BIL vs. SMBS
Compare and contrast key facts about SPDR Barclays 1-3 Month T-Bill ETF (BIL) and Schwab Mortgage-Backed Securities ETF (SMBS).
BIL and SMBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BIL is a passively managed fund by State Street that tracks the performance of the Barclays Capital U.S. 1-3 Month Treasury Bill Index. It was launched on May 25, 2007. SMBS is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US MBS Float Adjusted Total Return Index. It was launched on Nov 18, 2024. Both BIL and SMBS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BIL vs. SMBS - Performance Comparison
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BIL vs. SMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BIL SPDR Barclays 1-3 Month T-Bill ETF | 0.85% | 4.15% | 0.52% |
SMBS Schwab Mortgage-Backed Securities ETF | 0.36% | 8.15% | -0.07% |
Returns By Period
In the year-to-date period, BIL achieves a 0.85% return, which is significantly higher than SMBS's 0.36% return.
BIL
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 0.85%
- 6M
- 1.84%
- 1Y
- 3.99%
- 3Y*
- 4.70%
- 5Y*
- 3.27%
- 10Y*
- 2.12%
SMBS
- 1D
- 0.20%
- 1M
- -1.67%
- YTD
- 0.36%
- 6M
- 1.92%
- 1Y
- 5.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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BIL vs. SMBS - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is higher than SMBS's 0.03% 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%.
Return for Risk
BIL vs. SMBS — Risk / Return Rank
BIL
SMBS
BIL vs. SMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Barclays 1-3 Month T-Bill ETF (BIL) and Schwab Mortgage-Backed Securities ETF (SMBS). 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.
| BIL | SMBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 19.52 | 1.12 | +18.39 |
Sortino ratioReturn per unit of downside risk | 254.04 | 1.61 | +252.43 |
Omega ratioGain probability vs. loss probability | 180.28 | 1.20 | +179.08 |
Calmar ratioReturn relative to maximum drawdown | 365.54 | 1.94 | +363.59 |
Martin ratioReturn relative to average drawdown | 4,104.04 | 5.61 | +4,098.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIL | SMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.52 | 1.12 | +18.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 12.54 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.72 | 1.27 | +1.45 |
Correlation
The correlation between BIL and SMBS is -0.12. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
BIL vs. SMBS - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 4.01%, less than SMBS's 4.80% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Barclays 1-3 Month T-Bill ETF | 4.01% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
SMBS Schwab Mortgage-Backed Securities ETF | 4.80% | 4.83% | 0.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
BIL vs. SMBS - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum SMBS drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for BIL and SMBS.
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Drawdown Indicators
| BIL | SMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -3.20% | +2.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -2.83% | +2.82% |
Max Drawdown (5Y)Largest decline over 5 years | -0.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.67% | +1.67% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.77% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.98% | -0.98% |
Volatility
BIL vs. SMBS - Volatility Comparison
The current volatility for SPDR Barclays 1-3 Month T-Bill ETF (BIL) is 0.05%, while Schwab Mortgage-Backed Securities ETF (SMBS) has a volatility of 1.82%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than SMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | SMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 1.82% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 2.75% | -2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.21% | 4.77% | -4.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 4.92% | -4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 4.92% | -4.66% |