- ISIN
- US78468R5239
- Issuer
- State Street
- Inception Date
- Sep 24, 2020
- Region
- North America (U.S.)
- Category
- Ultrashort Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg 3-12 Month U.S. Treasury Bill Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $4B
Share Price Chart
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Performance
BILS Performance Chart
SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is up 1.6% since the beginning of the year. BILS is currently trading at $99 per share. Investors who bought $1,000 worth of BILS shares 5 years ago would now be looking at an investment worth $1,178.
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Returns By Period
SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has returned 1.57% so far this year and 3.84% over the past 12 months.
SPDR Bloomberg 3-12 Month T-Bill ETF
- 1D
- 0.00%
- 1M
- 0.24%
- YTD
- 1.57%
- 6M
- 1.66%
- 1Y
- 3.84%
- 3Y*
- 4.61%
- 5Y*
- 3.33%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
BILS Monthly Returns History
Based on dividend-adjusted daily data since Sep 24, 2020, BILS's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, an investment would double in approximately 25.1 years.
Historically, 76% of months were positive and 24% were negative. The best month was Nov 2023 with a return of +0.5%, while the worst month was Jun 2022 at -0.1%. The longest winning streak lasted 48 consecutive months, and the longest losing streak was 7 months.
On a daily basis, BILS closed higher 60% of trading days. The best single day was Mar 13, 2023 with a return of +0.2%, while the worst single day was Jun 13, 2022 at -0.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.27% | 0.26% | 0.26% | 0.28% | 0.30% | 0.17% | 1.57% | ||||||
| 2025 | 0.37% | 0.32% | 0.34% | 0.36% | 0.29% | 0.34% | 0.32% | 0.44% | 0.37% | 0.33% | 0.30% | 0.38% | 4.23% |
| 2024 | 0.41% | 0.36% | 0.40% | 0.38% | 0.45% | 0.41% | 0.51% | 0.50% | 0.50% | 0.33% | 0.38% | 0.41% | 5.17% |
| 2023 | 0.28% | 0.31% | 0.50% | 0.29% | 0.29% | 0.45% | 0.39% | 0.46% | 0.40% | 0.46% | 0.52% | 0.46% | 4.92% |
| 2022 | -0.08% | -0.02% | -0.05% | -0.02% | 0.08% | -0.08% | 0.03% | 0.10% | 0.13% | 0.09% | 0.30% | 0.41% | 0.90% |
| 2021 | 0.01% | 0.00% | 0.00% | -0.01% | -0.01% | -0.01% | 0.00% | -0.01% | 0.00% | -0.01% | -0.01% | -0.01% | -0.08% |
Benchmark Metrics
SPDR Bloomberg 3-12 Month T-Bill ETF has an annualized alpha of 2.90%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 24, 2020.
- This ETF captured 5.03% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -7.12%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.90%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 5.03%
- Downside Capture
- -7.12%
Expense Ratio
BILS has an expense ratio of 0.14%, which is considered low.
Return for Risk
Risk / Return Rank
BILS ranks 100 for risk / return — in the top 100% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and compare them to S&P 500 Index.
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.
| BILS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +14.86 | ||
| Sortino ratioReturn per unit of downside risk | +85.26 | ||
| Omega ratioGain probability vs. loss probability | 34.24 | 1.32 | +32.92 |
| Calmar ratioReturn relative to maximum drawdown | 127.82 | 2.46 | +125.36 |
| Martin ratioReturn relative to average drawdown | 1,285.26 | 10.92 | +1,274.34 |
Dividends
Dividend History
SPDR Bloomberg 3-12 Month T-Bill ETF provided a 3.81% dividend yield over the last twelve months, with an annual payout of $3.78 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $3.78 | $4.05 | $4.97 | $4.94 | $1.60 |
Dividend yield | 3.81% | 4.08% | 5.01% | 4.98% | 1.61% |
Monthly Dividends
The table displays the monthly dividend distributions for SPDR Bloomberg 3-12 Month T-Bill ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.30 | $0.27 | $0.29 | $0.29 | $0.30 | $1.46 | ||||||
| 2025 | $0.00 | $0.37 | $0.32 | $0.35 | $0.34 | $0.35 | $0.33 | $0.35 | $0.35 | $0.33 | $0.33 | $0.64 | $4.05 |
| 2024 | $0.00 | $0.45 | $0.40 | $0.43 | $0.42 | $0.43 | $0.42 | $0.44 | $0.43 | $0.41 | $0.40 | $0.74 | $4.97 |
| 2023 | $0.00 | $0.42 | $0.34 | $0.39 | $0.38 | $0.40 | $0.41 | $0.43 | $0.43 | $0.43 | $0.45 | $0.87 | $4.94 |
| 2022 | $0.07 | $0.11 | $0.13 | $0.17 | $0.20 | $0.28 | $0.64 | $1.60 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the SPDR Bloomberg 3-12 Month T-Bill ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the SPDR Bloomberg 3-12 Month T-Bill ETF was 0.41%, occurring on Jun 14, 2022. Recovery took 74 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -0.41%Jun 2022 | 1y 4mo | 3mo 17d | 1y 7moFeb 2021 - Sep 2022 |
Bear market2022 | -0.08%Oct 2022 | 8d | 8d | 16dOct 2022 - Oct 2022 |
2023 pullback2023 | -0.07%Mar 2023 | 1d | 2d | 3dMar 2023 - Mar 2023 |
2024 pullback2024 | -0.04%Feb 2024 | 0s | 5d | 5dFeb 2024 - Feb 2024 |
2023 pullback2023 | -0.04%Apr 2023 | 0s | 3d | 3dApr 2023 - Apr 2023 |
Drawdown Indicators
| BILS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -56.78% | +56.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -9.10% | +9.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -18.90% | +18.86% |
Max Drawdown (5Y)Largest decline over 5 years | -0.37% | -25.43% | +25.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.21% | +3.21% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -10.71% | +10.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.04% | -2.04% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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