BENJ vs. BIL

Last updated Aug 5, 2026

BENJ (Horizon Landmark ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - BENJ is a Ultrashort Bond fund actively managed by Horizon, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. BENJ is actively managed, while BIL is passively managed. Over the past year, BENJ returned 3.80% vs 3.76% for BIL. Their 0.22 correlation means their historical movements had little consistent relationship. BENJ charges 0.40%/yr vs 0.14%/yr for BIL.

Performance

BENJ vs. BIL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BENJ having a 2.12% return and BIL slightly lower at 2.10%.

BENJ

• 1D: 0.01%
• 1M: 0.37%
• 6M: 1.81%
• YTD: 2.12%
• 1Y: 3.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.83%

BIL

• 1D: 0.00%
• 1M: 0.28%
• 6M: 1.78%
• YTD: 2.10%
• 1Y: 3.76%
• 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)
BENJ Horizon Landmark ETF	$6.98M	$4.68M	$2.43M
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	$968.84M	$901.78M	$924.99M

BENJ vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025
BENJ Horizon Landmark ETF	2.12%	3.72%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	2.10%	3.90%

Correlation

The correlation between BENJ and BIL is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.22

Return for Risk

BENJ vs. BIL — Risk / Return Rank

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

BENJ

BENJ Risk / Return Rank: 100
BENJ Sharpe Ratio Rank: 100
BENJ Sortino Ratio Rank: 99
BENJ Omega Ratio Rank: 99
BENJ Calmar Ratio Rank: 100
BENJ Martin Ratio Rank: 100

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.

BENJ vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Landmark ETF (BENJ) 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.

	BENJ	BIL	Difference
Sharpe ratio: Return per unit of total volatility	11.26	19.07	-7.81
Sortino ratio: Return per unit of downside risk	26.60	151.51	-124.91
Omega ratio: Gain probability vs. loss probability	6.46	68.62	-62.16
Calmar ratio: Return relative to maximum drawdown	65.33	345.49	-280.16
Martin ratio: Return relative to average drawdown	362.26	2,450.06	-2,087.81

BENJ vs. BIL - Sharpe Ratio Comparison

The current BENJ Sharpe Ratio is 11.26, which is lower than the BIL Sharpe Ratio of 19.07. The chart below compares the historical Sharpe Ratios of BENJ 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

BENJ vs. BIL - Drawdown Comparison

The maximum BENJ drawdown since its inception was -0.39%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BENJ and BIL.

Drawdown Indicators

	BENJ	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.39%	-0.78%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.01%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.26%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

BENJ vs. BIL - Volatility Comparison

Horizon Landmark ETF (BENJ) has a higher volatility of 0.12% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that BENJ'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

	BENJ	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.05%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.28%	0.14%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	0.34%	0.20%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.59%	0.26%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.59%	0.26%	+0.33%

BENJ vs. BIL - Expense Ratio Comparison

BENJ has a 0.40% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

BENJ vs. BIL - Dividend Comparison

BENJ 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
BENJ Horizon Landmark ETF	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 BENJ and BIL in my portfolio?

BENJ and BIL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BENJ or BIL?

BENJ has higher volatility (0.12%) compared to BIL (0.05%). In terms of maximum drawdown, BENJ dropped -0.39% vs BIL's -0.78%.

Which ETF is better, BENJ or BIL?

On 1-year performance, BENJ leads with 3.80% vs 3.76% for BIL. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BENJ or BIL?

Over the 1-year period, BENJ has performed better with a 3.80% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BENJ or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.40% for BENJ.

Which ETF pays a higher dividend yield, BENJ or BIL?

BIL has the higher dividend yield at 3.77%, compared with 0.00% for BENJ.

What is the main difference between BENJ and BIL?

BENJ is categorized as Ultrashort Bond, while BIL is Government Bonds. They also come from different issuers: Horizon and State Street. Their fees differ too: 0.40% for BENJ and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.07 vs 11.26), 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.