BIL vs. GGOV
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while GGOV is a Global Bonds fund actively managed by iShares. BIL is passively managed, while GGOV is actively managed. Over the past year, BIL returned 3.78% vs -0.31% for GGOV. Their -0.11 correlation means they have often moved in opposite directions in the past. BIL charges 0.14%/yr vs 0.39%/yr for GGOV.
Performance
BIL vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 2.11% return, which is significantly lower than GGOV's 2.79% return.
BIL
- 1D
- 0.01%
- 1M
- 0.30%
- 6M
- 1.77%
- YTD
- 2.11%
- 1Y
- 3.78%
- 3Y*
- 4.54%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
GGOV
- 1D
- -0.28%
- 1M
- 0.07%
- 6M
- 3.40%
- YTD
- 2.79%
- 1Y
- -0.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.00B | $883.07M | $928.53M | |
| $53.93M | $62.66M | $80.75M |
BIL vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.11% | 2.12% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.79% | -2.80% |
Correlation
The correlation between BIL and GGOV is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | -0.11 |
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Return for Risk
BIL vs. GGOV — Risk / Return Rank
BIL
GGOV
BIL vs. GGOV - 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 Global Government Bond USD Hedged Active ETF (GGOV). 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 | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +19.23 | ||
| Sortino ratioReturn per unit of downside risk | +152.00 | ||
| Omega ratioGain probability vs. loss probability | 68.82 | 0.99 | +67.83 |
| Calmar ratioReturn relative to maximum drawdown | 346.53 | -0.07 | +346.60 |
| Martin ratioReturn relative to average drawdown | 2,457.45 | -0.14 | +2,457.59 |
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Drawdowns
BIL vs. GGOV - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for BIL and GGOV.
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Drawdown Indicators
| BIL | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -4.69% | +3.91% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -4.69% | +4.68% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.02% | +1.02% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -1.53% | +1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.15% | -2.15% |
Volatility
BIL vs. GGOV - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while iShares Global Government Bond USD Hedged Active ETF (GGOV) has a volatility of 0.92%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.92% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 3.60% | -3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 5.24% | -5.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 5.09% | -4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 5.09% | -4.83% |
BIL vs. GGOV - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
BIL vs. GGOV - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.77%, while GGOV 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 | 3.77% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and GGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGOV has higher volatility (0.92%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs GGOV's -4.69%.
On 1-year performance, BIL leads with 3.78% vs -0.31% for GGOV. 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 1-year period, BIL has performed better with a 3.78% return vs -0.31%. 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 0.39% for GGOV.
BIL has the higher dividend yield at 3.77%, compared with 0.00% for GGOV.
BIL is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.39% for GGOV.
BIL currently has the higher Sharpe Ratio (19.17 vs -0.06), 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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