CLIP vs. BILS
CLIP (Global X 1-3 Month T-Bill ETF) and BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) are both Ultrashort Bond funds - CLIP tracks the Solactive 1-3 month US T-Bill Index - USD while BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 3 years, CLIP returned 4.63%/yr vs 4.58%/yr for BILS. Their 0.31 correlation means their historical movements had little consistent relationship. CLIP charges 0.07%/yr vs 0.14%/yr for BILS.
Performance
CLIP vs. BILS - Performance Comparison
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Returns By Period
In the year-to-date period, CLIP achieves a 2.13% return, which is significantly higher than BILS's 2.00% return.
CLIP
- 1D
- 0.03%
- 1M
- 0.29%
- 6M
- 1.83%
- YTD
- 2.13%
- 1Y
- 3.87%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.66%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.26M | $30.42M | $33.30M | |
| $16.58M | $21.00M | $33.74M |
CLIP vs. BILS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLIP Global X 1-3 Month T-Bill ETF | 2.13% | 4.23% | 5.26% | 2.82% |
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 2.00% | 4.23% | 5.17% | 2.89% |
Correlation
The correlation between CLIP and BILS is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | 0.31 |
Over the past year, CLIP and BILS have become more correlated (0.53) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
CLIP vs. BILS — Risk / Return Rank
CLIP
BILS
CLIP vs. BILS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X 1-3 Month T-Bill ETF (CLIP) and State Street 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.
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.
| CLIP | BILS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +21.46 | ||
| Omega ratioGain probability vs. loss probability | 35.98 | 30.56 | +5.43 |
| Calmar ratioReturn relative to maximum drawdown | 197.11 | 128.82 | +68.29 |
| Martin ratioReturn relative to average drawdown | 1,667.91 | 1,210.03 | +457.88 |
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Drawdowns
CLIP vs. BILS - Drawdown Comparison
The maximum CLIP drawdown since its inception was -0.08%, smaller than the maximum BILS drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for CLIP and BILS.
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Drawdown Indicators
| CLIP | BILS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.08% | -0.41% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.03% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -0.04% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.36% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.04% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
CLIP vs. BILS - Volatility Comparison
Global X 1-3 Month T-Bill ETF (CLIP) and State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) have volatilities of 0.07% and 0.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLIP | BILS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.07% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.15% | 0.14% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 0.24% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.43% | 0.31% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.43% | 0.29% | +0.14% |
CLIP vs. BILS - Expense Ratio Comparison
CLIP has a 0.07% expense ratio, which is lower than BILS'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
CLIP vs. BILS - Dividend Comparison
CLIP's dividend yield for the trailing twelve months is around 3.85%, more than BILS's 3.76% 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% |
CLIP Global X 1-3 Month T-Bill ETF | 3.49% | 4.14% | 5.11% | 2.75% | 0.00% |
Frequently Asked Questions
CLIP and BILS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BILS has higher volatility (0.07%) compared to CLIP (0.07%). In terms of maximum drawdown, CLIP dropped -0.08% vs BILS's -0.41%.
On 3-year performance, CLIP leads with 4.63% vs 4.58% for BILS. On fees, CLIP is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLIP has performed better with a 4.63% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLIP is cheaper with a 0.07% expense ratio, compared with 0.14% for BILS.
CLIP has the higher dividend yield at 3.49%, compared with 3.41% for BILS.
CLIP tracks Solactive 1-3 month US T-Bill Index - USD, while BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.07% for CLIP and 0.14% for BILS.
CLIP currently has the higher Sharpe Ratio (18.23 vs 16.36), 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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