BILS vs. TLT
BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and TLT (iShares 20+ 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, BILS returned 3.30%/yr vs -6.27%/yr for TLT. At a 0.19 correlation, their price movements are largely independent. BILS charges 0.14%/yr vs 0.15%/yr for TLT.
Performance
BILS vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BILS achieves a 1.42% return, which is significantly higher than TLT's -0.05% return.
BILS
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.42%
- 6M
- 1.73%
- 1Y
- 3.92%
- 3Y*
- 4.66%
- 5Y*
- 3.30%
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
BILS vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 1.42% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -4.08% |
Correlation
The correlation between BILS and TLT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.19 |
The correlation between BILS and TLT shifts across timeframes, from 0.08 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BILS vs. TLT — Risk / Return Rank
BILS
TLT
BILS vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +16.56 | ||
| Sortino ratioReturn per unit of downside risk | +100.77 | ||
| Omega ratioGain probability vs. loss probability | 42.29 | 1.07 | +41.23 |
| Calmar ratioReturn relative to maximum drawdown | 130.61 | 0.46 | +130.14 |
| Martin ratioReturn relative to average drawdown | 1,450.16 | 1.14 | +1,449.01 |
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 | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 16.92 | 0.36 | +16.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.80 | -0.40 | +11.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 9.80 | 0.26 | +9.55 |
Drawdowns
BILS vs. TLT - Drawdown Comparison
The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BILS and TLT.
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Drawdown Indicators
| BILS | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -48.35% | +47.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -7.58% | +7.55% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -19.18% | +19.14% |
Max Drawdown (5Y)Largest decline over 5 years | -0.38% | -43.70% | +43.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -40.31% | +40.31% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -13.82% | +13.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.05% | -3.05% |
Volatility
BILS vs. TLT - Volatility Comparison
The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BILS | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 2.71% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 6.50% | -6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 9.77% | -9.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.31% | 15.86% | -15.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.30% | 14.90% | -14.60% |
BILS vs. TLT - Expense Ratio Comparison
BILS has a 0.14% expense ratio, which is lower than TLT'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. TLT - Dividend Comparison
BILS's dividend yield for the trailing twelve months is around 3.81%, less than TLT's 4.58% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
BILS and TLT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs TLT's -48.35%.
On 5-year performance, BILS leads with 3.30% vs -6.27% for TLT. 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 5-year period, BILS has performed better with a 3.30% return vs -6.27%. 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 TLT.
TLT has the higher dividend yield at 4.58%, compared with 3.81% for BILS.
BILS is categorized as Ultrashort Bond, while TLT is Government Bonds. BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.14% for BILS and 0.15% for TLT.
BILS currently has the higher Sharpe Ratio (16.92 vs 0.36), 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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