared to TBIL (0.06%). In terms of maximum drawdown, TBUX dropped -1.82% vs TBIL's -0.10%.

Which ETF is better, TBUX or TBIL?

On 3-year performance, TBUX leads with 5.83% vs 4.61% 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, TBUX or TBIL?

Over the 3-year period, TBUX has performed better with a 5.83% return vs 4.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBUX or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.17% for TBUX.

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

TBUX has the higher dividend yield at 4.45%, compared with 3.81% for TBIL.

What is the main difference between TBUX and TBIL?

They also come from different issuers: T. Rowe Price and F/m Investments. Their fees differ too: 0.17% for TBUX and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.89 vs 6.95), 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.