CWI vs. BIL
CWI (State Street SPDR MSCI ACWI ex-US ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 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, CWI returned 9.70%/yr vs 2.24%/yr for BIL. Their -0.02 correlation means they have often moved in opposite directions in the past. CWI charges 0.30%/yr vs 0.14%/yr for BIL.
Performance
CWI vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, CWI achieves a 13.37% return, which is significantly higher than BIL's 2.08% return. Over the past 10 years, CWI has outperformed BIL with an annualized return of 9.70%, while BIL has yielded a comparatively lower 2.24% annualized return.
CWI
- 1D
- -0.30%
- 1M
- 0.10%
- 6M
- 7.85%
- YTD
- 13.37%
- 1Y
- 29.12%
- 3Y*
- 17.89%
- 5Y*
- 9.44%
- 10Y*
- 9.70%
- ALL TIME*
- 5.43%
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.76%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $9.74M | $9.97M | $9.68M |
CWI vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWI State Street SPDR MSCI ACWI ex-US ETF | 13.37% | 32.75% | 6.27% | 15.74% | -15.39% | 8.81% | 9.83% | 21.92% | -13.83% | 26.89% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between CWI and BIL is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.02 |
The correlation between CWI and BIL shifts across timeframes, from -0.10 (1 year) to -0.00 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CWI vs. BIL — Risk / Return Rank
CWI
BIL
CWI vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI ACWI ex-US ETF (CWI) 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.
| CWI | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.47 | ||
| Sortino ratioReturn per unit of downside risk | -150.83 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 69.35 | -68.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 349.28 | -346.79 |
| Martin ratioReturn relative to average drawdown | 9.12 | 2,476.90 | -2,467.78 |
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Drawdowns
CWI vs. BIL - Drawdown Comparison
The maximum CWI drawdown since its inception was -60.77%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CWI and BIL.
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Drawdown Indicators
| CWI | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.77% | -0.78% | -59.99% |
Max Drawdown (1Y)Largest decline over 1 year | -11.47% | -0.01% | -11.46% |
Max Drawdown (3Y)Largest decline over 3 years | -13.85% | -0.01% | -13.84% |
Max Drawdown (5Y)Largest decline over 5 years | -28.80% | -0.08% | -28.72% |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | -0.21% | -34.43% |
Current DrawdownCurrent decline from peak | -2.61% | 0.00% | -2.61% |
Average DrawdownAverage peak-to-trough decline | -12.77% | -0.26% | -12.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 0.00% | +3.12% |
Volatility
CWI vs. BIL - Volatility Comparison
State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that CWI'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
| CWI | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.63% | 0.07% | +5.56% |
Volatility (6M)Calculated over the trailing 6-month period | 15.27% | 0.14% | +15.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.17% | 0.20% | +16.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.57% | 0.26% | +16.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 0.26% | +16.78% |
CWI vs. BIL - Expense Ratio Comparison
CWI has a 0.30% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
CWI vs. BIL - Dividend Comparison
CWI's dividend yield for the trailing twelve months is around 2.72%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.46% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
CWI State Street SPDR MSCI ACWI ex-US ETF | 2.72% | 2.97% | 2.89% | 2.80% | 3.17% | 2.65% | 2.07% | 3.05% | 2.81% | 2.29% | 2.45% | 2.62% |
Frequently Asked Questions
CWI and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWI has higher volatility (5.63%) compared to BIL (0.07%). In terms of maximum drawdown, CWI dropped -60.77% vs BIL's -0.78%.
On 10-year performance, CWI leads with 9.70% vs 2.24% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CWI has performed better with a 9.70% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.30% for CWI.
BIL has the higher dividend yield at 3.46%, compared with 2.72% for CWI.
CWI is categorized as Foreign Large Cap Equities, while BIL is Government Bonds. CWI tracks MSCI ACWI ex USA Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.30% for CWI and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.13 vs 1.66), 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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