BIL vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Barclays 1-3 Month T-Bill ETF (BIL) and State Street SPDR S&P 500 ETF (SPY).

BIL and SPY 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. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both BIL and SPY 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. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Barclays 1-3 Month T-Bill ETF (BIL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

BIL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.88%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%
SPY State Street SPDR S&P 500 ETF	-3.65%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, BIL achieves a 0.88% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, BIL has underperformed SPY with an annualized return of 2.13%, while SPY has yielded a comparatively higher 14.06% annualized return.

BIL

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.88%
• 6M: 1.84%
• 1Y: 4.00%
• 3Y*: 4.71%
• 5Y*: 3.28%
• 10Y*: 2.13%

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIL vs. SPY - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is higher than SPY'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%.

BIL

SPDR Barclays 1-3 Month T-Bill ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

BIL vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIL vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	19.52	0.96	+18.56
Sortino ratio Return per unit of downside risk	254.20	1.49	+252.71
Omega ratio Gain probability vs. loss probability	180.39	1.23	+179.16
Calmar ratio Return relative to maximum drawdown	368.00	1.53	+366.47
Martin ratio Return relative to average drawdown	4,131.71	7.27	+4,124.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIL vs. SPY - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.52, which is higher than the SPY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of BIL and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BIL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.52	0.96	+18.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	12.55	0.70	+11.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	8.23	0.79	+7.44
Sharpe Ratio (All Time) Calculated using the full available price history	2.73	0.56	+2.16

Correlation

The correlation between BIL and SPY is -0.02. 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. SPY - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.96%, more than SPY's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIL SPDR Barclays 1-3 Month T-Bill ETF	3.96%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	0.00%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

BIL vs. SPY - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BIL and SPY.

Drawdown Indicators

	BIL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-55.19%	+54.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-12.05%	+12.04%
Max Drawdown (5Y) Largest decline over 5 years	-0.12%	-24.50%	+24.38%
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	-33.72%	+33.51%
Current Drawdown Current decline from peak	0.00%	-5.53%	+5.53%
Average Drawdown Average peak-to-trough decline	-0.26%	-9.09%	+8.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.54%	-2.54%

Volatility

BIL vs. SPY - Volatility Comparison

The current volatility for SPDR Barclays 1-3 Month T-Bill ETF (BIL) is 0.06%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	5.35%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	9.50%	-9.36%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	19.06%	-18.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	17.06%	-16.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	17.92%	-17.66%