XBIL vs. ISMF

Last updated Jun 4, 2026

XBIL (US Treasury 6 Month Bill ETF) and ISMF (iShares Managed Futures Active ETF) are both exchange-traded funds - XBIL is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while ISMF is a Systematic Trend fund actively managed by iShares. XBIL is passively managed, while ISMF is actively managed. Over the past year, XBIL returned 3.92% vs 22.64% for ISMF. At a correlation of -0.19, they often move in opposite directions. XBIL charges 0.15%/yr vs 0.80%/yr for ISMF.

Performance

XBIL vs. ISMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 6 Month Bill ETF (XBIL) and iShares Managed Futures Active ETF (ISMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBIL achieves a 1.43% return, which is significantly lower than ISMF's 8.37% return.

XBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 3.92%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

ISMF

• 1D: 0.83%
• 1M: 1.62%
• YTD: 8.37%
• 6M: 11.16%
• 1Y: 22.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBIL vs. ISMF - Yearly Performance Comparison

	2026 (YTD)	2025
XBIL US Treasury 6 Month Bill ETF	1.43%	3.34%
ISMF iShares Managed Futures Active ETF	8.37%	11.58%

Correlation

The correlation between XBIL and ISMF is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	-0.19

Return for Risk

XBIL vs. ISMF — Risk / Return Rank

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

XBIL

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

ISMF

ISMF Risk / Return Rank: 89
ISMF Sharpe Ratio Rank: 86
ISMF Sortino Ratio Rank: 86
ISMF Omega Ratio Rank: 91
ISMF Calmar Ratio Rank: 91
ISMF Martin Ratio Rank: 89

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.

XBIL vs. ISMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) and iShares Managed Futures Active ETF (ISMF). 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.

	XBIL	ISMF	Difference
Sharpe ratio: Return per unit of total volatility	13.50	2.88	+10.62
Sortino ratio: Return per unit of downside risk	52.26	3.91	+48.35
Omega ratio: Gain probability vs. loss probability	12.94	1.61	+11.33
Calmar ratio: Return relative to maximum drawdown	98.81	5.77	+93.04
Martin ratio: Return relative to average drawdown	777.65	19.96	+757.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBIL vs. ISMF - Sharpe Ratio Comparison

The current XBIL Sharpe Ratio is 13.50, which is higher than the ISMF Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of XBIL and ISMF, 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

	XBIL	ISMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.50	2.88	+10.62
Sharpe Ratio (All Time) Calculated using the full available price history	12.48	2.17	+10.31

Drawdowns

XBIL vs. ISMF - Drawdown Comparison

The maximum XBIL drawdown since its inception was -0.08%, smaller than the maximum ISMF drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for XBIL and ISMF.

Drawdown Indicators

	XBIL	ISMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-4.23%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-3.94%	+3.90%
Max Drawdown (3Y) Largest decline over 3 years	-0.07%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-1.27%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.14%	-1.13%

Volatility

XBIL vs. ISMF - Volatility Comparison

The current volatility for US Treasury 6 Month Bill ETF (XBIL) is 0.08%, while iShares Managed Futures Active ETF (ISMF) has a volatility of 1.89%. This indicates that XBIL experiences smaller price fluctuations and is considered to be less risky than ISMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBIL	ISMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	1.89%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	6.33%	-6.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	7.92%	-7.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	7.78%	-7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	7.78%	-7.41%

XBIL vs. ISMF - Expense Ratio Comparison

XBIL has a 0.15% expense ratio, which is lower than ISMF's 0.80% expense ratio.

Dividends

XBIL vs. ISMF - Dividend Comparison

XBIL's dividend yield for the trailing twelve months is around 3.77%, less than ISMF's 5.75% yield.

Position	TTM	2025	2024	2023
ISMF iShares Managed Futures Active ETF	5.75%	6.23%	0.00%	0.00%
XBIL US Treasury 6 Month Bill ETF	3.77%	4.01%	4.90%	4.30%

Frequently Asked Questions

Can I hold both XBIL and ISMF in my portfolio?

XBIL and ISMF have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBIL or ISMF?

ISMF has higher volatility (1.89%) compared to XBIL (0.08%). In terms of maximum drawdown, XBIL dropped -0.08% vs ISMF's -4.23%.

Which ETF is better, XBIL or ISMF?

On 1-year performance, ISMF leads with 22.64% vs 3.92% for XBIL. On fees, XBIL is cheaper at 0.15% per year. On volatility, XBIL 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, XBIL or ISMF?

Over the 1-year period, ISMF has performed better with a 22.64% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBIL or ISMF?

XBIL is cheaper with a 0.15% expense ratio, compared with 0.80% for ISMF.

Which ETF pays a higher dividend yield, XBIL or ISMF?

ISMF has the higher dividend yield at 5.75%, compared with 3.77% for XBIL.

What is the main difference between XBIL and ISMF?

XBIL is categorized as Ultrashort Bond, while ISMF is Systematic Trend. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for XBIL and 0.80% for ISMF.

Which has better risk-adjusted returns?

XBIL currently has the higher Sharpe Ratio (13.50 vs 2.88), 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.