TBLL vs XHLF: Grades, Fees and Holdings Compared

Invesco Short Term Treasury ETF

TBLLANYSE Arca

BondBloxx Bloomberg Six Month Target Duration US Treasury ETF

XHLFANYSE Arca

Overlap

No data

Expense ratio

XHLF −0.05pt a year

TBLL0.08%XHLF0.03%

Avg volume · 30D

TBLL 1.01×the volume

TBLL313KXHLF309K

3Y return · a year

TBLL+4.4%XHLF+4.4%

TBLL vs XHLF Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%TBLL+3.6%XHLF

Expense ratio: TBLL 0.08%; XHLF 0.03%, better
Fund size: TBLL $2.9B; XHLF $2.03B
1Y total return: TBLL +3.6%; XHLF +3.6%
Yield (12M): TBLL 3.59%; XHLF 3.75%, better
Holdings: TBLL 90; XHLF 29
Avg volume (30D): TBLL 313K sh, better; XHLF 309K sh
NAV per share: TBLL $105.62; XHLF $50.29
52W range

ETF.net Grade

Pillar letters and Scores for TBLL, XHLF, with each pillar’s weight
Pillar	TBLL	XHLF
Cost30% weight	A89	A99Higher
Mission25% weight	A100	A100
Risk15% weight	C44	C47Higher
Tradability15% weight	A80Higher	A79
Holdings10% weight	B66Higher	D35
Durability5% weight	A80Higher	B59

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. TBLL and XHLF 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 XHLF 4th 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 4AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80
Rank 7ASGOViShares 0-3 Month Treasury Bond ETFScore 79

Our read on each fund

ETF.net Research

TBLLAInvesco Short Term Treasury ETF

XHLFABondBloxx Bloomberg Six Month Target Duration US Treasury 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.

XHLF Most cash-parking funds pick a maturity bucket. XHLF picks a number: it blends Treasury bills to an average duration of about six months, resets to that target monthly, and charges three basis points to do it.

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.

XHLF The Fund seeks to track the investment results of an index composed of U.S. Treasury securities.

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.

XHLF Costs 0.03% a year, against a typical short-Treasury peer near 0.14%. In cash-like funds, where returns come from bills everyone owns, fee is the main lever.
Tracks an index built to hold an average duration of roughly six months, rebalanced monthly, so exposure stays anchored instead of drifting as bills mature.bondbloxxetf.com
Sits in the gap between 0-3 month bill funds and one-year funds. Its sibling XONE targets a one-year duration at the same 0.03%, so the two can be mixed to dial in duration.
US Treasury bills only, no credit bets hiding in the portfolio, run in a multi-billion-dollar fund that has stayed close to its index.

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.

XHLF Six months of duration is not zero. Prices move a touch more when yields shift than in 0-3 month bill funds such as BIL or CLIP.
Income rides whatever Treasury bills happen to pay, and distributions arrive on an irregular rhythm rather than a fixed amount or schedule.
Volume is moderate next to the largest bill ETFs, so spreads can be a bit wider, which matters more on big tickets than small ones.

Full TBLL profile⁠

Full XHLF profile⁠

TBLL vs XHLF Holdings

How TBLL and XHLF 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 XHLF.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

TBLL23.3%
XHLF79.1%

Securities held

TBLL88
XHLF29

Asset class

TBLL: Fixed Income
XHLF: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBLL holds 88 securities, XHLF 29.

All 88 TBLL holdings⁠All XHLF 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 XHLF Cost

Overpaying TBLL vs XHLF

$1,051

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

TBLL 0.08%
$1,689
XHLF 0.03%
$638

Amount$10,000

Years30 years

Cost over time

TBLL 0.08%
XHLF 0.03%
Overpaying

Year by year

Year	TBLL	XHLF	Overpaying
10	$147	$55	$92
20	$575	$216	$359
30	$1,689	$638	$1,051

Expense ratio

0.08%TBLL
0.03%XHLF, cheaper

XHLF0.03%TBLL0.08%

0.03%1.00%

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

XHLF cheapest of 78 funds

TBLL 10th cheapest of 78 funds

TBLL vs XHLF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TBLL 3.59%; XHLF 3.75%, better
Payout (12M): TBLL $3.79; XHLF $1.89
Last payment: TBLL $0.34; XHLF $0.15
Ex-dividend: TBLL Oct 19, 2026; XHLF Oct 1, 2026
Paid on: TBLL Oct 23, 2026; XHLF Oct 6, 2026
Frequency: TBLL Monthly; XHLF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

TBLLMonthly · 46 paymentsAll TBLL payments⁠

XHLFMonthly · 45 paymentsAll XHLF payments⁠

TBLL vs XHLF 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%XHLF 0.3%
Return per unit of riskSharpe ratio, 3 years: TBLL −0.66XHLF −0.52, better
Worst fallMax drawdown, 5 years: TBLL −0.4%XHLF −0.1%since Sep 2022
Market sensitivityBeta, 5 years: TBLL 0.01XHLF 0.03; Market = 1

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