XSEP vs. TBIL

Last updated Jun 24, 2026

XSEP (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - XSEP is a Options Trading fund actively managed by FT Vest, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. XSEP is actively managed, while TBIL is passively managed. Over the past 3 years, XSEP returned 9.46%/yr vs 4.60%/yr for TBIL. At a 0.04 correlation, their price movements are largely independent. XSEP charges 0.85%/yr vs 0.15%/yr for TBIL.

Performance

XSEP vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) 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, XSEP achieves a 4.28% return, which is significantly higher than TBIL's 1.69% return.

XSEP

• 1D: -0.24%
• 1M: 0.27%
• YTD: 4.28%
• 6M: 4.19%
• 1Y: 9.84%
• 3Y*: 9.46%
• 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)

XSEP vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XSEP FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September	4.28%	8.94%	8.41%	16.07%	2.93%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	5.12%	1.00%

Correlation

The correlation between XSEP and TBIL is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Sep 22, 2022	0.04

Return for Risk

XSEP vs. TBIL — Risk / Return Rank

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

XSEP

XSEP Risk / Return Rank: 74
XSEP Sharpe Ratio Rank: 70
XSEP Sortino Ratio Rank: 73
XSEP Omega Ratio Rank: 82
XSEP Calmar Ratio Rank: 62
XSEP Martin Ratio Rank: 82

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.

XSEP vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) 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.

	XSEP	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.05	13.76	-11.71
Sortino ratio: Return per unit of downside risk	2.95	58.09	-55.14
Omega ratio: Gain probability vs. loss probability	1.44	17.08	-15.63
Calmar ratio: Return relative to maximum drawdown	2.82	195.79	-192.98
Martin ratio: Return relative to average drawdown	15.00	929.44	-914.44

XSEP vs. TBIL - Sharpe Ratio Comparison

The current XSEP Sharpe Ratio is 2.05, which is lower than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of XSEP 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

XSEP vs. TBIL - Drawdown Comparison

The maximum XSEP drawdown since its inception was -9.21%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for XSEP and TBIL.

Drawdown Indicators

	XSEP	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-9.21%	-0.10%	-9.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-0.02%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-0.02%	-9.19%
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.00%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.00%	+0.66%

Volatility

XSEP vs. TBIL - Volatility Comparison

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP) has a higher volatility of 1.00% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that XSEP'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

	XSEP	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.06%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	0.19%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	0.29%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	0.32%	+6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	0.32%	+6.67%

XSEP vs. TBIL - Expense Ratio Comparison

XSEP has a 0.85% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

XSEP vs. TBIL - Dividend Comparison

XSEP has not paid dividends to shareholders, while TBIL's dividend yield for the trailing twelve months is around 3.81%.

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%
XSEP FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSEP and TBIL in my portfolio?

XSEP and TBIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSEP or TBIL?

XSEP has higher volatility (1.00%) compared to TBIL (0.06%). In terms of maximum drawdown, XSEP dropped -9.21% vs TBIL's -0.10%.

Which ETF is better, XSEP or TBIL?

On 3-year performance, XSEP leads with 9.46% vs 4.60% for TBIL. On fees, TBIL is cheaper at 0.15% per year. 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, XSEP or TBIL?

Over the 3-year period, XSEP has performed better with a 9.46% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSEP or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.85% for XSEP.

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

TBIL has the higher dividend yield at 3.81%, compared with 0.00% for XSEP.

What is the main difference between XSEP and TBIL?

XSEP is categorized as Options Trading, while TBIL is Ultrashort Bond. They also come from different issuers: FT Vest and F/m Investments. Their fees differ too: 0.85% for XSEP and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 2.05), 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.