BIL vs. TBIL
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, BIL returned 4.60%/yr vs 4.59%/yr for TBIL. At a 0.41 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.15%/yr for TBIL.
Performance
BIL vs. TBIL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BIL having a 1.66% return and TBIL slightly higher at 1.67%.
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
TBIL
- 1D
- 0.00%
- 1M
- 0.26%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.91%
- 3Y*
- 4.59%
- 5Y*
- —
- 10Y*
- —
BIL vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.18% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.67% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between BIL and TBIL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.41 |
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Return for Risk
BIL vs. TBIL — Risk / Return Rank
BIL
TBIL
BIL vs. TBIL - 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 F/m US Treasury 3 Month Bill ETF (TBIL). 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 | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.61 | ||
| Sortino ratioReturn per unit of downside risk | +115.07 | ||
| Omega ratioGain probability vs. loss probability | 87.41 | 17.08 | +70.34 |
| Calmar ratioReturn relative to maximum drawdown | 353.28 | 195.79 | +157.49 |
| Martin ratioReturn relative to average drawdown | 2,801.35 | 929.44 | +1,871.90 |
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Drawdowns
BIL vs. TBIL - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for BIL and TBIL.
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Drawdown Indicators
| BIL | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -0.10% | -0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.02% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.02% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.00% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
BIL vs. TBIL - Volatility Comparison
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a higher volatility of 0.07% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that BIL's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.06% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.19% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.29% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.32% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 0.32% | -0.06% |
BIL vs. TBIL - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than TBIL'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. TBIL - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, more than TBIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.81% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and TBIL have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.07%) compared to TBIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs TBIL's -0.10%.
On 3-year performance, BIL leads with 4.60% vs 4.59% for TBIL. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BIL has performed better with a 4.60% return vs 4.59%. 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 TBIL.
BIL has the higher dividend yield at 3.85%, compared with 3.81% for TBIL.
BIL is categorized as Government Bonds, while TBIL is Ultrashort Bond. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: State Street and F/m Investments. Their fees differ too: 0.14% for BIL and 0.15% for TBIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 13.76), 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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