BKT vs. BILS

Last updated Jun 4, 2026

BKT (BlackRock Income Trust) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both funds - BKT is a fund fund managed by BlackRock, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. Over the past 5 years, BKT returned -2.85%/yr vs 3.29%/yr for BILS. At a 0.13 correlation, their price movements are largely independent. BKT charges 2.06%/yr vs 0.14%/yr for BILS.

Performance

BKT vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Income Trust (BKT) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKT achieves a -1.23% return, which is significantly lower than BILS's 1.40% return.

BKT

• 1D: -0.48%
• 1M: -0.49%
• YTD: -1.23%
• 6M: -0.34%
• 1Y: 0.79%
• 3Y*: 3.85%
• 5Y*: -2.85%
• 10Y*: 1.09%

BILS

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.40%
• 6M: 1.73%
• 1Y: 3.90%
• 3Y*: 4.66%
• 5Y*: 3.29%
• 10Y*: —

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

BKT vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKT BlackRock Income Trust	-1.23%	5.92%	3.33%	7.69%	-21.51%	-0.44%	1.95%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.40%	4.23%	5.17%	4.92%	0.90%	-0.08%	0.00%

Correlation

The correlation between BKT and BILS is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.13

Return for Risk

BKT vs. BILS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BKT

BKT Risk / Return Rank: 3
BKT Sharpe Ratio Rank: 3
BKT Sortino Ratio Rank: 3
BKT Omega Ratio Rank: 3
BKT Calmar Ratio Rank: 3
BKT Martin Ratio Rank: 3

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

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.

BKT vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Income Trust (BKT) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.

	BKT	BILS	Difference
Sharpe ratio: Return per unit of total volatility	0.11	16.80	-16.68
Sortino ratio: Return per unit of downside risk	0.20	100.82	-100.62
Omega ratio: Gain probability vs. loss probability	1.03	42.08	-41.05
Calmar ratio: Return relative to maximum drawdown	0.13	129.91	-129.78
Martin ratio: Return relative to average drawdown	0.28	1,442.41	-1,442.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKT vs. BILS - Sharpe Ratio Comparison

The current BKT Sharpe Ratio is 0.11, which is lower than the BILS Sharpe Ratio of 16.80. The chart below compares the historical Sharpe Ratios of BKT and BILS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BKT	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	16.80	-16.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	10.79	-11.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	9.79	-9.66

Drawdowns

BKT vs. BILS - Drawdown Comparison

The maximum BKT drawdown since its inception was -48.86%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for BKT and BILS.

Drawdown Indicators

	BKT	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-48.86%	-0.41%	-48.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-0.03%	-6.21%
Max Drawdown (3Y) Largest decline over 3 years	-12.46%	-0.04%	-12.42%
Max Drawdown (5Y) Largest decline over 5 years	-35.70%	-0.38%	-35.32%
Max Drawdown (10Y) Largest decline over 10 years	-35.70%	—	—
Current Drawdown Current decline from peak	-18.58%	-0.01%	-18.57%
Average Drawdown Average peak-to-trough decline	-14.76%	-0.04%	-14.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	0.00%	+2.78%

Volatility

BKT vs. BILS - Volatility Comparison

BlackRock Income Trust (BKT) has a higher volatility of 2.97% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that BKT's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKT	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	0.06%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	4.89%	0.14%	+4.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	0.23%	+6.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.21%	0.31%	+10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.73%	0.30%	+9.43%

BKT vs. BILS - Expense Ratio Comparison

BKT has a 2.06% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

BKT vs. BILS - Dividend Comparison

BKT's dividend yield for the trailing twelve months is around 10.08%, more than BILS's 3.81% 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%
BKT BlackRock Income Trust	10.08%	9.53%	9.19%	8.69%	8.35%	7.31%	6.80%	6.82%	6.48%	5.15%	5.09%	5.89%

Frequently Asked Questions

Can I hold both BKT and BILS in my portfolio?

BKT and BILS have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKT or BILS?

BKT has higher volatility (2.97%) compared to BILS (0.06%). In terms of maximum drawdown, BKT dropped -48.86% vs BILS's -0.41%.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.80 vs 0.11), 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.