BIL vs. AAOI

Last updated Jun 14, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) is Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while AAOI (Applied Optoelectronics, Inc.) is a stock. Over the past 10 years, BIL returned 2.20%/yr vs 32.75%/yr for AAOI. At a 0.00 correlation, their price movements are largely independent.

Performance

BIL vs. AAOI - Performance Comparison

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

Returns By Period

In the year-to-date period, BIL achieves a 1.60% return, which is significantly lower than AAOI's 384.94% return. Over the past 10 years, BIL has underperformed AAOI with an annualized return of 2.20%, while AAOI has yielded a comparatively higher 32.75% annualized return.

BIL

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.60%
• 6M: 1.76%
• 1Y: 3.85%
• 3Y*: 4.63%
• 5Y*: 3.43%
• 10Y*: 2.20%

AAOI

• 1D: -2.16%
• 1M: -16.96%
• YTD: 384.94%
• 6M: 427.29%
• 1Y: 992.76%
• 3Y*: 259.45%
• 5Y*: 80.64%
• 10Y*: 32.75%

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

BIL vs. AAOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.60%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%
AAOI Applied Optoelectronics, Inc.	384.94%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	-23.01%	-59.20%	61.35%

Correlation

The correlation between BIL and AAOI is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013	0.00

Return for Risk

BIL vs. AAOI — Risk / Return Rank

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

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

AAOI

AAOI Risk / Return Rank: 98
AAOI Sharpe Ratio Rank: 100
AAOI Sortino Ratio Rank: 97
AAOI Omega Ratio Rank: 94
AAOI Calmar Ratio Rank: 99
AAOI Martin Ratio Rank: 99

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.

BIL vs. AAOI - Risk-Adjusted Trends Comparison

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

	BIL	AAOI	Difference
Sharpe ratio: Return per unit of total volatility	19.63	6.52	+13.11
Sortino ratio: Return per unit of downside risk	175.17	4.32	+170.84
Omega ratio: Gain probability vs. loss probability	88.41	1.50	+86.91
Calmar ratio: Return relative to maximum drawdown	357.44	19.07	+338.37
Martin ratio: Return relative to average drawdown	2,834.34	52.70	+2,781.63

BIL vs. AAOI - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.63, which is higher than the AAOI Sharpe Ratio of 6.52. The chart below compares the historical Sharpe Ratios of BIL and AAOI, 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

BIL vs. AAOI - Drawdown Comparison

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

Drawdown Indicators

	BIL	AAOI	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-98.49%	+97.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-47.64%	+47.63%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-77.17%	+77.16%
Max Drawdown (5Y) Largest decline over 5 years	-0.09%	-83.07%	+82.98%
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	-98.49%	+98.28%
Current Drawdown Current decline from peak	0.00%	-24.23%	+24.23%
Average Drawdown Average peak-to-trough decline	-0.26%	-65.67%	+65.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	17.21%	-17.21%

Volatility

BIL vs. AAOI - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 40.42%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than AAOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	AAOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	40.42%	-40.36%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	109.93%	-109.79%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	139.42%	-139.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	119.31%	-119.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	98.26%	-98.00%

Dividends

BIL vs. AAOI - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, while AAOI has not paid dividends to shareholders.

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	3.86%	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 BIL and AAOI in my portfolio?

BIL and AAOI have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIL or AAOI?

AAOI has higher volatility (40.42%) compared to BIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs AAOI's -98.49%.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.63 vs 6.52), 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.