BILS vs. TUSB

Last updated Aug 2, 2026

BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) and TUSB (Thrivent Ultra Short Bond ETF) are both Ultrashort Bond funds. BILS is passively managed, while TUSB is actively managed. Over the past year, BILS returned 3.76% vs 4.55% for TUSB. Their 0.18 correlation means their historical movements had little consistent relationship. BILS charges 0.14%/yr vs 0.20%/yr for TUSB.

Performance

BILS vs. TUSB - Performance Comparison

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

Returns By Period

In the year-to-date period, BILS achieves a 2.00% return, which is significantly lower than TUSB's 2.58% return.

BILS

• 1D: 0.02%
• 1M: 0.28%
• 6M: 1.72%
• YTD: 2.00%
• 1Y: 3.76%
• 3Y*: 4.58%
• 5Y*: 3.42%
• 10Y*: —
• ALL TIME*: 2.91%

TUSB

• 1D: 0.06%
• 1M: 0.47%
• 6M: 2.07%
• YTD: 2.58%
• 1Y: 4.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	$29.26M	$30.42M	$33.30M
TUSB Thrivent Ultra Short Bond ETF	$669.76K	$810.48K	$941.31K

BILS vs. TUSB - Yearly Performance Comparison

	2026 (YTD)	2025
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	2.00%	3.68%
TUSB Thrivent Ultra Short Bond ETF	2.58%	4.25%

Correlation

The correlation between BILS and TUSB is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.18

Return for Risk

BILS vs. TUSB — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

TUSB

TUSB Risk / Return Rank: 99
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 99
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 99
TUSB Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BILS vs. TUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and Thrivent Ultra Short Bond ETF (TUSB). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BILS	TUSB	Difference
Sharpe ratio: Return per unit of total volatility	16.36	4.80	+11.56
Sortino ratio: Return per unit of downside risk	85.49	8.41	+77.08
Omega ratio: Gain probability vs. loss probability	30.56	2.15	+28.41
Calmar ratio: Return relative to maximum drawdown	128.82	18.79	+110.03
Martin ratio: Return relative to average drawdown	1,210.03	74.19	+1,135.84

BILS vs. TUSB - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.36, which is higher than the TUSB Sharpe Ratio of 4.80. The chart below compares the historical Sharpe Ratios of BILS and TUSB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BILS vs. TUSB - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum TUSB drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for BILS and TUSB.

Drawdown Indicators

	BILS	TUSB	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-0.51%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.25%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.06%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.06%	-0.06%

Volatility

BILS vs. TUSB - Volatility Comparison

The current volatility for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.07%, while Thrivent Ultra Short Bond ETF (TUSB) has a volatility of 0.26%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than TUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	TUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.26%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.72%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	0.97%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	1.23%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.29%	1.23%	-0.94%

BILS vs. TUSB - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is lower than TUSB's 0.20% 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. TUSB - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.76%, less than TUSB's 4.26% yield.

Position	TTM	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.41%	4.08%	5.01%	4.98%	1.61%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BILS and TUSB in my portfolio?

BILS and TUSB have a correlation of 0.17, 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 TUSB?

TUSB has higher volatility (0.26%) compared to BILS (0.07%). In terms of maximum drawdown, BILS dropped -0.41% vs TUSB's -0.51%.

Which ETF is better, BILS or TUSB?

On 1-year performance, TUSB leads with 4.55% vs 3.76% for BILS. On fees, BILS is cheaper at 0.14% per year. On volatility, BILS has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BILS or TUSB?

Over the 1-year period, TUSB has performed better with a 4.55% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or TUSB?

BILS is cheaper with a 0.14% expense ratio, compared with 0.20% for TUSB.

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

TUSB has the higher dividend yield at 4.26%, compared with 3.41% for BILS.

What is the main difference between BILS and TUSB?

They also come from different issuers: State Street and Thrivent. Their fees differ too: 0.14% for BILS and 0.20% for TUSB.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.36 vs 4.80), 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.