BIL vs. AGEM

Last updated Jun 14, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and AGEM (abrdn Emerging Markets Dividend Active ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while AGEM is a Emerging Markets Equities fund actively managed by abrdn. BIL is passively managed, while AGEM is actively managed. Over the past year, BIL returned 3.85% vs 56.44% for AGEM. At a correlation of -0.09, they often move in opposite directions. BIL charges 0.14%/yr vs 0.70%/yr for AGEM.

Performance

BIL vs. AGEM - 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 abrdn Emerging Markets Dividend Active ETF (AGEM). 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 AGEM's 28.39% 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%

AGEM

• 1D: 0.40%
• 1M: 1.36%
• YTD: 28.39%
• 6M: 30.42%
• 1Y: 56.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BIL vs. AGEM - Yearly Performance Comparison

	2026 (YTD)	2025
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.60%	3.61%
AGEM abrdn Emerging Markets Dividend Active ETF	28.39%	29.73%

Correlation

The correlation between BIL and AGEM is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	-0.09

Return for Risk

BIL vs. AGEM — 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

AGEM

AGEM Risk / Return Rank: 83
AGEM Sharpe Ratio Rank: 86
AGEM Sortino Ratio Rank: 81
AGEM Omega Ratio Rank: 85
AGEM Calmar Ratio Rank: 82
AGEM Martin Ratio Rank: 82

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. AGEM - 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 abrdn Emerging Markets Dividend Active ETF (AGEM). 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	AGEM	Difference
Sharpe ratio: Return per unit of total volatility	19.63	2.48	+17.15
Sortino ratio: Return per unit of downside risk	175.17	3.17	+172.00
Omega ratio: Gain probability vs. loss probability	88.41	1.45	+86.96
Calmar ratio: Return relative to maximum drawdown	357.44	3.88	+353.56
Martin ratio: Return relative to average drawdown	2,834.34	14.50	+2,819.83

BIL vs. AGEM - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.63, which is higher than the AGEM Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of BIL and AGEM, 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. AGEM - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum AGEM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for BIL and AGEM.

Drawdown Indicators

	BIL	AGEM	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-15.58%	+14.80%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-13.92%	+13.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	—	—
Current Drawdown Current decline from peak	0.00%	-3.82%	+3.82%
Average Drawdown Average peak-to-trough decline	-0.26%	-2.31%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	3.72%	-3.72%

Volatility

BIL vs. AGEM - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while abrdn Emerging Markets Dividend Active ETF (AGEM) has a volatility of 10.95%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than AGEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	AGEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	10.95%	-10.89%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	19.56%	-19.42%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	21.78%	-21.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	22.46%	-22.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	22.46%	-22.20%

BIL vs. AGEM - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is lower than AGEM's 0.70% expense ratio.

Dividends

BIL vs. AGEM - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, more than AGEM's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AGEM abrdn Emerging Markets Dividend Active ETF	1.75%	1.80%	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 AGEM in my portfolio?

BIL and AGEM 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.

Which is riskier, BIL or AGEM?

AGEM has higher volatility (10.95%) compared to BIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs AGEM's -15.58%.

Which ETF is better, BIL or AGEM?

On 1-year performance, AGEM leads with 56.44% vs 3.85% 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.

Which ETF has performed better, BIL or AGEM?

Over the 1-year period, AGEM has performed better with a 56.44% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIL or AGEM?

BIL is cheaper with a 0.14% expense ratio, compared with 0.70% for AGEM.

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

BIL has the higher dividend yield at 3.86%, compared with 1.75% for AGEM.

What is the main difference between BIL and AGEM?

BIL is categorized as Government Bonds, while AGEM is Emerging Markets Equities. They also come from different issuers: State Street and abrdn. Their fees differ too: 0.14% for BIL and 0.70% for AGEM.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.63 vs 2.48), 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.