AFK vs. BIL
AFK (VanEck Vectors Africa Index ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - AFK is a Foreign Large Cap Equities fund tracking the Dow Jones Africa Titans 50 Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, AFK returned 5.95%/yr vs 2.20%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. AFK charges 0.78%/yr vs 0.14%/yr for BIL.
Performance
AFK vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, AFK achieves a 0.15% return, which is significantly lower than BIL's 1.66% return. Over the past 10 years, AFK has outperformed BIL with an annualized return of 5.95%, while BIL has yielded a comparatively lower 2.20% annualized return.
AFK
- 1D
- 0.86%
- 1M
- -0.37%
- YTD
- 0.15%
- 6M
- 1.17%
- 1Y
- 38.88%
- 3Y*
- 23.55%
- 5Y*
- 6.45%
- 10Y*
- 5.95%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
AFK vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFK VanEck Vectors Africa Index ETF | 0.15% | 74.71% | 12.10% | -12.11% | -17.31% | 3.00% | 4.26% | 9.90% | -19.55% | 28.22% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between AFK and BIL is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2008 | -0.02 |
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Return for Risk
AFK vs. BIL — Risk / Return Rank
AFK
BIL
AFK vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Africa Index ETF (AFK) 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.
| AFK | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.91 | ||
| Sortino ratioReturn per unit of downside risk | -171.24 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 87.41 | -86.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 353.28 | -351.28 |
| Martin ratioReturn relative to average drawdown | 5.54 | 2,801.35 | -2,795.81 |
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Drawdowns
AFK vs. BIL - Drawdown Comparison
The maximum AFK drawdown since its inception was -62.46%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for AFK and BIL.
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Drawdown Indicators
| AFK | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.46% | -0.78% | -61.68% |
Max Drawdown (1Y)Largest decline over 1 year | -19.54% | -0.01% | -19.53% |
Max Drawdown (3Y)Largest decline over 3 years | -19.54% | -0.01% | -19.53% |
Max Drawdown (5Y)Largest decline over 5 years | -37.62% | -0.09% | -37.53% |
Max Drawdown (10Y)Largest decline over 10 years | -53.33% | -0.21% | -53.12% |
Current DrawdownCurrent decline from peak | -12.34% | 0.00% | -12.34% |
Average DrawdownAverage peak-to-trough decline | -31.98% | -0.26% | -31.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.03% | 0.00% | +7.03% |
Volatility
AFK vs. BIL - Volatility Comparison
VanEck Vectors Africa Index ETF (AFK) has a higher volatility of 9.17% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that AFK'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.
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Volatility by Period
| AFK | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.17% | 0.07% | +9.10% |
Volatility (6M)Calculated over the trailing 6-month period | 23.65% | 0.14% | +23.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.83% | 0.20% | +26.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 0.26% | +22.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 0.26% | +21.94% |
AFK vs. BIL - Expense Ratio Comparison
AFK has a 0.78% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
AFK vs. BIL - Dividend Comparison
AFK's dividend yield for the trailing twelve months is around 1.01%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFK VanEck Vectors Africa Index ETF | 1.01% | 1.02% | 0.00% | 2.27% | 3.59% | 4.17% | 3.91% | 6.34% | 1.71% | 1.99% | 2.67% | 2.16% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
Frequently Asked Questions
AFK 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.
AFK has higher volatility (9.17%) compared to BIL (0.07%). In terms of maximum drawdown, AFK dropped -62.46% vs BIL's -0.78%.
On 10-year performance, AFK leads with 5.95% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AFK has performed better with a 5.95% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.78% for AFK.
BIL has the higher dividend yield at 3.85%, compared with 1.01% for AFK.
AFK is categorized as Foreign Large Cap Equities, while BIL is Government Bonds. AFK tracks Dow Jones Africa Titans 50 Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.78% for AFK and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 1.46), 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.
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