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 managed by iShares. At a correlation of -0.12, they often move in opposite directions. 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 1.49% return, which is significantly lower than GGOV's 2.30% 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%
GGOV
- 1D
- -0.16%
- 1M
- 0.60%
- YTD
- 2.30%
- 6M
- -1.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIL vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 2.11% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.30% | -2.81% |
Correlation
The correlation between BIL and GGOV is -0.12, 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 (All Time) Calculated using the full available price history since Jun 27, 2025 | -0.12 |
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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.
| BIL | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 87.91 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | — | — |
| Martin ratioReturn relative to average drawdown | 2,817.77 | — | — |
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 | GGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | — | — |
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 | -0.11 | +2.89 |
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% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.50% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -1.59% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | — | — |
Volatility
BIL vs. GGOV - Volatility Comparison
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Volatility by Period
| BIL | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 5.38% | -5.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 5.38% | -5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 5.38% | -5.12% |
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 3.86%, 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 | 3.86% | 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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.39% for GGOV.
BIL has the higher dividend yield at 3.86%, 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.
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