ZTRE vs. TBIL

Last updated Aug 2, 2026

ZTRE (F/M 3-Year Investment Grade Corporate Bond ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - ZTRE is a Short-Term Bond fund tracking the ICE 3-Year US Target Maturity Corporate Index - Benchmark TR Gross, 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, ZTRE returned 3.03% vs 3.85% for TBIL. Their 0.12 correlation means their historical movements had little consistent relationship. Both charge a 0.15% expense ratio.

Performance

ZTRE vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) 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, ZTRE achieves a 0.80% return, which is significantly lower than TBIL's 2.11% return.

ZTRE

• 1D: -0.04%
• 1M: -0.06%
• 6M: 0.41%
• YTD: 0.80%
• 1Y: 3.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

TBIL

• 1D: 0.04%
• 1M: 0.28%
• 6M: 1.80%
• YTD: 2.11%
• 1Y: 3.85%
• 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
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	$361.74K	$257.68K	$173.89K

ZTRE vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	0.80%	6.60%	0.32%
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	4.19%	0.18%

Correlation

The correlation between ZTRE and TBIL is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.12

Return for Risk

ZTRE vs. TBIL — Risk / Return Rank

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

ZTRE

ZTRE Risk / Return Rank: 79
ZTRE Sharpe Ratio Rank: 80
ZTRE Sortino Ratio Rank: 85
ZTRE Omega Ratio Rank: 84
ZTRE Calmar Ratio Rank: 70
ZTRE Martin Ratio Rank: 76

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.

ZTRE vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) 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.

	ZTRE	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.86	14.11	-12.25
Sortino ratio: Return per unit of downside risk	2.80	68.82	-66.02
Omega ratio: Gain probability vs. loss probability	1.36	22.93	-21.57
Calmar ratio: Return relative to maximum drawdown	2.47	195.78	-193.31
Martin ratio: Return relative to average drawdown	9.68	1,113.66	-1,103.97

ZTRE vs. TBIL - Sharpe Ratio Comparison

The current ZTRE Sharpe Ratio is 1.86, which is lower than the TBIL Sharpe Ratio of 14.11. The chart below compares the historical Sharpe Ratios of ZTRE 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

ZTRE vs. TBIL - Drawdown Comparison

The maximum ZTRE drawdown since its inception was -1.45%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for ZTRE and TBIL.

Drawdown Indicators

	ZTRE	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.45%	-0.10%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.02%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.21%	0.00%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.00%	+0.37%

Volatility

ZTRE vs. TBIL - Volatility Comparison

F/M 3-Year Investment Grade Corporate Bond ETF (ZTRE) has a higher volatility of 0.65% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.09%. This indicates that ZTRE'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

	ZTRE	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.09%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	0.20%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	0.28%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.10%	0.32%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.10%	0.32%	+1.78%

ZTRE vs. TBIL - Expense Ratio Comparison

Both ZTRE and TBIL have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ZTRE vs. TBIL - Dividend Comparison

ZTRE's dividend yield for the trailing twelve months is around 4.56%, more than TBIL's 4.04% yield.

Position	TTM	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	3.69%	4.07%	5.02%	5.00%	1.10%
ZTRE F/M 3-Year Investment Grade Corporate Bond ETF	4.23%	4.37%	0.39%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTRE and TBIL in my portfolio?

ZTRE and TBIL 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, ZTRE or TBIL?

ZTRE has higher volatility (0.65%) compared to TBIL (0.09%). In terms of maximum drawdown, ZTRE dropped -1.45% vs TBIL's -0.10%.

Which ETF is better, ZTRE or TBIL?

On 1-year performance, TBIL leads with 3.85% vs 3.03% for ZTRE. Both ETFs have the same 0.15% expense ratio. 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, ZTRE or TBIL?

Over the 1-year period, TBIL has performed better with a 3.85% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTRE or TBIL?

ZTRE and TBIL have the same expense ratio: 0.15% per year.

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

ZTRE has the higher dividend yield at 4.23%, compared with 3.69% for TBIL.

What is the main difference between ZTRE and TBIL?

ZTRE is categorized as Short-Term Bond, while TBIL is Ultrashort Bond. ZTRE tracks ICE 3-Year US Target Maturity Corporate Index - Benchmark TR Gross, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (14.11 vs 1.86), 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.