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AOR vs. BIL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AOR vs. BIL

Last updated Jun 9, 2026

AOR (iShares Core 60/40 Balanced Allocation ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth 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, AOR returned 8.29%/yr vs 2.19%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. AOR charges 0.15%/yr vs 0.14%/yr for BIL.

Performance

AOR vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 60/40 Balanced Allocation ETF (AOR) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AOR achieves a 5.83% return, which is significantly higher than BIL's 1.54% return. Over the past 10 years, AOR has outperformed BIL with an annualized return of 8.29%, while BIL has yielded a comparatively lower 2.19% annualized return.

AOR

1D
0.28%
1M
-0.54%
YTD
5.83%
6M
6.57%
1Y
17.08%
3Y*
13.55%
5Y*
6.66%
10Y*
8.29%

BIL

1D
0.01%
1M
0.29%
YTD
1.54%
6M
1.78%
1Y
3.88%
3Y*
4.62%
5Y*
3.42%
10Y*
2.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AOR vs. BIL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
AOR
iShares Core 60/40 Balanced Allocation ETF		5.83%16.44%10.68%15.75%-15.64%11.19%11.42%18.91%-5.82%15.80%
BIL
SPDR Bloomberg 1-3 Month T-Bill ETF		1.54%4.15%5.19%4.94%1.40%-0.10%0.40%2.03%1.74%0.69%

Correlation

The correlation between AOR and BIL is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.10

Correlation (3Y)
Calculated over the trailing 3-year period

-0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.01

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2008

-0.01

The correlation between AOR and BIL shifts across timeframes, from -0.10 (1 year) to 0.01 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core 60/40 Balanced Allocation ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

Often compared with AOR:
AOR vs. AOAAOR vs. AOMAOR vs. VOOAOR vs. FFNOXAOR vs. SPYAOR vs. SCHDAOR vs. GAL
Often compared with BIL:
BIL vs. SGOVBIL vs. SHVBIL vs. SPAXXBIL vs. VBILBIL vs. TFLOBIL vs. TBILBIL vs. SHY

Return for Risk

AOR vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AOR
AOR Risk / Return Rank: 6565
Overall Rank
AOR Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
AOR Sortino Ratio Rank: 6868
Sortino Ratio Rank
AOR Omega Ratio Rank: 6969
Omega Ratio Rank
AOR Calmar Ratio Rank: 5858
Calmar Ratio Rank
AOR Martin Ratio Rank: 6767
Martin Ratio Rank
BIL
BIL Risk / Return Rank: 100100
Overall Rank
BIL Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
BIL Sortino Ratio Rank: 100100
Sortino Ratio Rank
BIL Omega Ratio Rank: 100100
Omega Ratio Rank
BIL Calmar Ratio Rank: 100100
Calmar Ratio Rank
BIL Martin Ratio Rank: 100100
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AOR vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) 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.

AORBILDifference
Sharpe ratioReturn per unit of total volatility
1.98
19.64

-17.66

Sortino ratioReturn per unit of downside risk
2.78
174.66

-171.88

Omega ratioGain probability vs. loss probability

1.37

88.16

-86.79

Calmar ratioReturn relative to maximum drawdown

2.58

356.40

-353.81

Martin ratioReturn relative to average drawdown

11.20

2,826.06

-2,814.85

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOR vs. BIL - Sharpe Ratio Comparison

The current AOR Sharpe Ratio is 1.98, which is lower than the BIL Sharpe Ratio of 19.64. The chart below compares the historical Sharpe Ratios of AOR 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.

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Sharpe Ratios by Period

AORBILDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.98

19.64

-17.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

13.23

-12.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.78

8.57

-7.79

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

2.78

-2.10

Drawdowns

AOR vs. BIL - Drawdown Comparison

The maximum AOR drawdown since its inception was -24.44%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for AOR and BIL.

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Drawdown Indicators

AORBILDifference

Max Drawdown

Largest peak-to-trough decline

-24.44%

-0.78%

-23.66%

Max Drawdown (1Y)

Largest decline over 1 year

-6.64%

-0.01%

-6.63%

Max Drawdown (3Y)

Largest decline over 3 years

-9.77%

-0.01%

-9.76%

Max Drawdown (5Y)

Largest decline over 5 years

-21.72%

-0.09%

-21.63%

Max Drawdown (10Y)

Largest decline over 10 years

-22.95%

-0.21%

-22.74%

Current Drawdown

Current decline from peak

-1.98%

0.00%

-1.98%

Average Drawdown

Average peak-to-trough decline

-3.47%

-0.26%

-3.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.53%

0.00%

+1.53%

Volatility

AOR vs. BIL - Volatility Comparison

iShares Core 60/40 Balanced Allocation ETF (AOR) has a higher volatility of 3.07% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that AOR'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

AORBILDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.07%

0.06%

+3.01%

Volatility (6M)

Calculated over the trailing 6-month period

7.11%

0.14%

+6.97%

Volatility (1Y)

Calculated over the trailing 1-year period

8.67%

0.20%

+8.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.59%

0.26%

+10.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.69%

0.26%

+10.43%

AOR vs. BIL - Expense Ratio Comparison

AOR has a 0.15% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AOR vs. BIL - Dividend Comparison

AOR's dividend yield for the trailing twelve months is around 2.51%, less than BIL's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
AOR
iShares Core 60/40 Balanced Allocation ETF		2.51%2.55%2.66%2.50%2.12%1.64%1.89%2.56%2.49%4.51%2.16%2.12%
BIL
SPDR Bloomberg 1-3 Month T-Bill ETF		3.86%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

AOR and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AOR has higher volatility (3.07%) compared to BIL (0.06%). In terms of maximum drawdown, AOR dropped -24.44% vs BIL's -0.78%.

On 10-year performance, AOR leads with 8.29% vs 2.19% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AOR has performed better with a 8.29% return vs 2.19%. 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 0.15% for AOR.

BIL has the higher dividend yield at 3.86%, compared with 2.51% for AOR.

AOR is categorized as Diversified Portfolio, while BIL is Government Bonds. AOR tracks S&P Target Risk Growth Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for AOR and 0.14% for BIL.

BIL currently has the higher Sharpe Ratio (19.64 vs 1.98), 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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