BIL vs. USFR
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both Government Bonds funds - BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, BIL returned 2.18%/yr vs 2.47%/yr for USFR. At a 0.20 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.15%/yr for USFR.
Performance
BIL vs. USFR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BIL achieves a 1.49% return, which is significantly lower than USFR's 1.60% return. Over the past 10 years, BIL has underperformed USFR with an annualized return of 2.18%, while USFR has yielded a comparatively higher 2.47% annualized 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%
USFR
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.98%
- 1Y
- 4.03%
- 3Y*
- 4.76%
- 5Y*
- 3.66%
- 10Y*
- 2.47%
BIL vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
USFR WisdomTree Floating Rate Treasury Fund | 1.60% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between BIL and USFR is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.20 |
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. USFR — Risk / Return Rank
BIL
USFR
BIL vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.60 | ||
| Sortino ratioReturn per unit of downside risk | +123.52 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 13.43 | +74.48 |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | 203.42 | +151.93 |
| Martin ratioReturn relative to average drawdown | 2,817.77 | 787.84 | +2,029.94 |
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 | USFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | 15.11 | +4.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | 9.26 | +3.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.52 | 3.07 | +5.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 1.60 | +1.17 |
Drawdowns
BIL vs. USFR - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum USFR drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BIL and USFR.
Loading charts...
Drawdown Indicators
| BIL | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -1.36% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.02% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.06% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | -0.18% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -0.80% | +0.59% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.16% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
BIL vs. USFR - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while WisdomTree Floating Rate Treasury Fund (USFR) has a volatility of 0.06%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BIL | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.06% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.18% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.27% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 0.40% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 0.81% | -0.55% |
BIL vs. USFR - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than USFR'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. USFR - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, less than USFR's 3.91% 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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
BIL and USFR have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USFR has higher volatility (0.06%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs USFR's -1.36%.
On 10-year performance, USFR leads with 2.47% vs 2.18% for BIL. 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 10-year period, USFR has performed better with a 2.47% 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 0.15% for USFR.
USFR has the higher dividend yield at 3.91%, compared with 3.86% for BIL.
BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.14% for BIL and 0.15% for USFR.
BIL currently has the higher Sharpe Ratio (19.71 vs 15.11), 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 USFR
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