USFR vs. TBIL

Last updated Jun 23, 2026

USFR (WisdomTree Floating Rate Treasury Fund) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate 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, USFR returned 4.72%/yr vs 4.59%/yr for TBIL. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

USFR vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Floating Rate Treasury Fund (USFR) 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, USFR achieves a 1.78% return, which is significantly higher than TBIL's 1.67% return.

USFR

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.78%
• 6M: 1.89%
• 1Y: 3.97%
• 3Y*: 4.72%
• 5Y*: 3.70%
• 10Y*: 2.43%

TBIL

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —

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

USFR vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USFR WisdomTree Floating Rate Treasury Fund	1.78%	4.23%	5.47%	5.18%	1.37%
TBIL F/m US Treasury 3 Month Bill ETF	1.67%	4.19%	5.15%	5.12%	1.29%

Correlation

The correlation between USFR and TBIL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.24

Return for Risk

USFR vs. TBIL — Risk / Return Rank

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

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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.

USFR vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Floating Rate Treasury Fund (USFR) 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.

	USFR	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	14.65	13.76	+0.90
Sortino ratio: Return per unit of downside risk	49.88	58.09	-8.21
Omega ratio: Gain probability vs. loss probability	13.24	17.08	-3.83
Calmar ratio: Return relative to maximum drawdown	200.29	195.79	+4.50
Martin ratio: Return relative to average drawdown	775.73	929.44	-153.71

USFR vs. TBIL - Sharpe Ratio Comparison

The current USFR Sharpe Ratio is 14.65, which is comparable to the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of USFR 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

USFR vs. TBIL - Drawdown Comparison

The maximum USFR drawdown since its inception was -1.36%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for USFR and TBIL.

Drawdown Indicators

	USFR	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.36%	-0.10%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-0.02%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-0.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.80%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.00%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

USFR vs. TBIL - Volatility Comparison

WisdomTree Floating Rate Treasury Fund (USFR) has a higher volatility of 0.08% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that USFR'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

	USFR	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.06%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.19%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	0.29%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.40%	0.32%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.78%	0.32%	+0.46%

USFR vs. TBIL - Expense Ratio Comparison

Both USFR 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

USFR vs. TBIL - Dividend Comparison

USFR's dividend yield for the trailing twelve months is around 3.91%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both USFR and TBIL in my portfolio?

USFR and TBIL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USFR or TBIL?

USFR has higher volatility (0.08%) compared to TBIL (0.06%). In terms of maximum drawdown, USFR dropped -1.36% vs TBIL's -0.10%.

Which ETF is better, USFR or TBIL?

On 3-year performance, USFR leads with 4.72% vs 4.59% for TBIL. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USFR or TBIL?

Over the 3-year period, USFR has performed better with a 4.72% return vs 4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USFR or TBIL?

USFR and TBIL have the same expense ratio: 0.15% per year.

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

USFR has the higher dividend yield at 3.91%, compared with 3.81% for TBIL.

What is the main difference between USFR and TBIL?

USFR is categorized as Government Bonds, while TBIL is Ultrashort Bond. USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: WisdomTree and F/m Investments.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.65 vs 13.76), 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.