BIL vs. SHY
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both Government Bonds funds - BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index while SHY tracks the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, BIL returned 2.20%/yr vs 1.63%/yr for SHY. At a 0.08 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.15%/yr for SHY.
Performance
BIL vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.69% return, which is significantly higher than SHY's 0.55% return. Over the past 10 years, BIL has outperformed SHY with an annualized return of 2.20%, while SHY has yielded a comparatively lower 1.63% annualized return.
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%
SHY
- 1D
- 0.12%
- 1M
- 0.24%
- YTD
- 0.55%
- 6M
- 0.66%
- 1Y
- 2.91%
- 3Y*
- 4.14%
- 5Y*
- 1.78%
- 10Y*
- 1.63%
BIL vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.69% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.55% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between BIL and SHY is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.08 |
The correlation between BIL and SHY shifts across timeframes, from 0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. SHY — Risk / Return Rank
BIL
SHY
BIL vs. SHY - 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 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.30 | ||
| Sortino ratioReturn per unit of downside risk | +169.80 | ||
| Omega ratioGain probability vs. loss probability | 87.41 | 1.43 | +85.98 |
| Calmar ratioReturn relative to maximum drawdown | 353.28 | 3.29 | +349.99 |
| Martin ratioReturn relative to average drawdown | 2,801.36 | 12.80 | +2,788.57 |
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Drawdowns
BIL vs. SHY - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum SHY drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for BIL and SHY.
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Drawdown Indicators
| BIL | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -5.71% | +4.93% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.89% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.97% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -5.71% | +5.62% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -5.71% | +5.50% |
Current DrawdownCurrent decline from peak | 0.00% | -0.18% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.52% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.23% | -0.23% |
Volatility
BIL vs. SHY - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while iShares 1-3 Year Treasury Bond ETF (SHY) has a volatility of 0.51%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.51% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 1.01% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 1.37% | -1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 1.99% | -1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 1.57% | -1.31% |
BIL vs. SHY - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than SHY'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. SHY - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, more than SHY's 3.68% 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% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
BIL and SHY have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHY has higher volatility (0.51%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs SHY's -5.71%.
On 10-year performance, BIL leads with 2.20% vs 1.63% for SHY. 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 10-year period, BIL has performed better with a 2.20% return vs 1.63%. 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 SHY.
BIL has the higher dividend yield at 3.85%, compared with 3.68% for SHY.
BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while SHY tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.15% for SHY.
BIL currently has the higher Sharpe Ratio (19.43 vs 2.13), 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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