BIL vs. VIOO
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, BIL returned 2.21%/yr vs 11.86%/yr for VIOO. At a correlation of -0.02, they often move in opposite directions. BIL charges 0.14%/yr vs 0.07%/yr for VIOO.
Performance
BIL vs. VIOO - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.73% return, which is significantly lower than VIOO's 23.05% return. Over the past 10 years, BIL has underperformed VIOO with an annualized return of 2.21%, while VIOO has yielded a comparatively higher 11.86% annualized return.
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- YTD
- 1.73%
- 6M
- 1.75%
- 1Y
- 3.83%
- 3Y*
- 4.61%
- 5Y*
- 3.46%
- 10Y*
- 2.21%
VIOO
- 1D
- 0.75%
- 1M
- 6.52%
- YTD
- 23.05%
- 6M
- 20.12%
- 1Y
- 36.47%
- 3Y*
- 16.46%
- 5Y*
- 6.93%
- 10Y*
- 11.86%
BIL vs. VIOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.73% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
VIOO Vanguard S&P Small-Cap 600 ETF | 23.05% | 6.04% | 8.48% | 16.16% | -16.26% | 26.79% | 11.47% | 22.68% | -8.65% | 13.16% |
Correlation
The correlation between BIL and VIOO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.02 |
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Return for Risk
BIL vs. VIOO — Risk / Return Rank
BIL
VIOO
BIL vs. VIOO - 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 Vanguard S&P Small-Cap 600 ETF (VIOO). 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 | VIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +17.38 | ||
| Sortino ratioReturn per unit of downside risk | +171.17 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 1.36 | +86.55 |
| Calmar ratioReturn relative to maximum drawdown | 355.37 | 4.22 | +351.15 |
| Martin ratioReturn relative to average drawdown | 2,817.87 | 14.24 | +2,803.63 |
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Drawdowns
BIL vs. VIOO - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for BIL and VIOO.
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Drawdown Indicators
| BIL | VIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -44.15% | +43.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -8.77% | +8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -27.93% | +27.92% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -27.93% | +27.84% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -44.15% | +43.94% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -7.30% | +7.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.59% | -2.59% |
Volatility
BIL vs. VIOO - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while Vanguard S&P Small-Cap 600 ETF (VIOO) has a volatility of 4.93%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | VIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 4.93% | -4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 12.19% | -12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 17.75% | -17.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 21.40% | -21.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 22.96% | -22.70% |
BIL vs. VIOO - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is higher than VIOO'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. VIOO - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, more than VIOO's 1.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VIOO Vanguard S&P Small-Cap 600 ETF | 1.10% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
Frequently Asked Questions
BIL and VIOO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIOO has higher volatility (4.93%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs VIOO's -44.15%.
On 10-year performance, VIOO leads with 11.86% vs 2.21% for BIL. On fees, VIOO 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, VIOO has performed better with a 11.86% return vs 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOO is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.85%, compared with 1.10% for VIOO.
BIL is categorized as Government Bonds, while VIOO is Small Cap Blend Equities. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while VIOO tracks S&P SmallCap 600 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.14% for BIL and 0.07% for VIOO.
BIL currently has the higher Sharpe Ratio (19.47 vs 2.09), 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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