BBN vs. BIL

Last updated Jun 4, 2026

BBN (BlackRock Taxable Municipal Bond Trust) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both funds - BBN is a Municipal Bonds fund actively managed by BlackRock, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. BBN is actively managed, while BIL is passively managed. Over the past 10 years, BBN returned 2.83%/yr vs 2.18%/yr for BIL. At a 0.00 correlation, their price movements are largely independent. BBN charges 2.32%/yr vs 0.14%/yr for BIL.

Performance

BBN vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Taxable Municipal Bond Trust (BBN) 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, BBN achieves a 1.25% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, BBN has outperformed BIL with an annualized return of 2.83%, while BIL has yielded a comparatively lower 2.18% annualized return.

BBN

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.25%
• 6M: -3.92%
• 1Y: 9.27%
• 3Y*: 6.28%
• 5Y*: -1.91%
• 10Y*: 2.83%

BIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.77%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BBN vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBN BlackRock Taxable Municipal Bond Trust	1.25%	8.59%	6.01%	3.55%	-31.02%	2.68%	16.95%	22.78%	-2.86%	15.03%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Correlation

The correlation between BBN and BIL is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.00

The correlation between BBN and BIL shifts across timeframes, from -0.15 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BBN vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BBN

BBN Risk / Return Rank: 12
BBN Sharpe Ratio Rank: 13
BBN Sortino Ratio Rank: 14
BBN Omega Ratio Rank: 12
BBN Calmar Ratio Rank: 13
BBN Martin Ratio Rank: 9

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) 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.

BBN vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Taxable Municipal Bond Trust (BBN) 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.

	BBN	BIL	Difference
Sharpe ratio: Return per unit of total volatility	0.99	19.71	-18.72
Sortino ratio: Return per unit of downside risk	1.52	174.16	-172.64
Omega ratio: Gain probability vs. loss probability	1.18	87.91	-86.73
Calmar ratio: Return relative to maximum drawdown	1.23	355.35	-354.12
Martin ratio: Return relative to average drawdown	2.84	2,817.77	-2,814.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBN vs. BIL - Sharpe Ratio Comparison

The current BBN Sharpe Ratio is 0.99, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of BBN 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.

Sharpe Ratios by Period

	BBN	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	19.71	-18.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	13.16	-13.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	8.52	-8.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	2.78	-2.37

Drawdowns

BBN vs. BIL - Drawdown Comparison

The maximum BBN drawdown since its inception was -38.37%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BBN and BIL.

Drawdown Indicators

	BBN	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-38.37%	-0.78%	-37.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-0.01%	-7.54%
Max Drawdown (3Y) Largest decline over 3 years	-11.85%	-0.01%	-11.84%
Max Drawdown (5Y) Largest decline over 5 years	-38.37%	-0.10%	-38.27%
Max Drawdown (10Y) Largest decline over 10 years	-38.37%	-0.21%	-38.16%
Current Drawdown Current decline from peak	-18.08%	0.00%	-18.08%
Average Drawdown Average peak-to-trough decline	-10.31%	-0.26%	-10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	0.00%	+3.27%

Volatility

BBN vs. BIL - Volatility Comparison

BlackRock Taxable Municipal Bond Trust (BBN) has a higher volatility of 2.50% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that BBN'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

	BBN	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	0.05%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	0.13%	+6.90%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	0.20%	+9.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	0.26%	+15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	0.26%	+14.81%

BBN vs. BIL - Expense Ratio Comparison

BBN has a 2.32% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

BBN vs. BIL - Dividend Comparison

BBN's dividend yield for the trailing twelve months is around 7.31%, more than BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBN BlackRock Taxable Municipal Bond Trust	7.31%	7.01%	6.92%	7.16%	7.91%	5.45%	5.05%	5.66%	7.09%	6.82%	7.32%	7.54%
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

Can I hold both BBN and BIL in my portfolio?

BBN and BIL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBN or BIL?

BBN has higher volatility (2.50%) compared to BIL (0.05%). In terms of maximum drawdown, BBN dropped -38.37% vs BIL's -0.78%.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 0.99), 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.