BIL vs. GBTC
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, BIL returned 2.23%/yr vs 47.82%/yr for GBTC. At a 0.02 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 1.50%/yr for GBTC.
Performance
BIL vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.95% return, which is significantly higher than GBTC's -26.20% return. Over the past 10 years, BIL has underperformed GBTC with an annualized return of 2.23%, while GBTC has yielded a comparatively higher 47.82% annualized return.
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- 6M
- 1.77%
- YTD
- 1.95%
- 1Y
- 3.79%
- 3Y*
- 4.56%
- 5Y*
- 3.51%
- 10Y*
- 2.23%
- ALL TIME*
- 1.37%
GBTC
- 1D
- 1.49%
- 1M
- 3.38%
- 6M
- -32.35%
- YTD
- -26.20%
- 1Y
- -45.38%
- 3Y*
- 36.41%
- 5Y*
- 14.15%
- 10Y*
- 47.82%
- ALL TIME*
- 55.15%
BIL vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.95% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
GBTC Grayscale Bitcoin Trust ETF | -26.20% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between BIL and GBTC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.02 |
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Return for Risk
BIL vs. GBTC — Risk / Return Rank
BIL
GBTC
BIL vs. GBTC - 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 Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +20.23 | ||
| Sortino ratioReturn per unit of downside risk | +154.23 | ||
| Omega ratioGain probability vs. loss probability | 69.15 | 0.83 | +68.32 |
| Calmar ratioReturn relative to maximum drawdown | 348.23 | -0.85 | +349.07 |
| Martin ratioReturn relative to average drawdown | 2,469.46 | -1.35 | +2,470.81 |
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Drawdowns
BIL vs. GBTC - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for BIL and GBTC.
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Drawdown Indicators
| BIL | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -89.91% | +89.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -53.75% | +53.74% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -53.75% | +53.74% |
Max Drawdown (5Y)Largest decline over 5 years | -0.08% | -85.42% | +85.34% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -89.91% | +89.70% |
Current DrawdownCurrent decline from peak | 0.00% | -48.75% | +48.75% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -43.49% | +43.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 33.67% | -33.67% |
Volatility
BIL vs. GBTC - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 10.57%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 10.57% | -10.50% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 34.51% | -34.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 44.31% | -44.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 61.77% | -61.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 81.37% | -81.11% |
BIL vs. GBTC - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
BIL vs. GBTC - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.81%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% | 0.00% |
Frequently Asked Questions
BIL and GBTC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (10.57%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 47.82% vs 2.23% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 47.82% return vs 2.23%. 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 1.50% for GBTC.
BIL has the higher dividend yield at 3.81%, compared with 0.00% for GBTC.
BIL is categorized as Government Bonds, while GBTC is Cryptocurrency. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: State Street and Grayscale. Their fees differ too: 0.14% for BIL and 1.50% for GBTC.
BIL currently has the higher Sharpe Ratio (19.20 vs -1.03), 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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