BIL vs. TAXM
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while TAXM is a Municipal Bonds fund actively managed by BondBloxx. BIL is passively managed, while TAXM is actively managed. Over the past year, BIL returned 3.87% vs 6.62% for TAXM. At a correlation of -0.19, they often move in opposite directions. BIL charges 0.14%/yr vs 0.35%/yr for TAXM.
Performance
BIL vs. TAXM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BIL achieves a 1.49% return, which is significantly higher than TAXM's 1.18% return.
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
TAXM
- 1D
- -0.06%
- 1M
- 0.51%
- YTD
- 1.18%
- 6M
- 1.54%
- 1Y
- 6.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIL vs. TAXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 3.30% |
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 1.18% | 3.71% |
Correlation
The correlation between BIL and TAXM is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025 | -0.19 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BIL vs. TAXM — Risk / Return Rank
BIL
TAXM
BIL vs. TAXM - 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 BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM). 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 | TAXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.22 | ||
| Sortino ratioReturn per unit of downside risk | +170.49 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 1.53 | +86.38 |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | 2.46 | +352.89 |
| Martin ratioReturn relative to average drawdown | 2,817.77 | 8.62 | +2,809.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BIL | TAXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | 2.49 | +17.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 1.14 | +1.64 |
Drawdowns
BIL vs. TAXM - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum TAXM drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for BIL and TAXM.
Loading charts...
Drawdown Indicators
| BIL | TAXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -3.10% | +2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -2.70% | +2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.80% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.71% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.77% | -0.77% |
Volatility
BIL vs. TAXM - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) has a volatility of 0.94%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than TAXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BIL | TAXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.94% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 2.04% | -1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 2.67% | -2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 3.56% | -3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 3.56% | -3.30% |
BIL vs. TAXM - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than TAXM's 0.35% expense ratio.
Dividends
BIL vs. TAXM - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, more than TAXM's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents | 3.29% | 2.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and TAXM have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TAXM has higher volatility (0.94%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs TAXM's -3.10%.
On 1-year performance, TAXM leads with 6.62% vs 3.87% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TAXM has performed better with a 6.62% return vs 3.87%. 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 0.35% for TAXM.
BIL has the higher dividend yield at 3.86%, compared with 3.29% for TAXM.
BIL is categorized as Government Bonds, while TAXM is Municipal Bonds. They also come from different issuers: State Street and BondBloxx. Their fees differ too: 0.14% for BIL and 0.35% for TAXM.
BIL currently has the higher Sharpe Ratio (19.71 vs 2.49), 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.
Find the right allocation for BIL and TAXM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer