BND vs. BIL
BND (Vanguard Total Bond Market ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, BND returned 1.58%/yr vs 2.20%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. BND charges 0.03%/yr vs 0.14%/yr for BIL.
Performance
BND vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a 0.52% return, which is significantly lower than BIL's 1.60% return. Over the past 10 years, BND has underperformed BIL with an annualized return of 1.58%, while BIL has yielded a comparatively higher 2.20% annualized return.
BND
- 1D
- -0.12%
- 1M
- 1.03%
- YTD
- 0.52%
- 6M
- 0.91%
- 1Y
- 4.77%
- 3Y*
- 4.17%
- 5Y*
- 0.03%
- 10Y*
- 1.58%
BIL
- 1D
- 0.03%
- 1M
- 0.27%
- YTD
- 1.60%
- 6M
- 1.76%
- 1Y
- 3.85%
- 3Y*
- 4.63%
- 5Y*
- 3.43%
- 10Y*
- 2.20%
BND vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 0.52% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.60% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between BND and BIL is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.01 |
The correlation between BND and BIL shifts across timeframes, from -0.16 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BND vs. BIL — Risk / Return Rank
BND
BIL
BND vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| BND | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.45 | ||
| Sortino ratioReturn per unit of downside risk | -173.39 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 88.41 | -87.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 357.44 | -355.79 |
| Martin ratioReturn relative to average drawdown | 4.81 | 2,834.34 | -2,829.53 |
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Drawdowns
BND vs. BIL - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BND and BIL.
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Drawdown Indicators
| BND | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -0.78% | -17.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -0.01% | -2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -0.01% | -5.91% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -0.09% | -17.82% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | -0.21% | -18.37% |
Current DrawdownCurrent decline from peak | -2.12% | 0.00% | -2.12% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -0.26% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.00% | +0.92% |
Volatility
BND vs. BIL - Volatility Comparison
Vanguard Total Bond Market ETF (BND) has a higher volatility of 1.28% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that BND's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BND | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.06% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 0.14% | +2.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 0.20% | +3.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 0.26% | +5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 0.26% | +5.27% |
BND vs. BIL - Expense Ratio Comparison
BND has a 0.03% expense ratio, which is lower than BIL's 0.14% 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
BND vs. BIL - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 3.96%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
BND Vanguard Total Bond Market ETF | 3.96% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Frequently Asked Questions
BND and BIL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BND has higher volatility (1.28%) compared to BIL (0.06%). In terms of maximum drawdown, BND dropped -18.58% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.20% vs 1.58% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BIL 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 10-year period, BIL has performed better with a 2.20% return vs 1.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.14% for BIL.
BND has the higher dividend yield at 3.96%, compared with 3.86% for BIL.
BND is categorized as Total Bond Market, while BIL is Government Bonds. BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for BND and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.63 vs 1.18), 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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