BIL vs. SUB
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and SUB (iShares Short-Term National Muni 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 SUB is a Municipal Bonds fund tracking the ICE Short Maturity AMT-Free US National Municipal Index. Both are passively managed. Over the past 10 years, BIL returned 2.24%/yr vs 1.42%/yr for SUB. Their 0.02 correlation means their historical movements had little consistent relationship. BIL charges 0.14%/yr vs 0.07%/yr for SUB.
Performance
BIL vs. SUB - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 2.08% return, which is significantly higher than SUB's 0.76% return. Over the past 10 years, BIL has outperformed SUB with an annualized return of 2.24%, while SUB has yielded a comparatively lower 1.42% annualized return.
BIL
- 1D
- 0.03%
- 1M
- 0.31%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.81%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
SUB
- 1D
- 0.01%
- 1M
- -0.08%
- 6M
- 0.19%
- YTD
- 0.76%
- 1Y
- 2.01%
- 3Y*
- 3.00%
- 5Y*
- 1.40%
- 10Y*
- 1.42%
- ALL TIME*
- 1.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $44.46M | $43.86M | $47.41M |
BIL vs. SUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
SUB iShares Short-Term National Muni Bond ETF | 0.76% | 3.64% | 2.17% | 2.91% | -2.05% | 0.03% | 2.51% | 2.93% | 1.85% | 0.75% |
Correlation
The correlation between BIL and SUB is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2008 | 0.02 |
The correlation between BIL and SUB shifts across timeframes, from 0.00 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. SUB — Risk / Return Rank
BIL
SUB
BIL vs. SUB - 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 Short-Term National Muni Bond ETF (SUB). 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 | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.34 | ||
| Sortino ratioReturn per unit of downside risk | +150.64 | ||
| Omega ratioGain probability vs. loss probability | 69.35 | 1.37 | +67.98 |
| Calmar ratioReturn relative to maximum drawdown | 349.28 | 2.50 | +346.77 |
| Martin ratioReturn relative to average drawdown | 2,476.90 | 6.88 | +2,470.02 |
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Drawdowns
BIL vs. SUB - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for BIL and SUB.
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Drawdown Indicators
| BIL | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -9.46% | +8.68% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.81% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -1.23% | +1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -0.08% | -4.33% | +4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -9.46% | +9.25% |
Current DrawdownCurrent decline from peak | 0.00% | -0.20% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.91% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.29% | -0.29% |
Volatility
BIL vs. SUB - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while iShares Short-Term National Muni Bond ETF (SUB) has a volatility of 0.51%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | SUB | 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% | 0.90% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 1.12% | -0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 1.65% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 2.60% | -2.34% |
BIL vs. SUB - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is higher than SUB's 0.07% 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. SUB - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.81%, more than SUB's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
SUB iShares Short-Term National Muni Bond ETF | 2.54% | 2.42% | 2.10% | 1.73% | 0.86% | 0.72% | 1.23% | 1.58% | 1.32% | 0.95% | 0.75% | 0.77% |
Frequently Asked Questions
BIL and SUB have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SUB has higher volatility (0.51%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs SUB's -9.46%.
On 10-year performance, BIL leads with 2.24% vs 1.42% for SUB. On fees, SUB is cheaper at 0.07% 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 2.24% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SUB is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.81%, compared with 2.54% for SUB.
BIL is categorized as Government Bonds, while SUB is Municipal Bonds. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BIL and 0.07% for SUB.
BIL currently has the higher Sharpe Ratio (19.13 vs 1.80), 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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