BIL vs. GMMF

Last updated Apr 4, 2026

Compare and contrast key facts about SPDR Barclays 1-3 Month T-Bill ETF (BIL) and iShares Government Money Market ETF (GMMF).

BIL and GMMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BIL is a passively managed fund by State Street that tracks the performance of the Barclays Capital U.S. 1-3 Month Treasury Bill Index. It was launched on May 25, 2007. GMMF is an actively managed fund by iShares. It was launched on Feb 4, 2025.

Performance

BIL vs. GMMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Barclays 1-3 Month T-Bill ETF (BIL) and iShares Government Money Market ETF (GMMF). 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 0.90% return and GMMF slightly lower at 0.89%.

BIL

• 1D: 0.02%
• 1M: 0.30%
• YTD: 0.90%
• 6M: 1.83%
• 1Y: 4.00%
• 3Y*: 4.71%
• 5Y*: 3.28%
• 10Y*: 2.13%

GMMF

• 1D: 0.03%
• 1M: 0.29%
• YTD: 0.89%
• 6M: 1.82%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BIL vs. GMMF - Yearly Performance Comparison

	2026 (YTD)	2025
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.90%	3.75%
GMMF iShares Government Money Market ETF	0.89%	3.70%

Correlation

The correlation between BIL and GMMF is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.

BIL vs. GMMF - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is lower than GMMF's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

GMMF

iShares Government Money Market ETF

BIL

SPDR Barclays 1-3 Month T-Bill ETF

Return for Risk

BIL vs. GMMF — 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

GMMF

GMMF Risk / Return Rank: 100
GMMF Sharpe Ratio Rank: 100
GMMF Sortino Ratio Rank: 100
GMMF Omega Ratio Rank: 100
GMMF Calmar Ratio Rank: 100
GMMF 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. GMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Barclays 1-3 Month T-Bill ETF (BIL) and iShares Government Money Market ETF (GMMF). 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	GMMF	Difference
Sharpe ratio Return per unit of total volatility	19.57	16.86	+2.71
Sortino ratio Return per unit of downside risk	254.91	71.78	+183.13
Omega ratio Gain probability vs. loss probability	180.89	18.36	+162.53
Calmar ratio Return relative to maximum drawdown	367.86	132.40	+235.46
Martin ratio Return relative to average drawdown	4,130.10	1,104.93	+3,025.17
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. GMMF - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.57, which is comparable to the GMMF Sharpe Ratio of 16.86. The chart below compares the historical Sharpe Ratios of BIL and GMMF, 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	GMMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.57	16.86	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	12.56	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	8.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.73	16.20	-13.47

Drawdowns

BIL vs. GMMF - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, which is greater than GMMF's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for BIL and GMMF.

Drawdown Indicators

	BIL	GMMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-0.03%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.03%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-0.11%	—	—
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%	0.00%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BIL vs. GMMF - Volatility Comparison

SPDR Barclays 1-3 Month T-Bill ETF (BIL) has a higher volatility of 0.06% compared to iShares Government Money Market ETF (GMMF) at 0.05%. This indicates that BIL's price experiences larger fluctuations and is considered to be riskier than GMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	GMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.05%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.15%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	0.24%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	0.25%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	0.25%	+0.01%

Dividends

BIL vs. GMMF - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.96%, more than GMMF's 3.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Barclays 1-3 Month T-Bill ETF	3.96%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
GMMF iShares Government Money Market ETF	3.74%	3.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%