CE31.L vs. BIL
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, 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, CE31.L returned 1.34%/yr vs 2.94%/yr for BIL. At a 0.39 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
CE31.L vs. BIL - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while BIL is traded in USD. To make them comparable, the BIL values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly lower than BIL's 1.90% return. Over the past 10 years, CE31.L has underperformed BIL with an annualized return of 1.34%, while BIL has yielded a comparatively higher 2.94% annualized return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
BIL
- 1D
- 0.00%
- 1M
- 1.19%
- YTD
- 1.90%
- 6M
- 1.05%
- 1Y
- 4.88%
- 3Y*
- 2.01%
- 5Y*
- 4.53%
- 10Y*
- 2.94%
CE31.L vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.90% | -3.27% | 7.03% | -0.30% | 13.46% | 0.85% | -2.55% | -1.85% | 7.77% | -8.02% |
Correlation
The correlation between CE31.L and BIL is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.39 |
The correlation between CE31.L and BIL shifts across timeframes, from 0.21 (1 year) to 0.41 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CE31.L vs. BIL — Risk / Return Rank
CE31.L
BIL
CE31.L vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) 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.
| CE31.L | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.13 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 0.94 | +0.45 |
| Martin ratioReturn relative to average drawdown | 3.13 | 2.56 | +0.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CE31.L | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.74 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.53 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.31 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.37 | -0.29 |
Drawdowns
CE31.L vs. BIL - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum BIL drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for CE31.L and BIL.
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Drawdown Indicators
| CE31.L | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -20.05% | +1.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -5.19% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -9.84% | +6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -15.90% | +9.92% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -19.34% | +6.20% |
Current DrawdownCurrent decline from peak | -3.78% | -6.26% | +2.48% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -9.41% | +2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.91% | -0.74% |
Volatility
CE31.L vs. BIL - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a volatility of 1.78%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky 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
| CE31.L | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.78% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 5.00% | -2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 6.60% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 8.56% | -3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 9.49% | -2.42% |
CE31.L vs. BIL - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CE31.L vs. BIL - Dividend Comparison
CE31.L has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CE31.L and BIL have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.15% for CE31.L.
CE31.L is categorized as European Government Bonds, while BIL is Government Bonds. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for CE31.L and 0.14% for BIL.
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