VFLO vs. TBIL

Last updated Aug 1, 2026

VFLO (VictoryShares Free Cash Flow ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow 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, VFLO returned 24.37%/yr vs 4.57%/yr for TBIL. Their 0.07 correlation means their historical movements had little consistent relationship. VFLO charges 0.39%/yr vs 0.15%/yr for TBIL.

Performance

VFLO vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) 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, VFLO achieves a 26.80% return, which is significantly higher than TBIL's 2.11% return.

VFLO

• 1D: 0.24%
• 1M: 7.67%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 45.07%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

TBIL

• 1D: 0.04%
• 1M: 0.34%
• 6M: 1.80%
• YTD: 2.11%
• 1Y: 3.91%
• 3Y*: 4.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TBIL F/m US Treasury 3 Month Bill ETF	$84.47M	$81.39M	$91.49M
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M

VFLO vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	26.80%	17.51%	21.83%	15.05%
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	4.19%	5.15%	2.79%

Correlation

The correlation between VFLO and TBIL is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.07

Return for Risk

VFLO vs. TBIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VFLO vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) 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.

	VFLO	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.94	14.11	-11.17
Sortino ratio: Return per unit of downside risk	4.10	68.82	-64.73
Omega ratio: Gain probability vs. loss probability	1.52	22.93	-21.41
Calmar ratio: Return relative to maximum drawdown	7.03	195.78	-188.75
Martin ratio: Return relative to average drawdown	23.62	1,113.66	-1,090.03

VFLO vs. TBIL - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.94, which is lower than the TBIL Sharpe Ratio of 14.11. The chart below compares the historical Sharpe Ratios of VFLO 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

VFLO vs. TBIL - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for VFLO and TBIL.

Drawdown Indicators

	VFLO	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-0.10%	-17.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-0.02%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-0.02%	-17.77%
Current Drawdown Current decline from peak	-0.96%	0.00%	-0.96%
Average Drawdown Average peak-to-trough decline	-2.43%	0.00%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.00%	+1.91%

Volatility

VFLO vs. TBIL - Volatility Comparison

VictoryShares Free Cash Flow ETF (VFLO) has a higher volatility of 4.11% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.09%. This indicates that VFLO'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

	VFLO	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	0.09%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	0.20%	+11.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	0.28%	+15.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	0.32%	+15.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	0.32%	+15.66%

VFLO vs. TBIL - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

VFLO vs. TBIL - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.07%, less than TBIL's 4.04% yield.

Position	TTM	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	4.04%	4.07%	5.02%	5.00%	1.10%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%	0.00%

Frequently Asked Questions

Can I hold both VFLO and TBIL in my portfolio?

VFLO and TBIL have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or TBIL?

VFLO has higher volatility (4.11%) compared to TBIL (0.09%). In terms of maximum drawdown, VFLO dropped -17.79% vs TBIL's -0.10%.

Which ETF is better, VFLO or TBIL?

On 3-year performance, VFLO leads with 24.37% vs 4.57% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or TBIL?

Over the 3-year period, VFLO has performed better with a 24.37% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.39% for VFLO.

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

TBIL has the higher dividend yield at 4.04%, compared with 1.07% for VFLO.

What is the main difference between VFLO and TBIL?

VFLO is categorized as Large Cap Value Equities, while TBIL is Ultrashort Bond. VFLO tracks Victory U.S. Large Cap Free Cash Flow Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: Victory and F/m. Their fees differ too: 0.39% for VFLO and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (14.11 vs 2.94), 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.