BIL vs. BWX
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, BIL returned 2.20%/yr vs -1.24%/yr for BWX. At a 0.01 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.35%/yr for BWX.
Performance
BIL vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.60% return, which is significantly higher than BWX's -1.69% return. Over the past 10 years, BIL has outperformed BWX with an annualized return of 2.20%, while BWX has yielded a comparatively lower -1.24% annualized return.
BIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.60%
- 6M
- 1.76%
- 1Y
- 3.89%
- 3Y*
- 4.63%
- 5Y*
- 3.43%
- 10Y*
- 2.20%
BWX
- 1D
- 0.00%
- 1M
- -0.57%
- YTD
- -1.69%
- 6M
- -1.37%
- 1Y
- -3.77%
- 3Y*
- 1.14%
- 5Y*
- -4.44%
- 10Y*
- -1.24%
BIL vs. BWX - 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% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between BIL and BWX is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
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 Oct 11, 2007 | 0.01 |
The correlation between BIL and BWX shifts across timeframes, from -0.17 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. BWX — Risk / Return Rank
BIL
BWX
BIL vs. BWX - 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 SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +20.12 | ||
| Sortino ratioReturn per unit of downside risk | +175.83 | ||
| Omega ratioGain probability vs. loss probability | 88.41 | 0.93 | +87.48 |
| Calmar ratioReturn relative to maximum drawdown | 357.44 | -0.61 | +358.06 |
| Martin ratioReturn relative to average drawdown | 2,834.34 | -1.21 | +2,835.55 |
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Drawdowns
BIL vs. BWX - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for BIL and BWX.
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Drawdown Indicators
| BIL | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -34.05% | +33.27% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -6.16% | +6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -10.22% | +10.21% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -30.95% | +30.86% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -34.05% | +33.84% |
Current DrawdownCurrent decline from peak | 0.00% | -23.81% | +23.81% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -10.06% | +9.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.13% | -3.13% |
Volatility
BIL vs. BWX - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.49%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 2.49% | -2.43% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 5.91% | -5.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 7.78% | -7.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 9.70% | -9.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 8.67% | -8.41% |
BIL vs. BWX - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
BIL vs. BWX - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, more than BWX's 2.37% 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% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.37% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% |
Frequently Asked Questions
BIL and BWX have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to BIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs BWX's -34.05%.
On 10-year performance, BIL leads with 2.20% vs -1.24% for BWX. 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.
Over the 10-year period, BIL has performed better with a 2.20% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for BWX.
BIL has the higher dividend yield at 3.86%, compared with 2.37% for BWX.
BIL is categorized as Government Bonds, while BWX is International Government Bonds. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Their fees differ too: 0.14% for BIL and 0.35% for BWX.
BIL currently has the higher Sharpe Ratio (19.63 vs -0.49), 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.
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