CLIP vs. BILS

Last updated Jun 24, 2026

CLIP (Global X 1-3 Month T-Bill ETF) and BILS (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 4.64%/yr vs 4.61%/yr for BILS. At a 0.30 correlation, their price movements are largely independent. CLIP charges 0.07%/yr vs 0.14%/yr for BILS.

Performance

CLIP vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X 1-3 Month T-Bill ETF (CLIP) 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, CLIP achieves a 1.71% return, which is significantly higher than BILS's 1.57% return.

CLIP

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.71%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

BILS

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.57%
• 6M: 1.66%
• 1Y: 3.84%
• 3Y*: 4.61%
• 5Y*: 3.33%
• 10Y*: —

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

CLIP vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	1.71%	4.23%	5.26%	2.82%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.57%	4.23%	5.17%	2.89%

Correlation

The correlation between CLIP and BILS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.30

The correlation between CLIP and BILS shifts across timeframes, from 0.30 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CLIP vs. BILS — Risk / Return Rank

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

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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.

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 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 ratio: Return per unit of total volatility	17.84	16.64	+1.20
Sortino ratio: Return per unit of downside risk	80.86	87.69	-6.83
Omega ratio: Gain probability vs. loss probability	26.35	34.24	-7.89
Calmar ratio: Return relative to maximum drawdown	141.67	127.82	+13.85
Martin ratio: Return relative to average drawdown	1,281.30	1,285.26	-3.96

CLIP vs. BILS - Sharpe Ratio Comparison

The current CLIP Sharpe Ratio is 17.84, which is comparable to the BILS Sharpe Ratio of 16.64. The chart below compares the historical Sharpe Ratios of CLIP 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.

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.

Drawdown Indicators

	CLIP	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-0.41%	+0.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.03%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.08%	-0.04%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.37%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.04%	+0.04%
Ulcer Index Depth 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) has a higher volatility of 0.07% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that CLIP'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

	CLIP	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.06%	+0.01%
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%	0.23%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.44%	0.31%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	0.30%	+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 3.90%, more than BILS's 3.81% yield.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
CLIP Global X 1-3 Month T-Bill ETF	3.90%	4.14%	5.11%	2.75%	0.00%

Frequently Asked Questions

Can I hold both CLIP and BILS in my portfolio?

CLIP and BILS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLIP or BILS?

CLIP has higher volatility (0.07%) compared to BILS (0.06%). In terms of maximum drawdown, CLIP dropped -0.08% vs BILS's -0.41%.

Which ETF is better, CLIP or BILS?

On 3-year performance, CLIP leads with 4.64% vs 4.61% 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.

Which ETF has performed better, CLIP or BILS?

Over the 3-year period, CLIP has performed better with a 4.64% return vs 4.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLIP or BILS?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.14% for BILS.

Which ETF pays a higher dividend yield, CLIP or BILS?

CLIP has the higher dividend yield at 3.90%, compared with 3.81% for BILS.

What is the main difference between CLIP and 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.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.84 vs 16.64), 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.