BILS vs. CLIP

Last updated Aug 2, 2026

BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both Ultrashort Bond funds - BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index while CLIP tracks the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past 3 years, BILS returned 4.58%/yr vs 4.63%/yr for CLIP. Their 0.31 correlation means their historical movements had little consistent relationship. BILS charges 0.14%/yr vs 0.07%/yr for CLIP.

Performance

BILS vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BILS achieves a 2.00% return, which is significantly lower than CLIP's 2.13% return.

BILS

• 1D: 0.02%
• 1M: 0.28%
• 6M: 1.72%
• YTD: 2.00%
• 1Y: 3.76%
• 3Y*: 4.58%
• 5Y*: 3.42%
• 10Y*: —
• ALL TIME*: 2.91%

CLIP

• 1D: 0.03%
• 1M: 0.29%
• 6M: 1.83%
• YTD: 2.13%
• 1Y: 3.87%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	$29.26M	$30.42M	$33.30M
CLIP Global X 1-3 Month T-Bill ETF	$16.58M	$21.00M	$33.74M

BILS vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	2.00%	4.23%	5.17%	2.89%
CLIP Global X 1-3 Month T-Bill ETF	2.13%	4.23%	5.26%	2.82%

Correlation

The correlation between BILS and CLIP is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.31

Over the past year, BILS and CLIP have become more correlated (0.53) than their long-term average of 0.31, meaning their price movements have been converging.

Return for Risk

BILS vs. CLIP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BILS

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

CLIP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BILS vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	16.36	18.23	-1.87
Sortino ratio: Return per unit of downside risk	85.49	106.96	-21.46
Omega ratio: Gain probability vs. loss probability	30.56	35.98	-5.43
Calmar ratio: Return relative to maximum drawdown	128.82	197.11	-68.29
Martin ratio: Return relative to average drawdown	1,210.03	1,667.91	-457.88

BILS vs. CLIP - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.36, which is comparable to the CLIP Sharpe Ratio of 18.23. The chart below compares the historical Sharpe Ratios of BILS and CLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BILS vs. CLIP - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BILS and CLIP.

Drawdown Indicators

	BILS	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-0.08%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.02%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-0.08%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.04%	0.00%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILS vs. CLIP - Volatility Comparison

State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and Global X 1-3 Month T-Bill ETF (CLIP) have volatilities of 0.07% and 0.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.07%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.15%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	0.22%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.43%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.29%	0.43%	-0.14%

BILS vs. CLIP - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is higher than CLIP'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

BILS vs. CLIP - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.76%, less than CLIP's 3.85% yield.

Position	TTM	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.41%	4.08%	5.01%	4.98%	1.61%
CLIP Global X 1-3 Month T-Bill ETF	3.49%	4.14%	5.11%	2.75%	0.00%

Frequently Asked Questions

Can I hold both BILS and CLIP in my portfolio?

BILS and CLIP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BILS or CLIP?

CLIP has higher volatility (0.07%) compared to BILS (0.07%). In terms of maximum drawdown, BILS dropped -0.41% vs CLIP's -0.08%.

Which ETF is better, BILS or CLIP?

On 3-year performance, CLIP leads with 4.63% vs 4.58% for BILS. On fees, CLIP is cheaper at 0.07% 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, BILS or CLIP?

Over the 3-year period, CLIP has performed better with a 4.63% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.14% for BILS.

Which ETF pays a higher dividend yield, BILS or CLIP?

CLIP has the higher dividend yield at 3.49%, compared with 3.41% for BILS.

What is the main difference between BILS and CLIP?

BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: State Street and Global X. Their fees differ too: 0.14% for BILS and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (18.23 vs 16.36), 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.