USVN vs. TBIL

Last updated Jun 23, 2026

USVN (US Treasury 7 Year Note ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, 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, USVN returned 2.82%/yr vs 4.60%/yr for TBIL. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

USVN vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 7 Year Note ETF (USVN) 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, USVN achieves a -0.75% return, which is significantly lower than TBIL's 1.69% return.

USVN

• 1D: -0.30%
• 1M: 0.29%
• YTD: -0.75%
• 6M: -0.71%
• 1Y: 2.78%
• 3Y*: 2.82%
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

USVN vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USVN US Treasury 7 Year Note ETF	-0.75%	7.66%	0.03%	0.67%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	3.97%

Correlation

The correlation between USVN and TBIL is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.10

Return for Risk

USVN vs. TBIL — Risk / Return Rank

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

USVN

USVN Risk / Return Rank: 18
USVN Sharpe Ratio Rank: 20
USVN Sortino Ratio Rank: 18
USVN Omega Ratio Rank: 17
USVN Calmar Ratio Rank: 18
USVN Martin Ratio Rank: 18

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.

USVN vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) 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.

	USVN	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	0.66	13.76	-13.09
Sortino ratio: Return per unit of downside risk	1.00	58.09	-57.09
Omega ratio: Gain probability vs. loss probability	1.11	17.08	-15.96
Calmar ratio: Return relative to maximum drawdown	0.76	195.79	-195.03
Martin ratio: Return relative to average drawdown	2.05	929.44	-927.39

USVN vs. TBIL - Sharpe Ratio Comparison

The current USVN Sharpe Ratio is 0.66, which is lower than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of USVN 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

USVN vs. TBIL - Drawdown Comparison

The maximum USVN drawdown since its inception was -8.27%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for USVN and TBIL.

Drawdown Indicators

	USVN	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-8.27%	-0.10%	-8.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-0.02%	-3.66%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	-0.02%	-5.83%
Current Drawdown Current decline from peak	-2.72%	0.00%	-2.72%
Average Drawdown Average peak-to-trough decline	-2.34%	-0.00%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.00%	+1.36%

Volatility

USVN vs. TBIL - Volatility Comparison

US Treasury 7 Year Note ETF (USVN) has a higher volatility of 1.25% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that USVN'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

	USVN	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	0.06%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	0.19%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	0.29%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	0.32%	+5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	0.32%	+5.46%

USVN vs. TBIL - Expense Ratio Comparison

Both USVN 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

USVN vs. TBIL - Dividend Comparison

USVN's dividend yield for the trailing twelve months is around 3.75%, less than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%
USVN US Treasury 7 Year Note ETF	3.75%	3.81%	4.07%	2.91%	0.00%

Frequently Asked Questions

Can I hold both USVN and TBIL in my portfolio?

USVN and TBIL have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USVN or TBIL?

USVN has higher volatility (1.25%) compared to TBIL (0.06%). In terms of maximum drawdown, USVN dropped -8.27% vs TBIL's -0.10%.

Which ETF is better, USVN or TBIL?

On 3-year performance, TBIL leads with 4.60% vs 2.82% for USVN. Both ETFs have the same 0.15% expense ratio. On volatility, TBIL 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, USVN or TBIL?

Over the 3-year period, TBIL has performed better with a 4.60% return vs 2.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVN or TBIL?

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

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

TBIL has the higher dividend yield at 3.81%, compared with 3.75% for USVN.

What is the main difference between USVN and TBIL?

USVN is categorized as Government Bonds, while TBIL is Ultrashort Bond. USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: US Benchmark Series and F/m Investments.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 0.66), 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.