BIL vs. BUCK

Last updated Jun 4, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and BUCK (Simplify Treasury Option Income ETF) are both Government Bonds funds. BIL is passively managed, while BUCK is actively managed. Over the past 3 years, BIL returned 4.64%/yr vs 5.27%/yr for BUCK. At a correlation of -0.03, they often move in opposite directions. BIL charges 0.14%/yr vs 0.35%/yr for BUCK.

Performance

BIL vs. BUCK - 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 Simplify Treasury Option Income ETF (BUCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIL achieves a 1.49% return, which is significantly lower than BUCK's 1.90% return.

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%

BUCK

• 1D: 0.02%
• 1M: 0.38%
• YTD: 1.90%
• 6M: 2.09%
• 1Y: 7.95%
• 3Y*: 5.27%
• 5Y*: —
• 10Y*: —

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

BIL vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	0.68%
BUCK Simplify Treasury Option Income ETF	1.90%	4.13%	7.25%	4.63%	0.39%

Correlation

The correlation between BIL and BUCK is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Oct 31, 2022	-0.03

Return for Risk

BIL vs. BUCK — 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

BUCK

BUCK Risk / Return Rank: 87
BUCK Sharpe Ratio Rank: 77
BUCK Sortino Ratio Rank: 84
BUCK Omega Ratio Rank: 86
BUCK Calmar Ratio Rank: 92
BUCK Martin Ratio Rank: 95

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. BUCK - 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 Simplify Treasury Option Income ETF (BUCK). 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.

	BIL	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	19.71	2.54	+17.17
Sortino ratio: Return per unit of downside risk	174.16	3.83	+170.33
Omega ratio: Gain probability vs. loss probability	87.91	1.54	+86.36
Calmar ratio: Return relative to maximum drawdown	355.35	6.11	+349.25
Martin ratio: Return relative to average drawdown	2,817.77	32.31	+2,785.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIL vs. BUCK - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.71, which is higher than the BUCK Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of BIL and BUCK, 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

	BIL	BUCK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.71	2.54	+17.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	13.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	8.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.78	1.47	+1.31

Drawdowns

BIL vs. BUCK - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum BUCK drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for BIL and BUCK.

Drawdown Indicators

	BIL	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-5.43%	+4.65%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-1.31%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-5.43%	+5.42%
Max Drawdown (5Y) Largest decline over 5 years	-0.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	—	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.49%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.25%	-0.25%

Volatility

BIL vs. BUCK - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while Simplify Treasury Option Income ETF (BUCK) has a volatility of 0.70%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.70%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	1.53%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	3.14%	-2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	3.49%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	3.49%	-3.23%

BIL vs. BUCK - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is lower than BUCK's 0.35% expense ratio.

Dividends

BIL vs. BUCK - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, less than BUCK's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
BUCK Simplify Treasury Option Income ETF	7.42%	7.59%	8.84%	4.84%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIL and BUCK in my portfolio?

BIL and BUCK have a correlation of -0.11, 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 BUCK?

BUCK has higher volatility (0.70%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs BUCK's -5.43%.

Which ETF is better, BIL or BUCK?

On 3-year performance, BUCK leads with 5.27% vs 4.64% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIL or BUCK?

Over the 3-year period, BUCK has performed better with a 5.27% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIL or BUCK?

BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for BUCK.

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

BUCK has the higher dividend yield at 7.42%, compared with 3.86% for BIL.

What is the main difference between BIL and BUCK?

They also come from different issuers: State Street and Simplify. Their fees differ too: 0.14% for BIL and 0.35% for BUCK.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 2.54), 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.