AAOI vs. BIL

Last updated Aug 4, 2026

AAOI (Applied Optoelectronics, Inc.) is a stock, while BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) is Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Over the past 10 years, AAOI returned 22.24%/yr vs 2.24%/yr for BIL. Their -0.00 correlation means they have often moved in opposite directions in the past.

Performance

AAOI vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Optoelectronics, Inc. (AAOI) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAOI achieves a 216.15% return, which is significantly higher than BIL's 2.10% return. Over the past 10 years, AAOI has outperformed BIL with an annualized return of 22.24%, while BIL has yielded a comparatively lower 2.24% annualized return.

AAOI

• 1D: 16.85%
• 1M: -8.88%
• 6M: 149.57%
• YTD: 216.15%
• 1Y: 411.89%
• 3Y*: 115.52%
• 5Y*: 70.23%
• 10Y*: 22.24%
• ALL TIME*: 20.53%

BIL

• 1D: 0.01%
• 1M: 0.28%
• 6M: 1.78%
• YTD: 2.10%
• 1Y: 3.78%
• 3Y*: 4.54%
• 5Y*: 3.54%
• 10Y*: 2.24%
• ALL TIME*: 1.37%

*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)
AAOI Applied Optoelectronics, Inc.	$928.93M	$935.24M	$1.83B
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	$915.12M	$889.94M	$918.56M

AAOI vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAOI Applied Optoelectronics, Inc.	216.15%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	-23.01%	-59.20%	61.35%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	2.10%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Correlation

The correlation between AAOI and BIL is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.02
Correlation (10Y) Provides a long-term view across more market conditions.	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013	-0.00

The correlation between AAOI and BIL shifts across timeframes, from -0.11 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AAOI vs. BIL — Risk / Return Rank

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

AAOI

AAOI Risk / Return Rank: 95
AAOI Sharpe Ratio Rank: 97
AAOI Sortino Ratio Rank: 94
AAOI Omega Ratio Rank: 90
AAOI Calmar Ratio Rank: 97
AAOI Martin Ratio Rank: 97

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

AAOI vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Optoelectronics, Inc. (AAOI) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.

	AAOI	BIL	Difference
Sharpe ratio: Return per unit of total volatility	2.88	19.17	-16.30
Sortino ratio: Return per unit of downside risk	3.24	151.96	-148.72
Omega ratio: Gain probability vs. loss probability	1.37	68.82	-67.46
Calmar ratio: Return relative to maximum drawdown	6.32	346.53	-340.21
Martin ratio: Return relative to average drawdown	18.10	2,457.45	-2,439.34

AAOI vs. BIL - Sharpe Ratio Comparison

The current AAOI Sharpe Ratio is 2.88, which is lower than the BIL Sharpe Ratio of 19.17. The chart below compares the historical Sharpe Ratios of AAOI and BIL, 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

AAOI vs. BIL - Drawdown Comparison

The maximum AAOI drawdown since its inception was -98.49%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for AAOI and BIL.

Drawdown Indicators

	AAOI	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-98.49%	-0.78%	-97.71%
Max Drawdown (1Y) Largest decline over 1 year	-65.70%	-0.01%	-65.69%
Max Drawdown (3Y) Largest decline over 3 years	-77.17%	-0.01%	-77.16%
Max Drawdown (5Y) Largest decline over 5 years	-82.64%	-0.08%	-82.56%
Max Drawdown (10Y) Largest decline over 10 years	-98.49%	-0.21%	-98.28%
Current Drawdown Current decline from peak	-50.60%	0.00%	-50.60%
Average Drawdown Average peak-to-trough decline	-65.44%	-0.26%	-65.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.89%	0.00%	+22.89%

Volatility

AAOI vs. BIL - Volatility Comparison

Applied Optoelectronics, Inc. (AAOI) has a higher volatility of 43.45% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that AAOI's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAOI	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.45%	0.06%	+43.39%
Volatility (6M) Calculated over the trailing 6-month period	111.84%	0.14%	+111.70%
Volatility (1Y) Calculated over the trailing 1-year period	144.63%	0.20%	+144.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.54%	0.26%	+121.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.50%	0.26%	+99.24%

Dividends

AAOI vs. BIL - Dividend Comparison

AAOI has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AAOI Applied Optoelectronics, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.77%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%

Frequently Asked Questions

Can I hold both AAOI and BIL in my portfolio?

AAOI and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAOI or BIL?

AAOI has higher volatility (43.45%) compared to BIL (0.06%). In terms of maximum drawdown, AAOI dropped -98.49% vs BIL's -0.78%.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.17 vs 2.88), 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.