BILS vs. YBTC
BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) and YBTC (Roundhill Bitcoin Covered Call Strategy ETF) are both exchange-traded funds - BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index, while YBTC is a Cryptocurrency fund actively managed by Roundhill. BILS is passively managed, while YBTC is actively managed. Over the past year, BILS returned 3.78% vs -39.52% for YBTC. Their -0.02 correlation means they have often moved in opposite directions in the past. BILS charges 0.14%/yr vs 0.95%/yr for YBTC.
Performance
BILS vs. YBTC - Performance Comparison
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Returns By Period
In the year-to-date period, BILS achieves a 2.05% return, which is significantly higher than YBTC's -21.88% return.
BILS
- 1D
- 0.01%
- 1M
- 0.31%
- 6M
- 1.75%
- YTD
- 2.05%
- 1Y
- 3.78%
- 3Y*
- 4.58%
- 5Y*
- 3.43%
- 10Y*
- —
- ALL TIME*
- 2.91%
YBTC
- 1D
- 0.87%
- 1M
- 3.24%
- 6M
- -7.63%
- YTD
- -21.88%
- 1Y
- -39.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.58M | $30.30M | $32.45M | |
| $1.51M | $1.24M | $1.53M |
BILS vs. YBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 2.05% | 4.23% | 4.95% |
YBTC Roundhill Bitcoin Covered Call Strategy ETF | -21.88% | -4.23% | 55.31% |
Correlation
The correlation between BILS and YBTC is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024 | -0.02 |
The correlation between BILS and YBTC shifts across timeframes, from -0.02 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BILS vs. YBTC — Risk / Return Rank
BILS
YBTC
BILS vs. YBTC - 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 Roundhill Bitcoin Covered Call Strategy ETF (YBTC). 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 | YBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.37 | ||
| Sortino ratioReturn per unit of downside risk | +85.04 | ||
| Omega ratioGain probability vs. loss probability | 29.92 | 0.83 | +29.09 |
| Calmar ratioReturn relative to maximum drawdown | 126.01 | -0.81 | +126.83 |
| Martin ratioReturn relative to average drawdown | 1,183.65 | -1.25 | +1,184.90 |
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Drawdowns
BILS vs. YBTC - Drawdown Comparison
The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum YBTC drawdown of -48.84%. Use the drawdown chart below to compare losses from any high point for BILS and YBTC.
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Drawdown Indicators
| BILS | YBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.41% | -48.84% | +48.43% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -48.84% | +48.81% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.95% | +42.95% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -15.04% | +15.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 31.70% | -31.70% |
Volatility
BILS vs. YBTC - Volatility Comparison
The current volatility for State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while Roundhill Bitcoin Covered Call Strategy ETF (YBTC) has a volatility of 6.86%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than YBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BILS | YBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 6.86% | -6.80% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 31.08% | -30.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 40.08% | -39.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.31% | 40.37% | -40.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.29% | 40.37% | -40.08% |
BILS vs. YBTC - Expense Ratio Comparison
BILS has a 0.14% expense ratio, which is lower than YBTC's 0.95% expense ratio.
Dividends
BILS vs. YBTC - Dividend Comparison
BILS's dividend yield for the trailing twelve months is around 3.73%, less than YBTC's 79.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 3.73% | 4.08% | 5.01% | 4.98% | 1.61% |
YBTC Roundhill Bitcoin Covered Call Strategy ETF | 79.88% | 76.04% | 44.53% | 0.00% | 0.00% |
Frequently Asked Questions
BILS and YBTC have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YBTC has higher volatility (6.86%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs YBTC's -48.84%.
On 1-year performance, BILS leads with 3.78% vs -39.52% for YBTC. 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 1-year period, BILS has performed better with a 3.78% return vs -39.52%. 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 0.95% for YBTC.
YBTC has the higher dividend yield at 79.88%, compared with 3.73% for BILS.
BILS is categorized as Ultrashort Bond, while YBTC is Cryptocurrency. They also come from different issuers: State Street and Roundhill. Their fees differ too: 0.14% for BILS and 0.95% for YBTC.
BILS currently has the higher Sharpe Ratio (17.38 vs -0.99), 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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