BIL vs. ZTIP.TO
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. Both are passively managed. Over the past 5 years, BIL returned 3.43%/yr vs 3.29%/yr for ZTIP.TO. At a correlation of -0.02, they often move in opposite directions. BIL charges 0.14%/yr vs 0.17%/yr for ZTIP.TO.
Performance
BIL vs. ZTIP.TO - Performance Comparison
Loading charts...
Different Trading Currencies
BIL is traded in USD, while ZTIP.TO is traded in CAD. To make them comparable, the ZTIP.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BIL achieves a 1.60% return, which is significantly higher than ZTIP.TO's 1.43% return.
BIL
- 1D
- 0.03%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.76%
- 1Y
- 3.85%
- 3Y*
- 4.63%
- 5Y*
- 3.43%
- 10Y*
- 2.20%
ZTIP.TO
- 1D
- -0.32%
- 1M
- -0.54%
- YTD
- 1.43%
- 6M
- 1.78%
- 1Y
- 4.31%
- 3Y*
- 5.09%
- 5Y*
- 3.29%
- 10Y*
- —
BIL vs. ZTIP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.60% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 1.53% | 5.95% | 4.95% | 4.41% | -2.24% | 4.41% |
Correlation
The correlation between BIL and ZTIP.TO is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2021 | -0.02 |
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. ZTIP.TO — Risk / Return Rank
BIL
ZTIP.TO
BIL vs. ZTIP.TO - 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 BMO Short-Term US TIPS Index ETF (ZTIP.TO). 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 | ZTIP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.88 | ||
| Sortino ratioReturn per unit of downside risk | +174.01 | ||
| Omega ratioGain probability vs. loss probability | 88.41 | 1.14 | +87.27 |
| Calmar ratioReturn relative to maximum drawdown | 357.44 | 2.48 | +354.97 |
| Martin ratioReturn relative to average drawdown | 2,834.34 | 7.40 | +2,826.94 |
Loading charts...
Drawdowns
BIL vs. ZTIP.TO - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum ZTIP.TO drawdown of -6.85%. Use the drawdown chart below to compare losses from any high point for BIL and ZTIP.TO.
Loading charts...
Drawdown Indicators
| BIL | ZTIP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -6.85% | +6.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -1.75% | +1.74% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -2.38% | +2.37% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -6.85% | +6.76% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.78% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -1.58% | +1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.58% | -0.58% |
Volatility
BIL vs. ZTIP.TO - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while BMO Short-Term US TIPS Index ETF (ZTIP.TO) has a volatility of 1.06%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than ZTIP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BIL | ZTIP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 1.06% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 3.94% | -3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 5.79% | -5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 7.81% | -7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 7.78% | -7.52% |
BIL vs. ZTIP.TO - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than ZTIP.TO's 0.17% 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. ZTIP.TO - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, more than ZTIP.TO's 3.42% 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% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.42% | 3.63% | 3.63% | 4.91% | 4.93% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and ZTIP.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.17% for ZTIP.TO.
BIL is categorized as Government Bonds, while ZTIP.TO is Inflation-Protected Bonds. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while ZTIP.TO tracks Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. They also come from different issuers: State Street and BMO. Their fees differ too: 0.14% for BIL and 0.17% for ZTIP.TO.
Find the right allocation for BIL and ZTIP.TO
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