BIL vs. USD
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, BIL returned 2.18%/yr vs 58.18%/yr for USD. At a 0.01 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.95%/yr for USD.
Performance
BIL vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.53% return, which is significantly lower than USD's 69.08% return. Over the past 10 years, BIL has underperformed USD with an annualized return of 2.18%, while USD has yielded a comparatively higher 58.18% annualized return.
BIL
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 1.53%
- 6M
- 1.78%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.42%
- 10Y*
- 2.18%
USD
- 1D
- -16.84%
- 1M
- -6.95%
- YTD
- 69.08%
- 6M
- 62.79%
- 1Y
- 196.23%
- 3Y*
- 111.77%
- 5Y*
- 61.72%
- 10Y*
- 58.18%
BIL vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.53% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
USD ProShares Ultra Semiconductors | 69.08% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between BIL and USD is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.01 |
The correlation between BIL and USD shifts across timeframes, from -0.10 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIL vs. USD — Risk / Return Rank
BIL
USD
BIL vs. USD - 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 ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +16.58 | ||
| Sortino ratioReturn per unit of downside risk | +172.68 | ||
| Omega ratioGain probability vs. loss probability | 88.66 | 1.41 | +87.25 |
| Calmar ratioReturn relative to maximum drawdown | 358.48 | 6.21 | +352.27 |
| Martin ratioReturn relative to average drawdown | 2,842.59 | 17.82 | +2,824.77 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.68 | 3.10 | +16.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | 0.81 | +12.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.52 | 0.84 | +7.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 0.46 | +2.32 |
Drawdowns
BIL vs. USD - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BIL and USD.
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Drawdown Indicators
| BIL | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -88.63% | +87.85% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -31.80% | +31.79% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -64.46% | +64.45% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -77.85% | +77.76% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -77.85% | +77.64% |
Current DrawdownCurrent decline from peak | 0.00% | -21.89% | +21.89% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -32.34% | +32.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 11.06% | -11.06% |
Volatility
BIL vs. USD - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.63%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 27.63% | -27.57% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 50.45% | -50.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 63.70% | -63.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 76.91% | -76.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 69.45% | -69.19% |
BIL vs. USD - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
BIL vs. USD - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, more than USD's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USD ProShares Ultra Semiconductors | 0.27% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
BIL and USD have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.63%) compared to BIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs USD's -88.63%.
On 10-year performance, USD leads with 58.18% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 58.18% return vs 2.18%. 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 0.95% for USD.
BIL has the higher dividend yield at 3.86%, compared with 0.27% for USD.
BIL is categorized as Government Bonds, while USD is Leveraged Equities. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.14% for BIL and 0.95% for USD.
BIL currently has the higher Sharpe Ratio (19.68 vs 3.10), 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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