BILS vs. XBIL

Last updated Aug 2, 2026

BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) and XBIL (US Treasury 6 Month Bill ETF) are both Ultrashort Bond funds - BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index while XBIL tracks the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BILS returned 4.58%/yr vs 4.59%/yr for XBIL. Their 0.58 correlation means they have sometimes moved together and sometimes differently. BILS charges 0.14%/yr vs 0.15%/yr for XBIL.

Performance

BILS vs. XBIL - 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 US Treasury 6 Month Bill ETF (XBIL). 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 2.00% return and XBIL slightly higher at 2.05%.

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%

XBIL

• 1D: 0.04%
• 1M: 0.32%
• 6M: 1.76%
• YTD: 2.05%
• 1Y: 3.80%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.61%

*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
XBIL US Treasury 6 Month Bill ETF	$3.89M	$4.35M	$4.96M

BILS vs. XBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	2.00%	4.23%	5.17%	4.25%
XBIL US Treasury 6 Month Bill ETF	2.05%	4.17%	5.16%	4.28%

Correlation

The correlation between BILS and XBIL is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.58

The correlation between BILS and XBIL has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

Return for Risk

BILS vs. XBIL — 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

XBIL

XBIL Risk / Return Rank: 100
XBIL Sharpe Ratio Rank: 100
XBIL Sortino Ratio Rank: 100
XBIL Omega Ratio Rank: 100
XBIL Calmar Ratio Rank: 100
XBIL Martin Ratio Rank: 100

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. XBIL - 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 US Treasury 6 Month Bill ETF (XBIL). 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	XBIL	Difference
Sharpe ratio: Return per unit of total volatility	16.36	12.76	+3.60
Sortino ratio: Return per unit of downside risk	85.49	40.83	+44.67
Omega ratio: Gain probability vs. loss probability	30.56	11.18	+19.38
Calmar ratio: Return relative to maximum drawdown	128.82	65.44	+63.38
Martin ratio: Return relative to average drawdown	1,210.03	613.97	+596.06

BILS vs. XBIL - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.36, which is comparable to the XBIL Sharpe Ratio of 12.76. The chart below compares the historical Sharpe Ratios of BILS and XBIL, 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. XBIL - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, which is greater than XBIL's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BILS and XBIL.

Drawdown Indicators

	BILS	XBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-0.08%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.06%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-0.07%	+0.03%
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%	0.00%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

BILS vs. XBIL - Volatility Comparison

The current volatility for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.07%, while US Treasury 6 Month Bill ETF (XBIL) has a volatility of 0.10%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than XBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	XBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.10%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.21%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.24%	0.31%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.37%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.29%	0.37%	-0.08%

BILS vs. XBIL - Expense Ratio Comparison

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

BILS's dividend yield for the trailing twelve months is around 3.76%, less than XBIL's 4.02% 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%
XBIL US Treasury 6 Month Bill ETF	3.68%	4.01%	4.90%	4.30%	0.00%

Frequently Asked Questions

Can I hold both BILS and XBIL in my portfolio?

BILS and XBIL have a correlation of 0.49, 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 XBIL?

XBIL has higher volatility (0.10%) compared to BILS (0.07%). In terms of maximum drawdown, BILS dropped -0.41% vs XBIL's -0.08%.

Which ETF is better, BILS or XBIL?

On 3-year performance, XBIL leads with 4.59% vs 4.58% for BILS. On fees, BILS is cheaper at 0.14% 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 XBIL?

Over the 3-year period, XBIL has performed better with a 4.59% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or XBIL?

BILS is cheaper with a 0.14% expense ratio, compared with 0.15% for XBIL.

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

XBIL has the higher dividend yield at 3.68%, compared with 3.41% for BILS.

What is the main difference between BILS and XBIL?

BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index, while XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross. They also come from different issuers: State Street and US Benchmark Series. Their fees differ too: 0.14% for BILS and 0.15% for XBIL.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.36 vs 12.76), 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.