TFLO vs. BILS
TFLO (iShares Treasury Floating Rate Bond ETF) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, TFLO returned 3.63%/yr vs 3.29%/yr for BILS. At a 0.40 correlation, their price movements are largely independent. TFLO charges 0.15%/yr vs 0.14%/yr for BILS.
Performance
TFLO vs. BILS - Performance Comparison
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Returns By Period
In the year-to-date period, TFLO achieves a 1.59% return, which is significantly higher than BILS's 1.40% return.
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.59%
- 6M
- 1.92%
- 1Y
- 3.97%
- 3Y*
- 4.74%
- 5Y*
- 3.63%
- 10Y*
- 2.37%
BILS
- 1D
- -0.01%
- 1M
- 0.28%
- YTD
- 1.40%
- 6M
- 1.73%
- 1Y
- 3.90%
- 3Y*
- 4.66%
- 5Y*
- 3.29%
- 10Y*
- —
TFLO vs. BILS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.59% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | -0.01% |
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 1.40% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | 0.00% |
Correlation
The correlation between TFLO and BILS is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.40 |
The correlation between TFLO and BILS shifts across timeframes, from 0.27 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TFLO vs. BILS — Risk / Return Rank
TFLO
BILS
TFLO vs. BILS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.
| TFLO | BILS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -49.96 | ||
| Omega ratioGain probability vs. loss probability | 13.94 | 42.08 | -28.13 |
| Calmar ratioReturn relative to maximum drawdown | 201.22 | 129.91 | +71.32 |
| Martin ratioReturn relative to average drawdown | 823.26 | 1,442.41 | -619.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TFLO | BILS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.09 | 16.80 | -2.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.30 | 10.79 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 5.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 9.79 | -8.81 |
Drawdowns
TFLO vs. BILS - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for TFLO and BILS.
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Drawdown Indicators
| TFLO | BILS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -0.41% | -4.60% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.03% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.04% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.38% | +0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.01% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.04% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TFLO vs. BILS - Volatility Comparison
iShares Treasury Floating Rate Bond ETF (TFLO) has a higher volatility of 0.07% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that TFLO's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFLO | BILS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.06% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.14% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 0.23% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 0.31% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 0.30% | +0.16% |
TFLO vs. BILS - Expense Ratio Comparison
TFLO has a 0.15% expense ratio, which is higher than BILS's 0.14% 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
TFLO vs. BILS - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.90%, more than BILS's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 3.81% | 4.08% | 5.01% | 4.98% | 1.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.90% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
TFLO and BILS have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFLO has higher volatility (0.07%) compared to BILS (0.06%). In terms of maximum drawdown, TFLO dropped -5.01% vs BILS's -0.41%.
On 5-year performance, TFLO leads with 3.63% vs 3.29% for BILS. On fees, BILS is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TFLO has performed better with a 3.63% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BILS is cheaper with a 0.14% expense ratio, compared with 0.15% for TFLO.
TFLO has the higher dividend yield at 3.90%, compared with 3.81% for BILS.
TFLO is categorized as Government Bonds, while BILS is Ultrashort Bond. TFLO tracks Bloomberg U.S. Treasury Floating Rate Index, while BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for TFLO and 0.14% for BILS.
BILS currently has the higher Sharpe Ratio (16.80 vs 14.09), 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.
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