CUSD vs. BIL

Last updated Jun 4, 2026

CUSD (CrossingBridge Ultra-Short Duration ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - CUSD is a Ultrashort Bond fund actively managed by CrossingBridge, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. CUSD is actively managed, while BIL is passively managed. Over the past 3 years, CUSD returned 4.69%/yr vs 4.64%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. CUSD charges 0.81%/yr vs 0.14%/yr for BIL.

Performance

CUSD vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CrossingBridge Ultra-Short Duration ETF (CUSD) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CUSD having a 1.42% return and BIL slightly higher at 1.49%.

CUSD

• 1D: -0.13%
• 1M: -0.39%
• YTD: 1.42%
• 6M: 0.90%
• 1Y: 3.46%
• 3Y*: 4.69%
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.77%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

CUSD vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CUSD CrossingBridge Ultra-Short Duration ETF	1.42%	5.02%	4.57%	6.05%	2.03%	2.40%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	1.40%	-0.02%

Correlation

The correlation between CUSD and BIL is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	-0.02

The correlation between CUSD and BIL shifts across timeframes, from -0.21 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CUSD vs. BIL — Risk / Return Rank

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

CUSD

CUSD Risk / Return Rank: 15
CUSD Sharpe Ratio Rank: 12
CUSD Sortino Ratio Rank: 12
CUSD Omega Ratio Rank: 14
CUSD Calmar Ratio Rank: 17
CUSD Martin Ratio Rank: 17

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

CUSD vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CrossingBridge Ultra-Short Duration ETF (CUSD) 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.

	CUSD	BIL	Difference
Sharpe ratio Return per unit of total volatility	0.25	19.71	-19.45
Sortino ratio Return per unit of downside risk	0.49	174.16	-173.68
Omega ratio Gain probability vs. loss probability	1.08	87.91	-86.83
Calmar ratio Return relative to maximum drawdown	0.64	355.35	-354.71
Martin ratio Return relative to average drawdown	1.69	2,817.77	-2,816.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUSD vs. BIL - Sharpe Ratio Comparison

The current CUSD Sharpe Ratio is 0.25, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of CUSD and BIL, 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

	CUSD	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	19.71	-19.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	13.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	2.78	-2.12

Drawdowns

CUSD vs. BIL - Drawdown Comparison

The maximum CUSD drawdown since its inception was -5.42%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CUSD and BIL.

Drawdown Indicators

	CUSD	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-5.42%	-0.78%	-4.64%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-0.01%	-5.41%
Max Drawdown (3Y) Largest decline over 3 years	-5.42%	-0.01%	-5.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-2.75%	0.00%	-2.75%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.26%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	0.00%	+2.06%

Volatility

CUSD vs. BIL - Volatility Comparison

CrossingBridge Ultra-Short Duration ETF (CUSD) has a higher volatility of 4.38% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that CUSD'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.

Volatility by Period

	CUSD	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	0.05%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	0.13%	+10.82%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	0.20%	+13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.03%	0.26%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.03%	0.26%	+6.77%

CUSD vs. BIL - Expense Ratio Comparison

CUSD has a 0.81% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

CUSD vs. BIL - Dividend Comparison

CUSD's dividend yield for the trailing twelve months is around 13.85%, more than BIL's 3.86% yield.

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%
CUSD CrossingBridge Ultra-Short Duration ETF	13.85%	14.05%	7.10%	3.62%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CUSD and BIL in my portfolio?

CUSD 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.

Which is riskier, CUSD or BIL?

CUSD has higher volatility (4.38%) compared to BIL (0.05%). In terms of maximum drawdown, CUSD dropped -5.42% vs BIL's -0.78%.

Which ETF is better, CUSD or BIL?

On 3-year performance, CUSD leads with 4.69% vs 4.64% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CUSD or BIL?

Over the 3-year period, CUSD has performed better with a 4.69% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CUSD or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.81% for CUSD.

Which ETF pays a higher dividend yield, CUSD or BIL?

CUSD has the higher dividend yield at 13.85%, compared with 3.86% for BIL.

What is the main difference between CUSD and BIL?

CUSD is categorized as Ultrashort Bond, while BIL is Government Bonds. They also come from different issuers: CrossingBridge and State Street. Their fees differ too: 0.81% for CUSD and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 0.25), 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.