CXSE vs. BIL
CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises 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, CXSE returned 7.01%/yr vs 2.20%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. CXSE charges 0.32%/yr vs 0.14%/yr for BIL.
Performance
CXSE vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, CXSE achieves a -4.16% return, which is significantly lower than BIL's 1.69% return. Over the past 10 years, CXSE has outperformed BIL with an annualized return of 7.01%, while BIL has yielded a comparatively lower 2.20% annualized return.
CXSE
- 1D
- -0.29%
- 1M
- -3.14%
- YTD
- -4.16%
- 6M
- -5.53%
- 1Y
- 12.86%
- 3Y*
- 10.02%
- 5Y*
- -9.30%
- 10Y*
- 7.01%
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.69%
- 6M
- 1.74%
- 1Y
- 3.85%
- 3Y*
- 4.61%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
CXSE vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -4.16% | 37.00% | 8.56% | -18.02% | -29.32% | -23.67% | 59.39% | 37.96% | -28.55% | 81.50% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.69% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between CXSE and BIL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | 0.01 |
The correlation between CXSE and BIL shifts across timeframes, from -0.08 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CXSE vs. BIL — Risk / Return Rank
CXSE
BIL
CXSE vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) 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.
| CXSE | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.83 | ||
| Sortino ratioReturn per unit of downside risk | -172.21 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 87.41 | -86.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 353.28 | -352.55 |
| Martin ratioReturn relative to average drawdown | 1.44 | 2,801.36 | -2,799.92 |
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Drawdowns
CXSE vs. BIL - Drawdown Comparison
The maximum CXSE drawdown since its inception was -70.01%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CXSE and BIL.
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Drawdown Indicators
| CXSE | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.01% | -0.78% | -69.23% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -0.01% | -17.69% |
Max Drawdown (3Y)Largest decline over 3 years | -32.12% | -0.01% | -32.11% |
Max Drawdown (5Y)Largest decline over 5 years | -64.47% | -0.09% | -64.38% |
Max Drawdown (10Y)Largest decline over 10 years | -70.01% | -0.21% | -69.80% |
Current DrawdownCurrent decline from peak | -48.73% | 0.00% | -48.73% |
Average DrawdownAverage peak-to-trough decline | -27.90% | -0.26% | -27.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.96% | 0.00% | +8.96% |
Volatility
CXSE vs. BIL - Volatility Comparison
WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a higher volatility of 7.43% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that CXSE'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
| CXSE | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 0.07% | +7.36% |
Volatility (6M)Calculated over the trailing 6-month period | 15.56% | 0.14% | +15.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 0.20% | +21.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.37% | 0.26% | +32.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.73% | 0.26% | +28.47% |
CXSE vs. BIL - Expense Ratio Comparison
CXSE has a 0.32% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
CXSE vs. BIL - Dividend Comparison
CXSE's dividend yield for the trailing twelve months is around 2.09%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 2.09% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
Frequently Asked Questions
CXSE and BIL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXSE has higher volatility (7.43%) compared to BIL (0.07%). In terms of maximum drawdown, CXSE dropped -70.01% vs BIL's -0.78%.
On 10-year performance, CXSE leads with 7.01% vs 2.20% 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, CXSE has performed better with a 7.01% return vs 2.20%. 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 0.32% for CXSE.
BIL has the higher dividend yield at 3.85%, compared with 2.09% for CXSE.
CXSE is categorized as China Equities, while BIL is Government Bonds. CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.32% for CXSE and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.43 vs 0.60), 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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