BIL vs. GSY
Compare and contrast key facts about SPDR Barclays 1-3 Month T-Bill ETF (BIL) and Invesco Ultra Short Duration ETF (GSY).
BIL and GSY 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. GSY is an actively managed fund by Invesco. It was launched on Feb 12, 2008.
Performance
BIL vs. GSY - Performance Comparison
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BIL vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Barclays 1-3 Month T-Bill ETF | 0.85% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
GSY Invesco Ultra Short Duration ETF | 0.80% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Returns By Period
In the year-to-date period, BIL achieves a 0.85% return, which is significantly higher than GSY's 0.80% return. Over the past 10 years, BIL has underperformed GSY with an annualized return of 2.12%, while GSY has yielded a comparatively higher 2.84% annualized return.
BIL
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 0.85%
- 6M
- 1.84%
- 1Y
- 3.99%
- 3Y*
- 4.70%
- 5Y*
- 3.27%
- 10Y*
- 2.12%
GSY
- 1D
- 0.04%
- 1M
- 0.08%
- YTD
- 0.80%
- 6M
- 1.92%
- 1Y
- 4.52%
- 3Y*
- 5.49%
- 5Y*
- 3.51%
- 10Y*
- 2.84%
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BIL vs. GSY - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than GSY's 0.22% 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%.
Return for Risk
BIL vs. GSY — Risk / Return Rank
BIL
GSY
BIL vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 19.52 | 10.64 | +8.87 |
Sortino ratioReturn per unit of downside risk | 254.04 | 24.03 | +230.01 |
Omega ratioGain probability vs. loss probability | 180.28 | 6.27 | +174.00 |
Calmar ratioReturn relative to maximum drawdown | 365.54 | 25.29 | +340.24 |
Martin ratioReturn relative to average drawdown | 4,104.04 | 176.75 | +3,927.29 |
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 | GSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.52 | 10.64 | +8.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 12.54 | 6.07 | +6.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.22 | 2.33 | +5.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.72 | 0.45 | +2.27 |
Correlation
The correlation between BIL and GSY is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BIL vs. GSY - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 4.01%, less than GSY's 4.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Barclays 1-3 Month T-Bill ETF | 4.01% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
GSY Invesco Ultra Short Duration ETF | 4.43% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
Drawdowns
BIL vs. GSY - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for BIL and GSY.
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Drawdown Indicators
| BIL | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -12.14% | +11.36% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.18% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -0.12% | -1.48% | +1.36% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -5.25% | +5.04% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -2.41% | +2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.03% | -0.03% |
Volatility
BIL vs. GSY - Volatility Comparison
The current volatility for SPDR Barclays 1-3 Month T-Bill ETF (BIL) is 0.05%, while Invesco Ultra Short Duration ETF (GSY) has a volatility of 0.15%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.15% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.28% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.21% | 0.43% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.58% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 1.22% | -0.96% |