BIL vs. XHLF

Last updated Jun 4, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) are both Government Bonds funds - BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index while XHLF tracks the Bloomberg US Treasury 6 Month Duration Index. Both are passively managed. Over the past 3 years, BIL returned 4.64%/yr vs 4.62%/yr for XHLF. At a 0.40 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.03%/yr for XHLF.

Performance

BIL vs. XHLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIL achieves a 1.49% return, which is significantly higher than XHLF's 1.39% 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%

XHLF

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.39%
• 6M: 1.71%
• 1Y: 3.92%
• 3Y*: 4.62%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIL vs. XHLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	0.94%
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	1.39%	4.21%	5.04%	4.90%	0.96%

Correlation

The correlation between BIL and XHLF is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022	0.40

Return for Risk

BIL vs. XHLF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

XHLF

XHLF Risk / Return Rank: 100
XHLF Sharpe Ratio Rank: 100
XHLF Sortino Ratio Rank: 100
XHLF Omega Ratio Rank: 100
XHLF Calmar Ratio Rank: 100
XHLF Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIL vs. XHLF - 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 Bloomberg Six Month Target Duration US Treasury ETF (XHLF). 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	XHLF	Difference
Sharpe ratio: Return per unit of total volatility	19.71	12.43	+7.28
Sortino ratio: Return per unit of downside risk	174.16	45.85	+128.31
Omega ratio: Gain probability vs. loss probability	87.91	11.75	+76.16
Calmar ratio: Return relative to maximum drawdown	355.35	98.81	+256.55
Martin ratio: Return relative to average drawdown	2,817.77	670.31	+2,147.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIL vs. XHLF - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.71, which is higher than the XHLF Sharpe Ratio of 12.43. The chart below compares the historical Sharpe Ratios of BIL and XHLF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIL	XHLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.71	12.43	+7.28
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	10.75	-7.97

Drawdowns

BIL vs. XHLF - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, which is greater than XHLF's maximum drawdown of -0.11%. Use the drawdown chart below to compare losses from any high point for BIL and XHLF.

Drawdown Indicators

	BIL	XHLF	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-0.11%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.04%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-0.06%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-0.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.00%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

BIL vs. XHLF - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) has a volatility of 0.08%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than XHLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	XHLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.08%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.22%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.32%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	0.42%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	0.42%	-0.16%

BIL vs. XHLF - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is higher than XHLF's 0.03% 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. XHLF - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, which matches XHLF's 3.85% 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%
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	3.85%	3.98%	4.96%	4.50%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIL and XHLF in my portfolio?

BIL and XHLF have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIL or XHLF?

XHLF has higher volatility (0.08%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs XHLF's -0.11%.

Which ETF is better, BIL or XHLF?

On 3-year performance, BIL leads with 4.64% vs 4.62% for XHLF. On fees, XHLF is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIL or XHLF?

Over the 3-year period, BIL has performed better with a 4.64% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIL or XHLF?

XHLF is cheaper with a 0.03% expense ratio, compared with 0.14% for BIL.

Which ETF pays a higher dividend yield, BIL or XHLF?

BIL has the higher dividend yield at 3.86%, compared with 3.85% for XHLF.

What is the main difference between BIL and XHLF?

BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while XHLF tracks Bloomberg US Treasury 6 Month Duration Index. They also come from different issuers: State Street and BondBloxx. Their fees differ too: 0.14% for BIL and 0.03% for XHLF.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 12.43), 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.