TUA vs. BIL
TUA (Simplify Short Term Treasury Futures Strategy ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TUA is a Intermediate Core Bond fund actively managed by Simplify, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. TUA is actively managed, while BIL is passively managed. Over the past 3 years, TUA returned 0.25%/yr vs 4.59%/yr for BIL. At a 0.03 correlation, their price movements are largely independent. TUA charges 0.16%/yr vs 0.14%/yr for BIL.
Performance
TUA vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, TUA achieves a -5.65% return, which is significantly lower than BIL's 1.94% return.
TUA
- 1D
- -0.10%
- 1M
- 0.84%
- 6M
- -4.64%
- YTD
- -5.65%
- 1Y
- -2.52%
- 3Y*
- 0.25%
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.02%
- 1M
- 0.31%
- 6M
- 1.76%
- YTD
- 1.94%
- 1Y
- 3.83%
- 3Y*
- 4.59%
- 5Y*
- 3.50%
- 10Y*
- 2.23%
TUA vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TUA Simplify Short Term Treasury Futures Strategy ETF | -5.65% | 7.27% | -3.59% | -2.04% | -0.83% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.94% | 4.15% | 5.19% | 4.94% | 0.53% |
Correlation
The correlation between TUA and BIL is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022 | 0.03 |
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Return for Risk
TUA vs. BIL — Risk / Return Rank
TUA
BIL
TUA vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Short Term Treasury Futures Strategy ETF (TUA) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| TUA | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.53 | ||
| Sortino ratioReturn per unit of downside risk | -154.50 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 69.75 | -68.80 |
| Calmar ratioReturn relative to maximum drawdown | -0.34 | 351.35 | -351.69 |
| Martin ratioReturn relative to average drawdown | -0.76 | 2,491.58 | -2,492.34 |
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Drawdowns
TUA vs. BIL - Drawdown Comparison
The maximum TUA drawdown since its inception was -15.85%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TUA and BIL.
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Drawdown Indicators
| TUA | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -0.78% | -15.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.37% | -0.01% | -7.36% |
Max Drawdown (3Y)Largest decline over 3 years | -9.14% | -0.01% | -9.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -10.31% | 0.00% | -10.31% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -0.26% | -8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 0.00% | +3.34% |
Volatility
TUA vs. BIL - Volatility Comparison
Simplify Short Term Treasury Futures Strategy ETF (TUA) has a higher volatility of 2.57% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that TUA's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TUA | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 0.07% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 0.14% | +5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.02% | 0.20% | +6.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.69% | 0.26% | +10.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.69% | 0.26% | +10.43% |
TUA vs. BIL - Expense Ratio Comparison
TUA has a 0.16% expense ratio, which is higher than BIL'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
TUA vs. BIL - Dividend Comparison
TUA's dividend yield for the trailing twelve months is around 3.33%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
TUA Simplify Short Term Treasury Futures Strategy ETF | 3.33% | 3.84% | 5.19% | 4.83% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TUA and BIL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TUA has higher volatility (2.57%) compared to BIL (0.07%). In terms of maximum drawdown, TUA dropped -15.85% vs BIL's -0.78%.
On 3-year performance, BIL leads with 4.59% vs 0.25% for TUA. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL 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, BIL has performed better with a 4.59% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.16% for TUA.
BIL has the higher dividend yield at 3.81%, compared with 3.33% for TUA.
TUA is categorized as Intermediate Core Bond, while BIL is Government Bonds. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.16% for TUA and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.17 vs -0.36), 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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