BILS vs. BIL
BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, BILS returned 3.33%/yr vs 3.45%/yr for BIL. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.14% expense ratio.
Performance
BILS vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, BILS achieves a 1.57% return, which is significantly lower than BIL's 1.66% return.
BILS
- 1D
- 0.01%
- 1M
- 0.24%
- YTD
- 1.57%
- 6M
- 1.67%
- 1Y
- 3.86%
- 3Y*
- 4.61%
- 5Y*
- 3.33%
- 10Y*
- —
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
BILS vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 1.57% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | -0.01% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.00% |
Correlation
The correlation between BILS and BIL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.54 |
The correlation between BILS and BIL shifts across timeframes, from 0.43 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BILS vs. BIL — Risk / Return Rank
BILS
BIL
BILS vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| BILS | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -85.01 | ||
| Omega ratioGain probability vs. loss probability | 34.42 | 87.41 | -52.99 |
| Calmar ratioReturn relative to maximum drawdown | 128.51 | 353.28 | -224.77 |
| Martin ratioReturn relative to average drawdown | 1,292.26 | 2,801.35 | -1,509.09 |
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Drawdowns
BILS vs. BIL - Drawdown Comparison
The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BILS and BIL.
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Drawdown Indicators
| BILS | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -0.78% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.01% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.01% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -0.37% | -0.09% | -0.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -0.26% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
BILS vs. BIL - Volatility Comparison
The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a volatility of 0.07%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BILS | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.07% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.14% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 0.20% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.31% | 0.26% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.30% | 0.26% | +0.04% |
BILS vs. BIL - Expense Ratio Comparison
Both BILS and BIL have an expense ratio of 0.14%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BILS vs. BIL - Dividend Comparison
BILS's dividend yield for the trailing twelve months is around 3.81%, less than BIL'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 | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 3.81% | 4.08% | 5.01% | 4.98% | 1.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BILS and BIL have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.07%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.45% vs 3.33% for BILS. Both ETFs have the same 0.14% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIL has performed better with a 3.45% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BILS and BIL have the same expense ratio: 0.14% per year.
BIL has the higher dividend yield at 3.85%, compared with 3.81% for BILS.
BILS is categorized as Ultrashort Bond, while BIL is Government Bonds. BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index.
BIL currently has the higher Sharpe Ratio (19.37 vs 16.76), 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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