EMIF vs. BIL
EMIF (iShares Emerging Markets Infrastructure ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - EMIF is a Emerging Markets Equities fund tracking the S&P Emerging Markets Infrastructure 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, EMIF returned 2.46%/yr vs 2.20%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. EMIF charges 0.75%/yr vs 0.14%/yr for BIL.
Performance
EMIF vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EMIF having a 1.64% return and BIL slightly higher at 1.66%. Over the past 10 years, EMIF has outperformed BIL with an annualized return of 2.46%, while BIL has yielded a comparatively lower 2.20% annualized return.
EMIF
- 1D
- -0.02%
- 1M
- -1.61%
- YTD
- 1.64%
- 6M
- 1.44%
- 1Y
- 22.10%
- 3Y*
- 11.82%
- 5Y*
- 5.01%
- 10Y*
- 2.46%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
EMIF vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMIF iShares Emerging Markets Infrastructure ETF | 1.64% | 33.90% | 1.21% | 5.67% | -12.59% | 3.76% | -19.98% | 16.36% | -13.70% | 20.70% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between EMIF and BIL is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009 | -0.01 |
The correlation between EMIF and BIL shifts across timeframes, from -0.13 (1 year) to -0.01 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMIF vs. BIL — Risk / Return Rank
EMIF
BIL
EMIF vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) 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.
| EMIF | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.98 | ||
| Sortino ratioReturn per unit of downside risk | -171.15 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 87.41 | -86.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 353.28 | -351.86 |
| Martin ratioReturn relative to average drawdown | 4.28 | 2,801.35 | -2,797.07 |
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Drawdowns
EMIF vs. BIL - Drawdown Comparison
The maximum EMIF drawdown since its inception was -48.02%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for EMIF and BIL.
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Drawdown Indicators
| EMIF | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.02% | -0.78% | -47.24% |
Max Drawdown (1Y)Largest decline over 1 year | -15.57% | -0.01% | -15.56% |
Max Drawdown (3Y)Largest decline over 3 years | -16.70% | -0.01% | -16.69% |
Max Drawdown (5Y)Largest decline over 5 years | -23.29% | -0.09% | -23.20% |
Max Drawdown (10Y)Largest decline over 10 years | -48.02% | -0.21% | -47.81% |
Current DrawdownCurrent decline from peak | -12.54% | 0.00% | -12.54% |
Average DrawdownAverage peak-to-trough decline | -15.90% | -0.26% | -15.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.18% | 0.00% | +5.18% |
Volatility
EMIF vs. BIL - Volatility Comparison
iShares Emerging Markets Infrastructure ETF (EMIF) has a higher volatility of 5.64% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that EMIF'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
| EMIF | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 0.07% | +5.57% |
Volatility (6M)Calculated over the trailing 6-month period | 13.47% | 0.14% | +13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.03% | 0.20% | +15.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.73% | 0.26% | +19.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.62% | 0.26% | +20.36% |
EMIF vs. BIL - Expense Ratio Comparison
EMIF has a 0.75% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
EMIF vs. BIL - Dividend Comparison
EMIF's dividend yield for the trailing twelve months is around 4.16%, 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% |
EMIF iShares Emerging Markets Infrastructure ETF | 4.16% | 4.96% | 4.12% | 2.64% | 3.08% | 3.94% | 2.54% | 2.07% | 2.64% | 2.58% | 3.16% | 2.07% |
Frequently Asked Questions
EMIF and BIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMIF has higher volatility (5.64%) compared to BIL (0.07%). In terms of maximum drawdown, EMIF dropped -48.02% vs BIL's -0.78%.
On 10-year performance, EMIF leads with 2.46% 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, EMIF has performed better with a 2.46% 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 0.75% for EMIF.
EMIF has the higher dividend yield at 4.16%, compared with 3.85% for BIL.
EMIF is categorized as Emerging Markets Equities, while BIL is Government Bonds. EMIF tracks S&P Emerging Markets Infrastructure 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: 0.75% for EMIF and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 1.39), 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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