BILS vs. SPY
Compare and contrast key facts about SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and State Street SPDR S&P 500 ETF (SPY).
BILS and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BILS is a passively managed fund by State Street that tracks the performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index. It was launched on Sep 24, 2020. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both BILS and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BILS vs. SPY - Performance Comparison
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BILS vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 0.80% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | 0.00% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 16.07% |
Returns By Period
In the year-to-date period, BILS achieves a 0.80% return, which is significantly higher than SPY's -4.37% return.
BILS
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 0.80%
- 6M
- 1.82%
- 1Y
- 3.99%
- 3Y*
- 4.67%
- 5Y*
- 3.17%
- 10Y*
- —
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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BILS vs. SPY - Expense Ratio Comparison
BILS has a 0.14% expense ratio, which is higher than SPY's 0.09% 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%.
Return for Risk
BILS vs. SPY — Risk / Return Rank
BILS
SPY
BILS vs. SPY - 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 S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 16.39 | 0.93 | +15.46 |
Sortino ratioReturn per unit of downside risk | 75.13 | 1.45 | +73.68 |
Omega ratioGain probability vs. loss probability | 26.69 | 1.22 | +25.47 |
Calmar ratioReturn relative to maximum drawdown | 132.67 | 1.53 | +131.15 |
Martin ratioReturn relative to average drawdown | 1,118.82 | 7.30 | +1,111.52 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.39 | 0.93 | +15.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.37 | 0.69 | +9.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 9.65 | 0.56 | +9.09 |
Correlation
The correlation between BILS and SPY is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
BILS vs. SPY - Dividend Comparison
BILS's dividend yield for the trailing twelve months is around 3.96%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 3.96% | 4.08% | 5.01% | 4.98% | 1.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
BILS vs. SPY - Drawdown Comparison
The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BILS and SPY.
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Drawdown Indicators
| BILS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -55.19% | +54.78% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -12.05% | +12.02% |
Max Drawdown (5Y)Largest decline over 5 years | -0.40% | -24.50% | +24.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.24% | +6.24% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -9.09% | +9.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.52% | -2.52% |
Volatility
BILS vs. SPY - Volatility Comparison
The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.05%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BILS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 5.31% | -5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 0.15% | 9.47% | -9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.24% | 19.05% | -18.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.31% | 17.06% | -16.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.30% | 17.92% | -17.62% |