Dividend comparison

USFR vs TBIL: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for WisdomTree Floating Rate Treasury Fund and F/m US Treasury 3 Month Bill Fund, side by side. Updated October 21, 2026.

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USFR vs TBIL: key differences
The short answer, from the latest data on this page.
  • Fees. Both charge about 0.15% a year, so cost is not what separates them.
  • Income. Their trailing yields are almost the same: 3.72% for USFR and 3.63% for TBIL. Both pay monthly.
  • Performance. Over the last 3 years, USFR returned 13.3% versus 10.1% for TBIL, with dividends reinvested. $10,000 would have grown to $11,330 in USFR and $11,014 in TBIL.
  • Risk. Their worst declines over the last 3 years were similar: -0.4% for USFR and -0.6% for TBIL from peak to trough.
  • Diversification. USFR holds 6 positions and TBIL holds 5.
  • Dividend growth. USFR grew its yearly payout 318.5% a year over the last 2 years, versus -9.8% for TBIL.
  • Size. USFR is the larger fund with $21.2 billion in assets, against $7.6 billion for TBIL.

Bottom line: USFR has the edge on these figures, with stronger 3-year returns and faster dividend growth. TBIL does not lead on any of the measures compared here.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricUSFR
WisdomTree Floating Rate Treasury Fund
TBIL
F/m US Treasury 3 Month Bill Fund
Dividend yield (TTM)3.72%3.63%
Dividend / share (TTM)$1.88$1.81
Payout frequencyMonthlyMonthly
Last dividend$0.1582 on Sep 29, 2026$0.1566 on Sep 29, 2026
Ex-dividend dateSep 25, 2026Sep 28, 2026
Dividend growth (CAGR)318.5% over 4 yrs-9.8% over 2 yrs
Price$50.50$49.95
Beta-0.02-0.00
Max drawdown (5Y)-0.4%-0.6%
Market cap$17.79B$7.62B
ExchangeAMEXNASDAQ
Expense ratio0.15%0.15%
Assets under management$21.25B$7.62B
Number of holdings65
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

USFR

$31.00/mo

$372 /yr at 3.72% yield

TBIL

$30.28/mo

$363 /yr at 3.63% yield

Dividend history
Total dividends paid per share in each calendar year. USFR pays monthly; TBIL pays monthly.
YearUSFRTBIL
2025$2.0860$2.0277
2024$2.5996$2.5054
2023$2.5718$2.4938
2022$0.8956—
2021$0.0068—
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

What USFR vs TBIL actually do

USFR
A WisdomTree fund holding US Treasury floating rate notes rather than fixed-rate bills.

Treasury FRNs are two-year securities whose coupon resets weekly against the 13-week Treasury bill auction, so the fund's income adjusts to rate changes through the coupon itself instead of by rolling into new bills. In practice that makes it respond to a rate move slightly faster than a bill ladder does. The trade-off is a smaller, less liquid corner of the Treasury market and a modest amount of price movement that a portfolio of near-maturity bills does not have.

Suits a cash holder who wants income that resets quickly and is comfortable with a less mainstream instrument. Offers no advantage over a plain bill fund once short rates stop moving, and it is not a place to seek return.

Capital preservation

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Aug 9, 2022 would now be worth $11,972 in USFR and $11,603 in TBIL.
PeriodUSFRTBIL
1 month0.34%0.00%
3 months1.02%-0.02%
Year to date3.17%0.14%
1 year4.04%0.32%
3 years13.30%10.14%
5 years20.38%—
  • USFR
  • TBIL
9811012120222023202420252026120116

Both series indexed to 100 on 2022-08-09 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • USFR
  • TBIL
0%25%50%75%100%Cash & Others100.0%100.0%

Quick verdict

USFR has the edge on these figures, with stronger 3-year returns and faster dividend growth. TBIL does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is USFR or TBIL better for dividend income?
It depends on your goals. USFR currently yields 3.72% Trailing Twelve Months (TTM) while TBIL yields 3.63%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between USFR and TBIL?
WisdomTree Floating Rate Treasury Fund (USFR) is an ETF listed on AMEX. F/m US Treasury 3 Month Bill Fund (TBIL) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, USFR or TBIL?
They cost about the same: USFR charges 0.15% a year and TBIL charges 0.15%.
Which has performed better, USFR or TBIL?
Over the last 3 years, USFR has the higher total return with dividends reinvested: USFR returned 13.3% and TBIL returned 10.1%. Past performance does not predict future returns.
Which is riskier, USFR or TBIL?
Measured by the worst peak-to-trough decline over the last five years, TBIL has been riskier: USFR fell as much as 0.4% and TBIL as much as 0.6%. Their betas are -0.02 and -0.00.
How often do USFR and TBIL pay dividends?
Both pay monthly. The most recent payments were $0.1582 for USFR and $0.1566 for TBIL.
How much income does $10,000 in USFR vs TBIL generate?
At current TTM yields, $10,000 in USFR would generate roughly $31.00 per month ($372 annually). The same amount in TBIL would produce about $30.28 per month ($363 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both USFR and TBIL?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare USFR vs TBIL with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how USFR and TBIL fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.