BIL vs. JMSI
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and JMSI (J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while JMSI is a Municipal Bonds fund actively managed by JPMorgan. BIL is passively managed, while JMSI is actively managed. Over the past year, BIL returned 3.83% vs 6.02% for JMSI. At a correlation of -0.07, they often move in opposite directions. BIL charges 0.14%/yr vs 0.18%/yr for JMSI.
Performance
BIL vs. JMSI - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.73% return, which is significantly higher than JMSI's 1.51% return.
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- YTD
- 1.73%
- 6M
- 1.75%
- 1Y
- 3.83%
- 3Y*
- 4.61%
- 5Y*
- 3.46%
- 10Y*
- 2.21%
JMSI
- 1D
- -0.06%
- 1M
- 0.64%
- YTD
- 1.51%
- 6M
- 1.60%
- 1Y
- 6.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIL vs. JMSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.73% | 4.15% | 5.19% | 2.44% |
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund | 1.51% | 4.40% | 2.77% | 2.71% |
Correlation
The correlation between BIL and JMSI is -0.18, 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 (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023 | -0.07 |
The correlation between BIL and JMSI shifts across timeframes, from -0.18 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. JMSI — Risk / Return Rank
BIL
JMSI
BIL vs. JMSI - 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 J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI). 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 | JMSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.39 | ||
| Sortino ratioReturn per unit of downside risk | +171.10 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 1.43 | +86.48 |
| Calmar ratioReturn relative to maximum drawdown | 355.37 | 2.02 | +353.35 |
| Martin ratioReturn relative to average drawdown | 2,817.87 | 6.83 | +2,811.05 |
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Drawdowns
BIL vs. JMSI - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum JMSI drawdown of -4.57%. Use the drawdown chart below to compare losses from any high point for BIL and JMSI.
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Drawdown Indicators
| BIL | JMSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -4.57% | +3.79% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -2.98% | +2.97% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.42% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.91% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.88% | -0.88% |
Volatility
BIL vs. JMSI - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) has a volatility of 0.68%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than JMSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | JMSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.68% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 2.23% | -2.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 2.89% | -2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 3.70% | -3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 3.70% | -3.44% |
BIL vs. JMSI - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than JMSI's 0.18% 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%.
Dividends
BIL vs. JMSI - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, more than JMSI's 3.63% 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% |
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund | 3.63% | 3.65% | 3.66% | 1.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and JMSI have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMSI has higher volatility (0.68%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs JMSI's -4.57%.
On 1-year performance, JMSI leads with 6.02% vs 3.83% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JMSI has performed better with a 6.02% return vs 3.83%. 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 0.18% for JMSI.
BIL has the higher dividend yield at 3.85%, compared with 3.63% for JMSI.
BIL is categorized as Government Bonds, while JMSI is Municipal Bonds. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.14% for BIL and 0.18% for JMSI.
BIL currently has the higher Sharpe Ratio (19.47 vs 2.08), 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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