BILS vs. LQDW
BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index, while LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index. Both are passively managed. Over the past 3 years, BILS returned 4.66%/yr vs 3.87%/yr for LQDW. At a 0.15 correlation, their price movements are largely independent. BILS charges 0.14%/yr vs 0.34%/yr for LQDW.
Performance
BILS vs. LQDW - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with BILS having a 1.42% return and LQDW slightly higher at 1.45%.
BILS
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.42%
- 6M
- 1.73%
- 1Y
- 3.92%
- 3Y*
- 4.66%
- 5Y*
- 3.30%
- 10Y*
- —
LQDW
- 1D
- 0.20%
- 1M
- 0.54%
- YTD
- 1.45%
- 6M
- 1.83%
- 1Y
- 6.76%
- 3Y*
- 3.87%
- 5Y*
- —
- 10Y*
- —
BILS vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 1.42% | 4.23% | 5.17% | 4.92% | 0.96% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.45% | 9.05% | 2.60% | 3.99% | -6.78% |
Correlation
The correlation between BILS and LQDW is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.15 |
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
BILS vs. LQDW — Risk / Return Rank
BILS
LQDW
BILS vs. LQDW - 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 iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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.
| BILS | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +15.00 | ||
| Sortino ratioReturn per unit of downside risk | +98.63 | ||
| Omega ratioGain probability vs. loss probability | 42.29 | 1.39 | +40.90 |
| Calmar ratioReturn relative to maximum drawdown | 130.61 | 2.62 | +127.99 |
| Martin ratioReturn relative to average drawdown | 1,450.16 | 9.79 | +1,440.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BILS | LQDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.92 | 1.92 | +15.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.80 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 9.80 | 0.47 | +9.33 |
Drawdowns
BILS vs. LQDW - Drawdown Comparison
The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum LQDW drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for BILS and LQDW.
Loading charts...
Drawdown Indicators
| BILS | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -9.20% | +8.79% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -2.59% | +2.56% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -6.74% | +6.70% |
Max Drawdown (5Y)Largest decline over 5 years | -0.38% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -2.35% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.69% | -0.69% |
Volatility
BILS vs. LQDW - Volatility Comparison
The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) has a volatility of 1.39%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than LQDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BILS | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 1.39% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 3.02% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 3.54% | -3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.31% | 5.49% | -5.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.30% | 5.49% | -5.19% |
BILS vs. LQDW - Expense Ratio Comparison
BILS has a 0.14% expense ratio, which is lower than LQDW's 0.34% expense ratio.
Dividends
BILS vs. LQDW - Dividend Comparison
BILS's dividend yield for the trailing twelve months is around 3.81%, less than LQDW's 12.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 3.81% | 4.08% | 5.01% | 4.98% | 1.61% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.55% | 16.02% | 15.74% | 19.28% | 8.85% |
Frequently Asked Questions
BILS and LQDW have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQDW has higher volatility (1.39%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs LQDW's -9.20%.
On 3-year performance, BILS leads with 4.66% vs 3.87% for LQDW. On fees, BILS is cheaper at 0.14% per year. On volatility, BILS has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BILS has performed better with a 4.66% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BILS is cheaper with a 0.14% expense ratio, compared with 0.34% for LQDW.
LQDW has the higher dividend yield at 12.55%, compared with 3.81% for BILS.
BILS is categorized as Ultrashort Bond, while LQDW is Corporate Bonds. BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while LQDW tracks CBOE LQD BuyWrite Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BILS and 0.34% for LQDW.
BILS currently has the higher Sharpe Ratio (16.92 vs 1.92), 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.
Find the right allocation for BILS and LQDW
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