ZTOP vs. TBIL

Last updated Jun 23, 2026

ZTOP (F/m High Yield 100 ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - ZTOP is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted 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 year, ZTOP returned 6.01% vs 3.91% for TBIL. At a 0.05 correlation, their price movements are largely independent. ZTOP charges 0.39%/yr vs 0.15%/yr for TBIL.

Performance

ZTOP vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m High Yield 100 ETF (ZTOP) and F/m US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZTOP having a 1.72% return and TBIL slightly lower at 1.67%.

ZTOP

• 1D: -0.15%
• 1M: 0.35%
• YTD: 1.72%
• 6M: 2.15%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —

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

ZTOP vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025
ZTOP F/m High Yield 100 ETF	1.72%	8.06%
TBIL F/m US Treasury 3 Month Bill ETF	1.67%	3.00%

Correlation

The correlation between ZTOP and TBIL is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.05

Return for Risk

ZTOP vs. TBIL — Risk / Return Rank

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

ZTOP

ZTOP Risk / Return Rank: 57
ZTOP Sharpe Ratio Rank: 55
ZTOP Sortino Ratio Rank: 59
ZTOP Omega Ratio Rank: 61
ZTOP Calmar Ratio Rank: 50
ZTOP Martin Ratio Rank: 62

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.

ZTOP vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m High Yield 100 ETF (ZTOP) 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.

	ZTOP	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.81	13.76	-11.94
Sortino ratio: Return per unit of downside risk	2.72	58.09	-55.37
Omega ratio: Gain probability vs. loss probability	1.36	17.08	-15.72
Calmar ratio: Return relative to maximum drawdown	2.39	195.79	-193.40
Martin ratio: Return relative to average drawdown	10.83	929.44	-918.62

ZTOP vs. TBIL - Sharpe Ratio Comparison

The current ZTOP Sharpe Ratio is 1.81, which is lower than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of ZTOP 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

ZTOP vs. TBIL - Drawdown Comparison

The maximum ZTOP drawdown since its inception was -2.52%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for ZTOP and TBIL.

Drawdown Indicators

	ZTOP	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-2.52%	-0.10%	-2.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-0.02%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.00%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.00%	+0.56%

Volatility

ZTOP vs. TBIL - Volatility Comparison

F/m High Yield 100 ETF (ZTOP) has a higher volatility of 0.83% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that ZTOP'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

	ZTOP	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.06%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	0.19%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	0.29%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	0.32%	+3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	0.32%	+3.15%

ZTOP vs. TBIL - Expense Ratio Comparison

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

Dividends

ZTOP vs. TBIL - Dividend Comparison

ZTOP's dividend yield for the trailing twelve months is around 6.27%, 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%
ZTOP F/m High Yield 100 ETF	6.27%	4.39%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTOP and TBIL in my portfolio?

ZTOP and TBIL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTOP or TBIL?

ZTOP has higher volatility (0.83%) compared to TBIL (0.06%). In terms of maximum drawdown, ZTOP dropped -2.52% vs TBIL's -0.10%.

Which ETF is better, ZTOP or TBIL?

On 1-year performance, ZTOP leads with 6.01% 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, ZTOP or TBIL?

Over the 1-year period, ZTOP has performed better with a 6.01% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTOP or TBIL?

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

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

ZTOP has the higher dividend yield at 6.27%, compared with 3.81% for TBIL.

What is the main difference between ZTOP and TBIL?

ZTOP is categorized as High Yield Bonds, while TBIL is Ultrashort Bond. ZTOP tracks Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Their fees differ too: 0.39% for ZTOP and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.76 vs 1.81), 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.