FXI vs. BIL
FXI (iShares China Large-Cap ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 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, FXI returned 2.55%/yr vs 2.20%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. FXI charges 0.74%/yr vs 0.14%/yr for BIL.
Performance
FXI vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -13.61% return, which is significantly lower than BIL's 1.67% return. Over the past 10 years, FXI has outperformed BIL with an annualized return of 2.55%, while BIL has yielded a comparatively lower 2.20% annualized return.
FXI
- 1D
- -1.79%
- 1M
- -6.88%
- YTD
- -13.61%
- 6M
- -14.15%
- 1Y
- -7.33%
- 3Y*
- 9.64%
- 5Y*
- -4.39%
- 10Y*
- 2.55%
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%
FXI vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | -13.61% | 28.95% | 28.98% | -12.42% | -20.66% | -20.06% | 8.92% | 14.90% | -13.28% | 36.26% |
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 FXI and BIL is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
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 May 30, 2007 | -0.02 |
The correlation between FXI and BIL shifts across timeframes, from -0.10 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXI vs. BIL — Risk / Return Rank
FXI
BIL
FXI vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.69 | ||
| Sortino ratioReturn per unit of downside risk | -173.06 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 87.16 | -86.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 352.24 | -352.61 |
| Martin ratioReturn relative to average drawdown | -0.90 | 2,793.11 | -2,794.01 |
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Drawdowns
FXI vs. BIL - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FXI and BIL.
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Drawdown Indicators
| FXI | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -0.78% | -71.90% |
Max Drawdown (1Y)Largest decline over 1 year | -19.91% | -0.01% | -19.90% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -0.01% | -28.71% |
Max Drawdown (5Y)Largest decline over 5 years | -54.94% | -0.09% | -54.85% |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | -0.21% | -60.60% |
Current DrawdownCurrent decline from peak | -31.97% | 0.00% | -31.97% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -0.26% | -30.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 0.00% | +8.13% |
Volatility
FXI vs. BIL - Volatility Comparison
iShares China Large-Cap ETF (FXI) has a higher volatility of 6.02% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that FXI'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
| FXI | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 0.07% | +5.95% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 0.14% | +14.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.00% | 0.20% | +19.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.72% | 0.26% | +31.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 0.26% | +27.34% |
FXI vs. BIL - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
FXI vs. BIL - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 2.07%, 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% |
FXI iShares China Large-Cap ETF | 2.07% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
Frequently Asked Questions
FXI 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.
FXI has higher volatility (6.02%) compared to BIL (0.07%). In terms of maximum drawdown, FXI dropped -72.68% vs BIL's -0.78%.
On 10-year performance, FXI leads with 2.55% 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, FXI has performed better with a 2.55% 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 0.74% for FXI.
BIL has the higher dividend yield at 3.85%, compared with 2.07% for FXI.
FXI is categorized as China Equities, while BIL is Government Bonds. FXI tracks FTSE China 50 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: 0.74% for FXI and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs -0.37), 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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