BIL vs. GBIL

Last updated Jun 4, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) are both Government Bonds funds - BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index while GBIL tracks the FTSE US Treasury 0-1 Year Composite Select Index. Both are passively managed. Over the past 5 years, BIL returned 3.41%/yr vs 3.32%/yr for GBIL. At a 0.35 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.12%/yr for GBIL.

Performance

BIL vs. GBIL - 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 Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BIL having a 1.49% return and GBIL slightly lower at 1.42%.

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%

GBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.42%
• 6M: 1.73%
• 1Y: 3.91%
• 3Y*: 4.64%
• 5Y*: 3.32%
• 10Y*: —

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

BIL vs. GBIL - 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%
GBIL Goldman Sachs Access Treasury 0-1 Year ETF	1.42%	4.12%	5.24%	4.91%	1.05%	-0.08%	0.79%	2.31%	1.78%	0.69%

Correlation

The correlation between BIL and GBIL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Sep 9, 2016	0.35

The correlation between BIL and GBIL shifts across timeframes, from 0.35 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BIL vs. GBIL — 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

GBIL

GBIL Risk / Return Rank: 100
GBIL Sharpe Ratio Rank: 100
GBIL Sortino Ratio Rank: 100
GBIL Omega Ratio Rank: 100
GBIL Calmar Ratio Rank: 100
GBIL Martin Ratio Rank: 100

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. GBIL - 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 Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). 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	GBIL	Difference
Sharpe ratio: Return per unit of total volatility	19.71	16.89	+2.82
Sortino ratio: Return per unit of downside risk	174.16	102.89	+71.27
Omega ratio: Gain probability vs. loss probability	87.91	39.42	+48.48
Calmar ratio: Return relative to maximum drawdown	355.35	196.43	+158.92
Martin ratio: Return relative to average drawdown	2,817.77	1,608.66	+1,209.11
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. GBIL - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.71, which is comparable to the GBIL Sharpe Ratio of 16.89. The chart below compares the historical Sharpe Ratios of BIL and GBIL, 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	GBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.71	16.89	+2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	13.16	5.78	+7.38
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	4.87	-2.10

Drawdowns

BIL vs. GBIL - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, roughly equal to the maximum GBIL drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for BIL and GBIL.

Drawdown Indicators

	BIL	GBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-0.76%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.02%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-0.76%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-0.10%	-0.76%	+0.66%
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.04%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BIL vs. GBIL - Volatility Comparison

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a higher volatility of 0.05% compared to Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) at 0.04%. This indicates that BIL's price experiences larger fluctuations and is considered to be riskier than GBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	GBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.04%	+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%	0.58%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	0.47%	-0.21%

BIL vs. GBIL - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is higher than GBIL's 0.12% 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. GBIL - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, more than GBIL's 3.74% 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%
GBIL Goldman Sachs Access Treasury 0-1 Year ETF	3.74%	4.02%	4.93%	4.77%	1.37%	0.00%	0.81%	2.20%	1.70%	0.74%	0.11%

Frequently Asked Questions

Can I hold both BIL and GBIL in my portfolio?

BIL and GBIL have a correlation of 0.43, 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 GBIL?

BIL has higher volatility (0.05%) compared to GBIL (0.04%). In terms of maximum drawdown, BIL dropped -0.78% vs GBIL's -0.76%.

Which ETF is better, BIL or GBIL?

On 5-year performance, BIL leads with 3.41% vs 3.32% for GBIL. On fees, GBIL is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIL or GBIL?

Over the 5-year period, BIL has performed better with a 3.41% return vs 3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIL or GBIL?

GBIL is cheaper with a 0.12% expense ratio, compared with 0.14% for BIL.

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

BIL has the higher dividend yield at 3.86%, compared with 3.74% for GBIL.

What is the main difference between BIL and GBIL?

BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while GBIL tracks FTSE US Treasury 0-1 Year Composite Select Index. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.14% for BIL and 0.12% for GBIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 16.89), 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.