BILS vs. SHV
BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 5 years, BILS returned 3.29%/yr vs 3.31%/yr for SHV. A 0.69 correlation means they provide meaningful diversification when combined. BILS charges 0.14%/yr vs 0.15%/yr for SHV.
Performance
BILS vs. SHV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BILS having a 1.40% return and SHV slightly higher at 1.42%.
BILS
- 1D
- -0.01%
- 1M
- 0.28%
- YTD
- 1.40%
- 6M
- 1.73%
- 1Y
- 3.90%
- 3Y*
- 4.66%
- 5Y*
- 3.29%
- 10Y*
- —
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
BILS vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 1.40% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.01% |
Correlation
The correlation between BILS and SHV is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.69 |
The correlation between BILS and SHV shifts across timeframes, from 0.58 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BILS vs. SHV — Risk / Return Rank
BILS
SHV
BILS vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -48.72 | ||
| Omega ratioGain probability vs. loss probability | 42.08 | 53.77 | -11.69 |
| Calmar ratioReturn relative to maximum drawdown | 129.91 | 431.38 | -301.48 |
| Martin ratioReturn relative to average drawdown | 1,442.41 | 2,419.80 | -977.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BILS | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.80 | 19.49 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.79 | 11.56 | -0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 9.79 | 4.50 | +5.30 |
Drawdowns
BILS vs. SHV - Drawdown Comparison
The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum SHV drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for BILS and SHV.
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Drawdown Indicators
| BILS | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -0.45% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.01% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.03% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -0.38% | -0.40% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -0.03% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
BILS vs. SHV - Volatility Comparison
SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has a higher volatility of 0.06% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that BILS's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BILS | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.05% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.12% | +0.02% |
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% | 0.29% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.30% | 0.28% | +0.02% |
BILS vs. SHV - Expense Ratio Comparison
BILS has a 0.14% expense ratio, which is lower than SHV's 0.15% 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
BILS vs. SHV - Dividend Comparison
BILS's dividend yield for the trailing twelve months is around 3.81%, which matches SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
BILS and SHV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BILS has higher volatility (0.06%) compared to SHV (0.05%). In terms of maximum drawdown, BILS dropped -0.41% vs SHV's -0.45%.
On 5-year performance, SHV leads with 3.31% vs 3.29% for BILS. On fees, BILS is cheaper at 0.14% per year. 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, SHV has performed better with a 3.31% return vs 3.29%. 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 0.15% for SHV.
SHV has the higher dividend yield at 3.83%, compared with 3.81% for BILS.
BILS is categorized as Ultrashort Bond, while SHV is Government Bonds. BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BILS and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 16.80), 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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