BILS vs. SPTU

Last updated Jun 4, 2026

BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds from State Street - BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. At a 0.44 correlation, their price movements are largely independent. BILS charges 0.14%/yr vs 0.05%/yr for SPTU.

Performance

BILS vs. SPTU - Performance Comparison

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

Returns By Period

In the year-to-date period, BILS achieves a 1.40% return, which is significantly lower than SPTU's 1.48% return.

BILS

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.40%
• 6M: 1.73%
• 1Y: 3.90%
• 3Y*: 4.66%
• 5Y*: 3.29%
• 10Y*: —

SPTU

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BILS vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.40%	0.93%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between BILS and SPTU is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.44

Return for Risk

BILS vs. SPTU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BILS vs. SPTU - 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 State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio Return per unit of total volatility	16.80	—	—
Sortino ratio Return per unit of downside risk	100.82	—	—
Omega ratio Gain probability vs. loss probability	42.08	—	—
Calmar ratio Return relative to maximum drawdown	129.91	—	—
Martin ratio Return relative to average drawdown	1,442.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BILS	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	10.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	9.79	11.88	-2.09

Drawdowns

BILS vs. SPTU - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for BILS and SPTU.

Drawdown Indicators

	BILS	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-0.04%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.38%	—	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
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%	—	—

Volatility

Volatility by Period

	BILS	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	0.32%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.32%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.32%	-0.02%

BILS vs. SPTU - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is higher than SPTU's 0.05% 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. SPTU - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.81%, more than SPTU's 2.36% 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%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BILS and SPTU in my portfolio?

BILS and SPTU have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BILS or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BILS or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.14% for BILS.

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

BILS has the higher dividend yield at 3.81%, compared with 2.36% for SPTU.

What is the main difference between BILS and SPTU?

BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while SPTU tracks ICE BofA US Treasury Bill Index. Their fees differ too: 0.14% for BILS and 0.05% for SPTU.