BIL vs. SGOV
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, BIL returned 3.45%/yr vs 3.58%/yr for SGOV. A 0.57 correlation means they provide meaningful diversification when combined. BIL charges 0.14%/yr vs 0.09%/yr for SGOV.
Performance
BIL vs. SGOV - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with BIL having a 1.69% return and SGOV slightly higher at 1.72%.
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.69%
- 6M
- 1.74%
- 1Y
- 3.85%
- 3Y*
- 4.61%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.72%
- 6M
- 1.79%
- 1Y
- 3.92%
- 3Y*
- 4.69%
- 5Y*
- 3.58%
- 10Y*
- —
BIL vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.69% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | -0.01% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.72% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between BIL and SGOV is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.57 |
The correlation between BIL and SGOV has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BIL vs. SGOV — Risk / Return Rank
BIL
SGOV
BIL vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -100.39 | ||
| Omega ratioGain probability vs. loss probability | 87.41 | 194.05 | -106.64 |
| Calmar ratioReturn relative to maximum drawdown | 353.28 | 395.07 | -41.78 |
| Martin ratioReturn relative to average drawdown | 2,801.36 | 4,426.92 | -1,625.56 |
Loading charts...
Drawdowns
BIL vs. SGOV - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for BIL and SGOV.
Loading charts...
Drawdown Indicators
| BIL | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -0.03% | -0.75% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.01% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.01% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -0.03% | -0.06% |
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% | -0.00% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
BIL vs. SGOV - Volatility Comparison
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a higher volatility of 0.07% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that BIL's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BIL | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.04% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.13% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.19% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.24% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 0.24% | +0.02% |
BIL vs. SGOV - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, which matches SGOV's 3.85% 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and SGOV have a correlation of 0.52, 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 SGOV (0.04%). In terms of maximum drawdown, BIL dropped -0.78% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.58% vs 3.45% for BIL. On fees, SGOV is cheaper at 0.09% 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, SGOV has performed better with a 3.58% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.14% for BIL.
BIL and SGOV have nearly identical dividend yields, around 3.85%.
BIL is categorized as Government Bonds, while SGOV is Ultrashort Bond. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.32 vs 19.43), 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.
Find the right allocation for BIL and SGOV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer