TLT vs. TBIL
TLT (iShares 20+ Year Treasury Bond ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, TLT returned -1.45%/yr vs 4.62%/yr for TBIL. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
TLT vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 1.41% return, which is significantly lower than TBIL's 1.67% return.
TLT
- 1D
- 0.49%
- 1M
- 3.41%
- YTD
- 1.41%
- 6M
- 0.96%
- 1Y
- 4.88%
- 3Y*
- -1.45%
- 5Y*
- -6.76%
- 10Y*
- -1.56%
TBIL
- 1D
- 0.04%
- 1M
- 0.30%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.62%
- 5Y*
- —
- 10Y*
- —
TLT vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 1.41% | 4.25% | -8.05% | 2.77% | -14.88% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.67% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between TLT and TBIL is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.10 |
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Return for Risk
TLT vs. TBIL — Risk / Return Rank
TLT
TBIL
TLT vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.37 | ||
| Sortino ratioReturn per unit of downside risk | -57.91 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 17.24 | -16.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 197.88 | -197.26 |
| Martin ratioReturn relative to average drawdown | 1.48 | 939.33 | -937.85 |
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Drawdowns
TLT vs. TBIL - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for TLT and TBIL.
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Drawdown Indicators
| TLT | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -0.10% | -48.25% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -0.02% | -7.56% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -0.02% | -19.16% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -39.43% | 0.00% | -39.43% |
Average DrawdownAverage peak-to-trough decline | -13.86% | -0.00% | -13.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 0.00% | +3.16% |
Volatility
TLT vs. TBIL - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.18% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.07%. This indicates that TLT'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.
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Volatility by Period
| TLT | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 0.07% | +2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 6.59% | 0.19% | +6.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.45% | 0.29% | +9.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 0.32% | +15.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 0.32% | +14.59% |
TLT vs. TBIL - Expense Ratio Comparison
Both TLT and TBIL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TLT vs. TBIL - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.51%, more than TBIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.51% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and TBIL have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.18%) compared to TBIL (0.07%). In terms of maximum drawdown, TLT dropped -48.35% vs TBIL's -0.10%.
On 3-year performance, TBIL leads with 4.62% vs -1.45% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TBIL has performed better with a 4.62% return vs -1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT and TBIL have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.51%, compared with 3.81% for TBIL.
TLT is categorized as Government Bonds, while TBIL is Ultrashort Bond. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: iShares and F/m Investments.
TBIL currently has the higher Sharpe Ratio (13.87 vs 0.50), 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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