BIL vs. IBTF
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and IBTF (iShares iBonds Dec 2025 Term Treasury ETF) are both Government Bonds funds - BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index while IBTF tracks the ICE 2025 Maturity US Treasury Index. Both are passively managed. Over the past 5 years, BIL returned 3.45%/yr vs 0.97%/yr for IBTF. At a 0.12 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.07%/yr for IBTF.
Performance
BIL vs. IBTF - Performance Comparison
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Returns By Period
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.84%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
IBTF
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.88%
- 3Y*
- 3.74%
- 5Y*
- 0.97%
- 10Y*
- —
BIL vs. IBTF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.67% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.15% |
IBTF iShares iBonds Dec 2025 Term Treasury ETF | 0.00% | 3.81% | 4.60% | 4.12% | -6.39% | -2.31% | 3.85% |
Correlation
The correlation between BIL and IBTF is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2020 | 0.12 |
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Return for Risk
BIL vs. IBTF — Risk / Return Rank
BIL
IBTF
BIL vs. IBTF - 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 iBonds Dec 2025 Term Treasury ETF (IBTF). 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 | IBTF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.69 | ||
| Sortino ratioReturn per unit of downside risk | +153.66 | ||
| Omega ratioGain probability vs. loss probability | 87.16 | 6.14 | +81.02 |
| Calmar ratioReturn relative to maximum drawdown | 352.24 | 52.11 | +300.14 |
| Martin ratioReturn relative to average drawdown | 2,793.11 | 263.51 | +2,529.60 |
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Drawdowns
BIL vs. IBTF - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum IBTF drawdown of -10.45%. Use the drawdown chart below to compare losses from any high point for BIL and IBTF.
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Drawdown Indicators
| BIL | IBTF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -10.45% | +9.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.04% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.46% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -9.53% | +9.44% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -3.30% | +3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
BIL vs. IBTF - Volatility Comparison
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a higher volatility of 0.07% compared to iShares iBonds Dec 2025 Term Treasury ETF (IBTF) at 0.00%. This indicates that BIL's price experiences larger fluctuations and is considered to be riskier than IBTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | IBTF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.00% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.15% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.34% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 2.37% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 2.55% | -2.29% |
BIL vs. IBTF - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is higher than IBTF's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BIL vs. IBTF - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, more than IBTF's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
IBTF iShares iBonds Dec 2025 Term Treasury ETF | 2.08% | 3.83% | 4.32% | 4.03% | 1.93% | 0.57% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and IBTF have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.07%) compared to IBTF (0.00%). In terms of maximum drawdown, BIL dropped -0.78% vs IBTF's -10.45%.
On 5-year performance, BIL leads with 3.45% vs 0.97% for IBTF. On fees, IBTF is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIL has performed better with a 3.45% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTF is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.85%, compared with 2.08% for IBTF.
BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while IBTF tracks ICE 2025 Maturity US Treasury Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.07% for IBTF.
BIL currently has the higher Sharpe Ratio (19.32 vs 6.63), 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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