BILS vs. UGA

Last updated Jun 24, 2026

BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, BILS returned 3.33%/yr vs 22.69%/yr for UGA. At a correlation of -0.10, they often move in opposite directions. BILS charges 0.14%/yr vs 0.75%/yr for UGA.

Performance

BILS vs. UGA - 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 United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BILS achieves a 1.57% return, which is significantly lower than UGA's 64.09% return.

BILS

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.57%
• 6M: 1.66%
• 1Y: 3.84%
• 3Y*: 4.61%
• 5Y*: 3.33%
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

BILS vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.57%	4.23%	5.17%	4.92%	0.90%	-0.08%	-0.01%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	68.49%	24.73%

Correlation

The correlation between BILS and UGA is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020	-0.10

Return for Risk

BILS vs. UGA — 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

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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. UGA - 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 United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	16.64	1.73	+14.91
Sortino ratio: Return per unit of downside risk	87.69	2.25	+85.44
Omega ratio: Gain probability vs. loss probability	34.24	1.30	+32.94
Calmar ratio: Return relative to maximum drawdown	127.82	3.17	+124.65
Martin ratio: Return relative to average drawdown	1,285.26	9.39	+1,275.87

BILS vs. UGA - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.64, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of BILS and UGA, 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. UGA - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BILS and UGA.

Drawdown Indicators

	BILS	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-86.59%	+86.18%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-18.96%	+18.93%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-26.68%	+26.64%
Max Drawdown (5Y) Largest decline over 5 years	-0.37%	-38.11%	+37.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-18.05%	+18.05%
Average Drawdown Average peak-to-trough decline	-0.04%	-36.69%	+36.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	6.43%	-6.43%

Volatility

BILS vs. UGA - Volatility Comparison

The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	9.24%	-9.18%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	30.57%	-30.43%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	35.22%	-34.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	34.45%	-34.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	37.22%	-36.92%

BILS vs. UGA - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

BILS vs. UGA - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.81%, while UGA has not paid dividends to shareholders.

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%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BILS and UGA in my portfolio?

BILS and UGA have a correlation of -0.13, 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 UGA?

UGA has higher volatility (9.24%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs UGA's -86.59%.

Which ETF is better, BILS or UGA?

On 5-year performance, UGA leads with 22.69% vs 3.33% for BILS. 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.

Which ETF has performed better, BILS or UGA?

Over the 5-year period, UGA has performed better with a 22.69% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or UGA?

BILS is cheaper with a 0.14% expense ratio, compared with 0.75% for UGA.

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

BILS has the higher dividend yield at 3.81%, compared with 0.00% for UGA.

What is the main difference between BILS and UGA?

BILS is categorized as Ultrashort Bond, while UGA is Oil & Gas. BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.14% for BILS and 0.75% for UGA.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.64 vs 1.73), 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.