BIL vs. GLD
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, BIL returned 2.24%/yr vs 11.81%/yr for GLD. Their 0.01 correlation means their historical movements had little consistent relationship. BIL charges 0.14%/yr vs 0.40%/yr for GLD.
Performance
BIL vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 2.11% return, which is significantly higher than GLD's -1.68% return. Over the past 10 years, BIL has underperformed GLD with an annualized return of 2.24%, while GLD has yielded a comparatively higher 11.81% annualized 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%
GLD
- 1D
- 4.14%
- 1M
- 1.97%
- 6M
- -14.17%
- YTD
- -1.68%
- 1Y
- 25.22%
- 3Y*
- 29.31%
- 5Y*
- 18.80%
- 10Y*
- 11.81%
- ALL TIME*
- 10.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.00B | $883.07M | $928.53M | |
| $2.72B | $2.53B | $2.75B |
BIL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.11% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
GLD SPDR Gold Shares | -1.68% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between BIL and GLD is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.01 |
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Return for Risk
BIL vs. GLD — Risk / Return Rank
BIL
GLD
BIL vs. GLD - 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 SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.28 | ||
| Sortino ratioReturn per unit of downside risk | +150.70 | ||
| Omega ratioGain probability vs. loss probability | 68.82 | 1.18 | +67.64 |
| Calmar ratioReturn relative to maximum drawdown | 346.53 | 0.96 | +345.57 |
| Martin ratioReturn relative to average drawdown | 2,457.45 | 2.03 | +2,455.42 |
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Drawdowns
BIL vs. GLD - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for BIL and GLD.
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Drawdown Indicators
| BIL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -45.56% | +44.78% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -26.40% | +26.39% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -26.40% | +26.39% |
Max Drawdown (5Y)Largest decline over 5 years | -0.08% | -26.40% | +26.32% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -26.40% | +26.19% |
Current DrawdownCurrent decline from peak | 0.00% | -21.43% | +21.43% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -16.21% | +15.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 12.46% | -12.46% |
Volatility
BIL vs. GLD - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while SPDR Gold Shares (GLD) has a volatility of 7.16%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 7.16% | -7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 20.04% | -19.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 28.35% | -28.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 18.58% | -18.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 16.18% | -15.92% |
BIL vs. GLD - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
BIL vs. GLD - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.77%, while GLD 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% |
GLD SPDR Gold Shares | 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 GLD have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.16%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.81% vs 2.24% 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, GLD has performed better with a 11.81% return vs 2.24%. 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 0.40% for GLD.
BIL has the higher dividend yield at 3.77%, compared with 0.00% for GLD.
BIL is categorized as Government Bonds, while GLD is Gold. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.14% for BIL and 0.40% for GLD.
BIL currently has the higher Sharpe Ratio (19.17 vs 0.89), 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.
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