BIL vs. FLOT
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and FLOT (iShares Floating Rate 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 FLOT is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note < 5 Years Index. Both are passively managed. Over the past 10 years, BIL returned 2.20%/yr vs 3.04%/yr for FLOT. At a 0.09 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.15%/yr for FLOT.
Performance
BIL vs. FLOT - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.60% return, which is significantly lower than FLOT's 1.99% return. Over the past 10 years, BIL has underperformed FLOT with an annualized return of 2.20%, while FLOT has yielded a comparatively higher 3.04% 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%
FLOT
- 1D
- 0.02%
- 1M
- 0.47%
- YTD
- 1.99%
- 6M
- 2.23%
- 1Y
- 4.87%
- 3Y*
- 5.66%
- 5Y*
- 4.22%
- 10Y*
- 3.04%
BIL vs. FLOT - 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% |
FLOT iShares Floating Rate Bond ETF | 1.99% | 4.91% | 6.53% | 6.43% | 1.28% | 0.45% | 0.87% | 3.97% | 1.48% | 1.65% |
Correlation
The correlation between BIL and FLOT is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2011 | 0.09 |
The correlation between BIL and FLOT shifts across timeframes, from 0.07 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. FLOT — Risk / Return Rank
BIL
FLOT
BIL vs. FLOT - 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 iShares Floating Rate Bond ETF (FLOT). 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 | FLOT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +13.08 | ||
| Sortino ratioReturn per unit of downside risk | +163.33 | ||
| Omega ratioGain probability vs. loss probability | 88.41 | 3.23 | +85.18 |
| Calmar ratioReturn relative to maximum drawdown | 357.44 | 11.32 | +346.12 |
| Martin ratioReturn relative to average drawdown | 2,834.34 | 105.27 | +2,729.07 |
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Drawdowns
BIL vs. FLOT - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum FLOT drawdown of -13.54%. Use the drawdown chart below to compare losses from any high point for BIL and FLOT.
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Drawdown Indicators
| BIL | FLOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -13.54% | +12.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.43% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -1.57% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -2.36% | +2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -13.54% | +13.33% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.21% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.05% | -0.05% |
Volatility
BIL vs. FLOT - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while iShares Floating Rate Bond ETF (FLOT) has a volatility of 0.21%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than FLOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | FLOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.21% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.63% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.75% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 1.77% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 4.15% | -3.89% |
BIL vs. FLOT - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than FLOT's 0.15% expense ratio. Despite the difference, 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. FLOT - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, less than FLOT's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
FLOT iShares Floating Rate Bond ETF | 4.53% | 4.84% | 5.82% | 5.66% | 2.06% | 0.43% | 1.25% | 2.78% | 2.41% | 1.46% | 0.97% | 0.53% |
Frequently Asked Questions
BIL and FLOT have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLOT has higher volatility (0.21%) compared to BIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs FLOT's -13.54%.
On 10-year performance, FLOT leads with 3.04% vs 2.20% 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.
Over the 10-year period, FLOT has performed better with a 3.04% return vs 2.20%. 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 0.15% for FLOT.
FLOT has the higher dividend yield at 4.53%, compared with 3.86% for BIL.
BIL is categorized as Government Bonds, while FLOT is Ultrashort Bond. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.15% for FLOT.
BIL currently has the higher Sharpe Ratio (19.63 vs 6.56), 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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