BIL vs. FLTB
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and FLTB (Fidelity Limited Term 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 FLTB is a Short-Term Bond fund actively managed by Fidelity. BIL is passively managed, while FLTB is actively managed. Over the past 10 years, BIL returned 2.18%/yr vs 2.48%/yr for FLTB. At a 0.03 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.25%/yr for FLTB.
Performance
BIL vs. FLTB - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.49% return, which is significantly higher than FLTB's 0.81% return. Over the past 10 years, BIL has underperformed FLTB with an annualized return of 2.18%, while FLTB has yielded a comparatively higher 2.48% annualized 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%
FLTB
- 1D
- -0.03%
- 1M
- 0.33%
- YTD
- 0.81%
- 6M
- 1.01%
- 1Y
- 4.69%
- 3Y*
- 5.53%
- 5Y*
- 2.25%
- 10Y*
- 2.48%
BIL vs. FLTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
FLTB Fidelity Limited Term Bond ETF | 0.81% | 6.60% | 5.14% | 5.94% | -5.88% | -1.20% | 5.57% | 5.87% | 1.06% | 2.10% |
Correlation
The correlation between BIL and FLTB is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014 | 0.03 |
The correlation between BIL and FLTB shifts across timeframes, from -0.19 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. FLTB — Risk / Return Rank
BIL
FLTB
BIL vs. FLTB - 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 Fidelity Limited Term Bond ETF (FLTB). 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 | FLTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.50 | ||
| Sortino ratioReturn per unit of downside risk | +170.73 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 1.42 | +86.49 |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | 3.09 | +352.26 |
| Martin ratioReturn relative to average drawdown | 2,817.77 | 13.08 | +2,804.70 |
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 | FLTB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | 2.21 | +17.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | 0.81 | +12.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.52 | 0.85 | +7.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 0.83 | +1.94 |
Drawdowns
BIL vs. FLTB - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum FLTB drawdown of -9.37%. Use the drawdown chart below to compare losses from any high point for BIL and FLTB.
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Drawdown Indicators
| BIL | FLTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -9.37% | +8.59% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -1.52% | +1.51% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -1.52% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | -9.26% | +9.16% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -9.37% | +9.16% |
Current DrawdownCurrent decline from peak | 0.00% | -0.29% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -1.40% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.36% | -0.36% |
Volatility
BIL vs. FLTB - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while Fidelity Limited Term Bond ETF (FLTB) has a volatility of 0.63%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than FLTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | FLTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.63% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 1.64% | -1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 2.13% | -1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 2.80% | -2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 2.94% | -2.68% |
BIL vs. FLTB - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than FLTB's 0.25% 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. FLTB - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, less than FLTB's 4.36% 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% |
FLTB Fidelity Limited Term Bond ETF | 4.36% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
Frequently Asked Questions
BIL and FLTB have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLTB has higher volatility (0.63%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs FLTB's -9.37%.
On 10-year performance, FLTB leads with 2.48% vs 2.18% 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.
Over the 10-year period, FLTB has performed better with a 2.48% return vs 2.18%. 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 0.25% for FLTB.
FLTB has the higher dividend yield at 4.36%, compared with 3.86% for BIL.
BIL is categorized as Government Bonds, while FLTB is Short-Term Bond. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.14% for BIL and 0.25% for FLTB.
BIL currently has the higher Sharpe Ratio (19.71 vs 2.21), 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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