ZHOG vs. TBIL

Last updated Jun 24, 2026

ZHOG (F/m Opportunistic Income ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - ZHOG is a Intermediate Core-Plus Bond fund actively managed by F/m Investments, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. ZHOG is actively managed, while TBIL is passively managed. Over the past year, ZHOG returned 4.74% vs 3.91% for TBIL. At a 0.15 correlation, their price movements are largely independent. ZHOG charges 0.43%/yr vs 0.15%/yr for TBIL.

Performance

ZHOG vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Opportunistic Income ETF (ZHOG) 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, ZHOG achieves a 0.81% return, which is significantly lower than TBIL's 1.69% return.

ZHOG

• 1D: 0.06%
• 1M: 0.37%
• YTD: 0.81%
• 6M: 1.02%
• 1Y: 4.74%
• 3Y*: —
• 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)

ZHOG vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZHOG F/m Opportunistic Income ETF	0.81%	5.98%	4.94%	5.93%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	1.70%

Correlation

The correlation between ZHOG and TBIL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.15

Return for Risk

ZHOG vs. TBIL — Risk / Return Rank

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

ZHOG

ZHOG Risk / Return Rank: 88
ZHOG Sharpe Ratio Rank: 92
ZHOG Sortino Ratio Rank: 95
ZHOG Omega Ratio Rank: 93
ZHOG Calmar Ratio Rank: 76
ZHOG Martin Ratio Rank: 83

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.

ZHOG vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Opportunistic Income ETF (ZHOG) 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.

	ZHOG	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	3.01	13.76	-10.75
Sortino ratio: Return per unit of downside risk	4.63	58.09	-53.46
Omega ratio: Gain probability vs. loss probability	1.60	17.08	-15.47
Calmar ratio: Return relative to maximum drawdown	3.64	195.79	-192.16
Martin ratio: Return relative to average drawdown	15.65	929.44	-913.79

ZHOG vs. TBIL - Sharpe Ratio Comparison

The current ZHOG Sharpe Ratio is 3.01, which is lower than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of ZHOG 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

ZHOG vs. TBIL - Drawdown Comparison

The maximum ZHOG drawdown since its inception was -3.66%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for ZHOG and TBIL.

Drawdown Indicators

	ZHOG	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.66%	-0.10%	-3.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-0.02%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-0.22%	0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-0.69%	-0.00%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.00%	+0.30%

Volatility

ZHOG vs. TBIL - Volatility Comparison

F/m Opportunistic Income ETF (ZHOG) has a higher volatility of 0.47% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that ZHOG'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

	ZHOG	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.06%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	1.19%	0.19%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	1.58%	0.29%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	0.32%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	0.32%	+3.66%

ZHOG vs. TBIL - Expense Ratio Comparison

ZHOG has a 0.43% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

ZHOG vs. TBIL - Dividend Comparison

ZHOG's dividend yield for the trailing twelve months is around 5.11%, more 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%
ZHOG F/m Opportunistic Income ETF	5.11%	5.35%	5.50%	1.70%	0.00%

Frequently Asked Questions

Can I hold both ZHOG and TBIL in my portfolio?

ZHOG 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, ZHOG or TBIL?

ZHOG has higher volatility (0.47%) compared to TBIL (0.06%). In terms of maximum drawdown, ZHOG dropped -3.66% vs TBIL's -0.10%.

Which ETF is better, ZHOG or TBIL?

On 1-year performance, ZHOG leads with 4.74% vs 3.91% 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, ZHOG or TBIL?

Over the 1-year period, ZHOG has performed better with a 4.74% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZHOG or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.43% for ZHOG.

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

ZHOG has the higher dividend yield at 5.11%, compared with 3.81% for TBIL.

What is the main difference between ZHOG and TBIL?

ZHOG is categorized as Intermediate Core-Plus Bond, while TBIL is Ultrashort Bond. Their fees differ too: 0.43% for ZHOG and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 3.01), 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.