BIL vs. JPST
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. BIL is passively managed, while JPST is actively managed. Over the past 5 years, BIL returned 3.54%/yr vs 3.71%/yr for JPST. Their 0.18 correlation means their historical movements had little consistent relationship. BIL charges 0.14%/yr vs 0.18%/yr for JPST.
Performance
BIL vs. JPST - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 2.08% return, which is significantly higher than JPST's 1.95% return.
BIL
- 1D
- 0.03%
- 1M
- 0.31%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.81%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
JPST
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.57%
- YTD
- 1.95%
- 1Y
- 4.10%
- 3Y*
- 5.09%
- 5Y*
- 3.71%
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $275.20M | $274.89M | $316.70M |
BIL vs. JPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.50% |
JPST JPMorgan Ultra-Short Income ETF | 1.95% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 2.18% | 3.34% | 2.23% | 0.98% |
Correlation
The correlation between BIL and JPST is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | 0.18 |
The correlation between BIL and JPST shifts across timeframes, from 0.13 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. JPST — Risk / Return Rank
BIL
JPST
BIL vs. JPST - 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 JPMorgan Ultra-Short Income ETF (JPST). 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 | JPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.57 | ||
| Sortino ratioReturn per unit of downside risk | +137.05 | ||
| Omega ratioGain probability vs. loss probability | 69.35 | 3.60 | +65.75 |
| Calmar ratioReturn relative to maximum drawdown | 349.28 | 27.70 | +321.57 |
| Martin ratioReturn relative to average drawdown | 2,476.90 | 131.07 | +2,345.83 |
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Drawdowns
BIL vs. JPST - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum JPST drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for BIL and JPST.
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Drawdown Indicators
| BIL | JPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -3.28% | +2.50% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.15% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.30% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -0.08% | -0.79% | +0.71% |
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% | -0.08% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.03% | -0.03% |
Volatility
BIL vs. JPST - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while JPMorgan Ultra-Short Income ETF (JPST) has a volatility of 0.13%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | JPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.13% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.39% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.55% | -0.35% |
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% | 0.93% | -0.67% |
BIL vs. JPST - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than JPST'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. JPST - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.81%, less than JPST's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
JPST JPMorgan Ultra-Short Income ETF | 4.22% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% | 0.00% |
Frequently Asked Questions
BIL and JPST have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPST has higher volatility (0.13%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs JPST's -3.28%.
On 5-year performance, JPST leads with 3.71% vs 3.54% for BIL. On fees, BIL is cheaper at 0.14% 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, JPST has performed better with a 3.71% return vs 3.54%. 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 JPST.
JPST has the higher dividend yield at 4.22%, compared with 3.81% for BIL.
BIL is categorized as Government Bonds, while JPST is Ultrashort Bond. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.14% for BIL and 0.18% for JPST.
BIL currently has the higher Sharpe Ratio (19.13 vs 7.56), 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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