TBLL vs XBIL: Grades, Fees and Holdings Compared

Invesco Short Term Treasury ETF

TBLLANYSE Arca

US Treasury 6 Month Bill ETF

XBILBNasdaq

Overlap

No data

Expense ratio

TBLL −0.07pt a year

TBLL0.08%XBIL0.15%

Avg volume · 30D

TBLL 3.1×the volume

TBLL313KXBIL102K

3Y return · a year

TBLL+4.4%XBIL+4.4%

TBLL vs XBIL Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%TBLL+3.7%XBIL

Expense ratio: TBLL 0.08%, better; XBIL 0.15%
Fund size: TBLL $2.9B; XBIL $792M
1Y total return: TBLL +3.6%; XBIL +3.7%, better
Yield (12M): TBLL 3.59%; XBIL 4.00%, better
Holdings: TBLL 90; XBIL 2
Avg volume (30D): TBLL 313K sh, better; XBIL 102K sh
NAV per share: TBLL $105.62; XBIL $50.01
52W range

ETF.net Grade

Pillar letters and Scores for TBLL, XBIL, with each pillar’s weight
Pillar	TBLL	XBIL
Cost30% weight	A89Higher	B66
Mission25% weight	A100	A100
Risk15% weight	C44	C47Higher
Tradability15% weight	A80Higher	C53
Holdings10% weight	B66Higher	D36
Durability5% weight	A80Higher	B62

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. TBLL and XBIL are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

TBLL ranks 4th and XBIL 27th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 27BGSYInvesco Ultra Short Duration ETFScore 66
Rank 27BXBILUS Treasury 6 Month Bill ETFScore 66
Rank 30BCGUICapital Group Ultra Short Income ETFScore 65

Our read on each fund

ETF.net Research

TBLLAInvesco Short Term Treasury ETF

XBILBUS Treasury 6 Month Bill ETF

In short

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

XBIL Most cash-parking ETFs hold a basket of bills. XBIL holds one: the newest 6-month Treasury, rolled every month. Pinpoint exposure to a single spot on the yield curve, in a wrapper that pays monthly.

Stated mandate

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

XBIL The Fund seeks to track, before fees and expenses, the price and yield performance of the ICE BofA US 6-Month Treasury Bill Index. It is a passively managed ETF.

Why people hold it

TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

XBIL Single-bond design. It holds the most recently auctioned ("on the run") 6-month bill and rolls automatically each month, so exposure stays pinned to that point on the curve.businesswire.com
Interest lands monthly instead of as a single lump at the bill's maturity, and shares trade in fractions of traditional bond sizing.businesswire.com
Sits further out the curve than 0-3 month bill funds like BIL and CLIP, capturing the 6-month rate rather than resetting every few weeks.
Part of a full single-security Treasury lineup from F/m, so the same mechanism exists at 3-month, 12-month and longer tenors if you want a different rung.fminvest.com ustreasuryetf.com

Worth knowing

TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

XBIL At 0.15% a year it runs a hair above the typical fund in its group, and rivals like XONE (0.03%) and VBIL (0.06%) charge considerably less for short Treasury exposure.
Six months of maturity carries a bit more price sensitivity to rate moves than the 0-3 month bill funds it shares a shelf with.
A mid-sized, moderately traded fund rather than one of the category's behemoths, which can show up as wider bid-ask spreads.

Full TBLL profile⁠

Full XBIL profile⁠

TBLL vs XBIL Holdings

How TBLL and XBIL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for TBLL and XBIL.

Country, concentration and asset class

Country by domicile

Country weights in TBLL and XBIL, widest gap first
Country	More in TBLLMore in XBIL	TBLL	XBIL
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

TBLL23.3%
XBIL100.0%

Securities held

TBLL88
XBIL1

Asset class

TBLL: Fixed Income
XBIL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBLL holds 88 securities, XBIL 1.

All 88 TBLL holdings⁠All 2 XBIL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

TBLL vs XBIL Cost

Overpaying XBIL vs TBLL

$1,448

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

TBLL 0.08%
$1,689
XBIL 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

TBLL 0.08%
XBIL 0.15%
Overpaying

Year by year

Year	TBLL	XBIL	Overpaying
10	$147	$274	$127
20	$575	$1,071	$496
30	$1,689	$3,137	$1,448

Expense ratio

0.08%TBLL, cheaper
0.15%XBIL

TBLL0.08%XBIL0.15%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

TBLL 10th cheapest of 78 funds

XBIL 23rd cheapest of 78 funds

TBLL vs XBIL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TBLL 3.59%; XBIL 4.00%, better
Payout (12M): TBLL $3.79; XBIL $2.00
Last payment: TBLL $0.34; XBIL $0.17
Ex-dividend: TBLL Oct 19, 2026; XBIL Oct 27, 2026
Paid on: TBLL Oct 23, 2026; XBIL Oct 28, 2026
Frequency: TBLL Monthly; XBIL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

TBLLMonthly · 46 paymentsAll TBLL payments⁠

XBILMonthly · 44 paymentsAll XBIL payments⁠

TBLL vs XBIL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TBLL 0.3%XBIL 0.3%
Return per unit of riskSharpe ratio, 3 years: TBLL −0.66XBIL −0.52, better
Worst fallMax drawdown, 5 years: TBLL −0.4%XBIL −0.1%since Mar 2023
Market sensitivityBeta, 5 years: TBLL 0.01XBIL 0.02; Market = 1

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