BIL vs. SHV
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, BIL returned 2.20%/yr vs 2.23%/yr for SHV. At a 0.28 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.15%/yr for SHV.
Performance
BIL vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.62% return, which is significantly higher than SHV's 1.53% return. Both investments have delivered pretty close results over the past 10 years, with BIL having a 2.20% annualized return and SHV not far ahead at 2.23%.
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.62%
- 6M
- 1.76%
- 1Y
- 3.85%
- 3Y*
- 4.61%
- 5Y*
- 3.44%
- 10Y*
- 2.20%
SHV
- 1D
- -0.03%
- 1M
- 0.26%
- YTD
- 1.53%
- 6M
- 1.69%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
BIL vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.62% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.53% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between BIL and SHV is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.28 |
Over the past year, BIL and SHV have become more correlated (0.50) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
BIL vs. SHV — Risk / Return Rank
BIL
SHV
BIL vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +71.83 | ||
| Omega ratioGain probability vs. loss probability | 87.41 | 38.91 | +48.50 |
| Calmar ratioReturn relative to maximum drawdown | 353.28 | 142.17 | +211.11 |
| Martin ratioReturn relative to average drawdown | 2,801.32 | 1,639.37 | +1,161.95 |
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Drawdowns
BIL vs. SHV - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for BIL and SHV.
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Drawdown Indicators
| BIL | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -0.45% | -0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.03% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.03% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -0.39% | +0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -0.45% | +0.24% |
Current DrawdownCurrent decline from peak | 0.00% | -0.03% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.03% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
BIL vs. SHV - Volatility Comparison
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a higher volatility of 0.06% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that BIL's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.05% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.12% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.20% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.29% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 0.28% | -0.02% |
BIL vs. SHV - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than SHV's 0.15% 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. SHV - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, which matches SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
BIL and SHV have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.06%) compared to SHV (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.23% vs 2.20% 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 10-year period, SHV has performed better with a 2.23% return vs 2.20%. 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 0.15% for SHV.
BIL has the higher dividend yield at 3.85%, compared with 3.83% for SHV.
BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.15% for SHV.
BIL currently has the higher Sharpe Ratio (19.61 vs 18.99), 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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