DVYE vs. BIL
DVYE (iShares Emerging Markets Dividend ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - DVYE is a Emerging Markets Equities fund tracking the Dow Jones Emerging Markets Select Dividend 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, DVYE returned 7.59%/yr vs 2.20%/yr for BIL. At a 0.02 correlation, their price movements are largely independent. DVYE charges 0.49%/yr vs 0.14%/yr for BIL.
Performance
DVYE vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, DVYE achieves a 6.75% return, which is significantly higher than BIL's 1.67% return. Over the past 10 years, DVYE has outperformed BIL with an annualized return of 7.59%, while BIL has yielded a comparatively lower 2.20% annualized return.
DVYE
- 1D
- -2.04%
- 1M
- -3.13%
- YTD
- 6.75%
- 6M
- 7.37%
- 1Y
- 23.11%
- 3Y*
- 19.95%
- 5Y*
- 4.56%
- 10Y*
- 7.59%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.84%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
DVYE vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DVYE iShares Emerging Markets Dividend ETF | 6.75% | 28.36% | 8.89% | 20.88% | -31.38% | 11.02% | -2.51% | 15.41% | -5.56% | 27.04% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.67% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between DVYE and BIL is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | 0.02 |
The correlation between DVYE and BIL shifts across timeframes, from -0.17 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DVYE vs. BIL — Risk / Return Rank
DVYE
BIL
DVYE vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Dividend ETF (DVYE) 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.
| DVYE | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.76 | ||
| Sortino ratioReturn per unit of downside risk | -170.54 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 87.16 | -85.89 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 352.24 | -349.06 |
| Martin ratioReturn relative to average drawdown | 8.93 | 2,793.11 | -2,784.18 |
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Drawdowns
DVYE vs. BIL - Drawdown Comparison
The maximum DVYE drawdown since its inception was -47.42%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for DVYE and BIL.
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Drawdown Indicators
| DVYE | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.42% | -0.78% | -46.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.30% | -0.01% | -7.29% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -0.01% | -14.62% |
Max Drawdown (5Y)Largest decline over 5 years | -40.89% | -0.09% | -40.80% |
Max Drawdown (10Y)Largest decline over 10 years | -40.89% | -0.21% | -40.68% |
Current DrawdownCurrent decline from peak | -7.30% | 0.00% | -7.30% |
Average DrawdownAverage peak-to-trough decline | -15.34% | -0.26% | -15.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 0.00% | +2.59% |
Volatility
DVYE vs. BIL - Volatility Comparison
iShares Emerging Markets Dividend ETF (DVYE) has a higher volatility of 5.61% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that DVYE'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
| DVYE | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.61% | 0.07% | +5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 12.32% | 0.14% | +12.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.92% | 0.20% | +14.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.09% | 0.26% | +16.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.33% | 0.26% | +18.07% |
DVYE vs. BIL - Expense Ratio Comparison
DVYE has a 0.49% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
DVYE vs. BIL - Dividend Comparison
DVYE's dividend yield for the trailing twelve months is around 5.05%, more 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% |
DVYE iShares Emerging Markets Dividend ETF | 5.05% | 5.88% | 11.81% | 9.05% | 9.89% | 7.31% | 5.27% | 5.97% | 5.69% | 4.81% | 4.56% | 6.53% |
Frequently Asked Questions
DVYE and BIL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DVYE has higher volatility (5.61%) compared to BIL (0.07%). In terms of maximum drawdown, DVYE dropped -47.42% vs BIL's -0.78%.
On 10-year performance, DVYE leads with 7.59% 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, DVYE has performed better with a 7.59% 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 0.49% for DVYE.
DVYE has the higher dividend yield at 5.05%, compared with 3.85% for BIL.
DVYE is categorized as Emerging Markets Equities, while BIL is Government Bonds. DVYE tracks Dow Jones Emerging Markets Select Dividend Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for DVYE and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs 1.56), 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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