BIL vs. CLIP
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, BIL returned 3.87% vs 3.96% for CLIP. At a 0.31 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.07%/yr for CLIP.
Performance
BIL vs. CLIP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BIL having a 1.49% return and CLIP slightly higher at 1.50%.
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%
CLIP
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.50%
- 6M
- 1.82%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIL vs. CLIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 2.80% |
CLIP Global X 1-3 Month T-Bill ETF | 1.50% | 4.23% | 5.26% | 2.82% |
Correlation
The correlation between BIL and CLIP is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.31 |
Over the past year, BIL and CLIP have become more correlated (0.54) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
BIL vs. CLIP — Risk / Return Rank
BIL
CLIP
BIL vs. CLIP - 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 Global X 1-3 Month T-Bill ETF (CLIP). 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 | CLIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +102.14 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 20.66 | +67.24 |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | 142.22 | +213.13 |
| Martin ratioReturn relative to average drawdown | 2,817.77 | 1,151.15 | +1,666.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIL | CLIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | 17.26 | +2.45 |
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 | 10.71 | -7.93 |
Drawdowns
BIL vs. CLIP - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BIL and CLIP.
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Drawdown Indicators
| BIL | CLIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -0.08% | -0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.03% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.00% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
BIL vs. CLIP - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while Global X 1-3 Month T-Bill ETF (CLIP) has a volatility of 0.06%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | CLIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.06% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.14% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.23% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.44% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 0.44% | -0.18% |
BIL vs. CLIP - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is higher than CLIP's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BIL vs. CLIP - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, less than CLIP's 3.91% 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% |
CLIP Global X 1-3 Month T-Bill ETF | 3.91% | 4.14% | 5.11% | 2.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and CLIP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLIP has higher volatility (0.06%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs CLIP's -0.08%.
On 1-year performance, CLIP leads with 3.96% vs 3.87% for BIL. On fees, CLIP is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CLIP has performed better with a 3.96% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLIP is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.
CLIP has the higher dividend yield at 3.91%, compared with 3.86% for BIL.
BIL is categorized as Government Bonds, while CLIP is Ultrashort Bond. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: State Street and Global X. Their fees differ too: 0.14% for BIL and 0.07% for CLIP.
BIL currently has the higher Sharpe Ratio (19.71 vs 17.26), 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.
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