BILS vs. TBLL

Last updated Jun 4, 2026

BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and TBLL (Invesco Short Term Treasury ETF) are both Ultrashort Bond funds - BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index while TBLL tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, BILS returned 3.29%/yr vs 3.35%/yr for TBLL. A 0.60 correlation means they provide meaningful diversification when combined. BILS charges 0.14%/yr vs 0.08%/yr for TBLL.

Performance

BILS vs. TBLL - 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 Invesco Short Term Treasury ETF (TBLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BILS having a 1.40% return and TBLL slightly higher at 1.43%.

BILS

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

TBLL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.74%
• 1Y: 3.93%
• 3Y*: 4.66%
• 5Y*: 3.35%
• 10Y*: —

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

BILS vs. TBLL - 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%
TBLL Invesco Short Term Treasury ETF	1.43%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.01%

Correlation

The correlation between BILS and TBLL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.60

The correlation between BILS and TBLL shifts across timeframes, from 0.45 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BILS vs. TBLL — 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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL 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. TBLL - 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 Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio Return per unit of total volatility	16.80	20.94	-4.14
Sortino ratio Return per unit of downside risk	100.82	218.31	-117.49
Omega ratio Gain probability vs. loss probability	42.08	102.92	-60.84
Calmar ratio Return relative to maximum drawdown	129.91	416.84	-286.93
Martin ratio Return relative to average drawdown	1,442.41	3,533.11	-2,090.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BILS vs. TBLL - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.80, which is comparable to the TBLL Sharpe Ratio of 20.94. The chart below compares the historical Sharpe Ratios of BILS and TBLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BILS	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	20.94	-4.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	10.79	7.53	+3.26
Sharpe Ratio (All Time) Calculated using the full available price history	9.79	4.26	+5.54

Drawdowns

BILS vs. TBLL - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum TBLL drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for BILS and TBLL.

Drawdown Indicators

	BILS	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-0.63%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.01%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-0.36%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-0.38%	-0.36%	-0.02%
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.14%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILS vs. TBLL - Volatility Comparison

SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has a higher volatility of 0.06% compared to Invesco Short Term Treasury ETF (TBLL) at 0.05%. This indicates that BILS's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	TBLL	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%	0.19%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.45%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.56%	-0.26%

BILS vs. TBLL - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is higher than TBLL's 0.08% 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. TBLL - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.81%, which matches TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both BILS and TBLL in my portfolio?

BILS and TBLL have a correlation of 0.54, 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 TBLL?

BILS has higher volatility (0.06%) compared to TBLL (0.05%). In terms of maximum drawdown, BILS dropped -0.41% vs TBLL's -0.63%.

Which ETF is better, BILS or TBLL?

On 5-year performance, TBLL leads with 3.35% vs 3.29% for BILS. On fees, TBLL is cheaper at 0.08% 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 TBLL?

Over the 5-year period, TBLL has performed better with a 3.35% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.14% for BILS.

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

BILS and TBLL have nearly identical dividend yields, around 3.81%.

What is the main difference between BILS and TBLL?

BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.14% for BILS and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 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.