TFPN vs. BILS

Last updated Jun 4, 2026

TFPN (Blueprint Chesapeake Multi-Asset Trend ETF) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - TFPN is a Global Allocation fund actively managed by Tidal ETFs, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. TFPN is actively managed, while BILS is passively managed. Over the past year, TFPN returned 45.99% vs 3.90% for BILS. At a correlation of -0.12, they often move in opposite directions. TFPN charges 1.10%/yr vs 0.14%/yr for BILS.

Performance

TFPN vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFPN achieves a 27.01% return, which is significantly higher than BILS's 1.40% return.

TFPN

• 1D: 0.91%
• 1M: 5.79%
• YTD: 27.01%
• 6M: 28.49%
• 1Y: 45.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILS

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.40%
• 6M: 1.73%
• 1Y: 3.90%
• 3Y*: 4.66%
• 5Y*: 3.29%
• 10Y*: —

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

TFPN vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TFPN Blueprint Chesapeake Multi-Asset Trend ETF	27.01%	3.61%	2.67%	-1.60%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.40%	4.23%	5.17%	2.59%

Correlation

The correlation between TFPN and BILS is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	-0.12

Return for Risk

TFPN vs. BILS — Risk / Return Rank

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

TFPN

TFPN Risk / Return Rank: 91
TFPN Sharpe Ratio Rank: 92
TFPN Sortino Ratio Rank: 92
TFPN Omega Ratio Rank: 91
TFPN Calmar Ratio Rank: 92
TFPN Martin Ratio Rank: 91

BILS

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

TFPN vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) 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.

	TFPN	BILS	Difference
Sharpe ratio: Return per unit of total volatility	3.37	16.80	-13.42
Sortino ratio: Return per unit of downside risk	4.44	100.82	-96.38
Omega ratio: Gain probability vs. loss probability	1.60	42.08	-40.47
Calmar ratio: Return relative to maximum drawdown	6.19	129.91	-123.72
Martin ratio: Return relative to average drawdown	21.51	1,442.41	-1,420.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFPN vs. BILS - Sharpe Ratio Comparison

The current TFPN Sharpe Ratio is 3.37, which is lower than the BILS Sharpe Ratio of 16.80. The chart below compares the historical Sharpe Ratios of TFPN and BILS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TFPN	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	16.80	-13.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	9.79	-8.96

Drawdowns

TFPN vs. BILS - Drawdown Comparison

The maximum TFPN drawdown since its inception was -16.72%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for TFPN and BILS.

Drawdown Indicators

	TFPN	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-16.72%	-0.41%	-16.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-0.03%	-7.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-4.89%	-0.04%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	0.00%	+2.14%

Volatility

TFPN vs. BILS - Volatility Comparison

Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) has a higher volatility of 4.55% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that TFPN'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.

Volatility by Period

	TFPN	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	0.06%	+4.49%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	0.14%	+11.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	0.23%	+13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	0.31%	+12.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	0.30%	+12.23%

TFPN vs. BILS - Expense Ratio Comparison

TFPN has a 1.10% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

TFPN vs. BILS - Dividend Comparison

TFPN has not paid dividends to shareholders, while BILS's dividend yield for the trailing twelve months is around 3.81%.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
TFPN Blueprint Chesapeake Multi-Asset Trend ETF	0.00%	0.00%	0.94%	0.98%	0.00%

Frequently Asked Questions

Can I hold both TFPN and BILS in my portfolio?

TFPN and BILS have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFPN or BILS?

TFPN has higher volatility (4.55%) compared to BILS (0.06%). In terms of maximum drawdown, TFPN dropped -16.72% vs BILS's -0.41%.

Which ETF is better, TFPN or BILS?

On 1-year performance, TFPN leads with 45.99% vs 3.90% for BILS. On fees, BILS is cheaper at 0.14% per year. On volatility, BILS 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, TFPN or BILS?

Over the 1-year period, TFPN has performed better with a 45.99% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFPN or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 1.10% for TFPN.

Which ETF pays a higher dividend yield, TFPN or BILS?

BILS has the higher dividend yield at 3.81%, compared with 0.00% for TFPN.

What is the main difference between TFPN and BILS?

TFPN is categorized as Global Allocation, while BILS is Ultrashort Bond. They also come from different issuers: Tidal ETFs and State Street. Their fees differ too: 1.10% for TFPN and 0.14% for BILS.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.80 vs 3.37), 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.