UTEN vs. TBIL

Last updated Jun 4, 2026

UTEN (US Treasury 10 Year Note ETF) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - UTEN is a Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past 3 years, UTEN returned 1.86%/yr vs 4.64%/yr for TBIL. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

UTEN vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 10 Year Note ETF (UTEN) and 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, UTEN achieves a -0.69% return, which is significantly lower than TBIL's 1.49% return.

UTEN

• 1D: -0.26%
• 1M: 0.01%
• YTD: -0.69%
• 6M: -1.30%
• 1Y: 4.26%
• 3Y*: 1.86%
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.49%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

UTEN vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UTEN US Treasury 10 Year Note ETF	-0.69%	7.82%	-1.67%	3.18%	-7.79%
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	5.15%	5.12%	1.30%

Correlation

The correlation between UTEN and TBIL is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.13

Return for Risk

UTEN vs. TBIL — Risk / Return Rank

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

UTEN

UTEN Risk / Return Rank: 22
UTEN Sharpe Ratio Rank: 23
UTEN Sortino Ratio Rank: 22
UTEN Omega Ratio Rank: 21
UTEN Calmar Ratio Rank: 21
UTEN Martin Ratio Rank: 23

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.

UTEN vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) and 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.

	UTEN	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	0.82	13.78	-12.96
Sortino ratio: Return per unit of downside risk	1.23	58.40	-57.17
Omega ratio: Gain probability vs. loss probability	1.14	17.16	-16.02
Calmar ratio: Return relative to maximum drawdown	0.94	196.84	-195.90
Martin ratio: Return relative to average drawdown	2.82	934.41	-931.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTEN vs. TBIL - Sharpe Ratio Comparison

The current UTEN Sharpe Ratio is 0.82, which is lower than the TBIL Sharpe Ratio of 13.78. The chart below compares the historical Sharpe Ratios of UTEN 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.

Sharpe Ratios by Period

	UTEN	TBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	13.78	-12.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	14.07	-14.06

Drawdowns

UTEN vs. TBIL - Drawdown Comparison

The maximum UTEN drawdown since its inception was -13.36%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for UTEN and TBIL.

Drawdown Indicators

	UTEN	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-13.36%	-0.10%	-13.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.57%	-0.02%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-8.60%	-0.02%	-8.58%
Current Drawdown Current decline from peak	-3.05%	0.00%	-3.05%
Average Drawdown Average peak-to-trough decline	-4.82%	-0.00%	-4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	0.00%	+1.51%

Volatility

UTEN vs. TBIL - Volatility Comparison

US Treasury 10 Year Note ETF (UTEN) has a higher volatility of 1.71% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that UTEN'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

	UTEN	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.08%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	0.19%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	5.24%	0.29%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.05%	0.32%	+7.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.05%	0.32%	+7.73%

UTEN vs. TBIL - Expense Ratio Comparison

Both UTEN 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

UTEN vs. TBIL - Dividend Comparison

UTEN's dividend yield for the trailing twelve months is around 4.05%, more than TBIL's 3.82% yield.

Position	TTM	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%
UTEN US Treasury 10 Year Note ETF	4.05%	4.11%	4.13%	3.62%	1.39%

Frequently Asked Questions

Can I hold both UTEN and TBIL in my portfolio?

UTEN and TBIL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTEN or TBIL?

UTEN has higher volatility (1.71%) compared to TBIL (0.08%). In terms of maximum drawdown, UTEN dropped -13.36% vs TBIL's -0.10%.

Which ETF is better, UTEN or TBIL?

On 3-year performance, TBIL leads with 4.64% vs 1.86% for UTEN. Both ETFs have the same 0.15% expense ratio. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTEN or TBIL?

Over the 3-year period, TBIL has performed better with a 4.64% return vs 1.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTEN or TBIL?

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

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

UTEN has the higher dividend yield at 4.05%, compared with 3.82% for TBIL.

What is the main difference between UTEN and TBIL?

UTEN is categorized as Government Bonds, while TBIL is Ultrashort Bond. UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.78 vs 0.82), 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.