FXB vs. BIL
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, 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, FXB returned 0.48%/yr vs 2.20%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.14%/yr for BIL.
Performance
FXB vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly lower than BIL's 1.67% return. Over the past 10 years, FXB has underperformed BIL with an annualized return of 0.48%, while BIL has yielded a comparatively higher 2.20% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
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%
FXB vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
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 FXB and BIL is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.01 |
The correlation between FXB and BIL shifts across timeframes, from -0.11 (1 year) to 0.01 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXB vs. BIL — Risk / Return Rank
FXB
BIL
FXB vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.37 | ||
| Sortino ratioReturn per unit of downside risk | -172.69 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 87.16 | -86.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 352.24 | -352.32 |
| Martin ratioReturn relative to average drawdown | -0.15 | 2,793.11 | -2,793.26 |
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Drawdowns
FXB vs. BIL - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FXB and BIL.
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Drawdown Indicators
| FXB | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -0.78% | -48.21% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -0.01% | -4.52% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -0.01% | -8.43% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -0.09% | -23.52% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -0.21% | -25.90% |
Current DrawdownCurrent decline from peak | -30.64% | 0.00% | -30.64% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -0.26% | -27.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 0.00% | +2.25% |
Volatility
FXB vs. BIL - Volatility Comparison
Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 1.62% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that FXB'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
| FXB | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 0.07% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 0.14% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 0.20% | +6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 0.26% | +8.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 0.26% | +8.61% |
FXB vs. BIL - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
FXB vs. BIL - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.62%) compared to BIL (0.07%). In terms of maximum drawdown, FXB dropped -48.99% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.20% vs 0.48% for FXB. 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, BIL has performed better with a 2.20% return vs 0.48%. 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 0.40% for FXB.
BIL has the higher dividend yield at 3.85%, compared with 2.24% for FXB.
FXB is categorized as Currency, while BIL is Government Bonds. FXB tracks British Pound, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXB and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs -0.05), 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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