GBIL vs. BILS
GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) and BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - GBIL is a Government Bonds fund tracking the FTSE US Treasury 0-1 Year Composite Select Index, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, GBIL returned 3.43%/yr vs 3.42%/yr for BILS. Their 0.65 correlation means they have sometimes moved together and sometimes differently. GBIL charges 0.12%/yr vs 0.14%/yr for BILS.
Performance
GBIL vs. BILS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GBIL having a 2.00% return and BILS slightly higher at 2.02%.
GBIL
- 1D
- 0.01%
- 1M
- 0.28%
- 6M
- 1.72%
- YTD
- 2.00%
- 1Y
- 3.74%
- 3Y*
- 4.54%
- 5Y*
- 3.43%
- 10Y*
- —
- ALL TIME*
- 2.30%
BILS
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.73%
- YTD
- 2.02%
- 1Y
- 3.77%
- 3Y*
- 4.57%
- 5Y*
- 3.42%
- 10Y*
- —
- ALL TIME*
- 2.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.41M | $30.83M | $33.15M | |
| $54.62M | $52.46M | $69.99M |
GBIL vs. BILS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 2.00% | 4.12% | 5.24% | 4.91% | 1.05% | -0.08% | 0.00% |
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 2.02% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | -0.01% |
Correlation
The correlation between GBIL and BILS is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.65 |
The correlation between GBIL and BILS has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.
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Return for Risk
GBIL vs. BILS — Risk / Return Rank
GBIL
BILS
GBIL vs. BILS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) and State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.
| GBIL | BILS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +66.90 | ||
| Omega ratioGain probability vs. loss probability | 92.87 | 29.85 | +63.03 |
| Calmar ratioReturn relative to maximum drawdown | 187.90 | 125.67 | +62.23 |
| Martin ratioReturn relative to average drawdown | 2,250.52 | 1,180.37 | +1,070.15 |
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Drawdowns
GBIL vs. BILS - Drawdown Comparison
The maximum GBIL drawdown since its inception was -0.76%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for GBIL and BILS.
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Drawdown Indicators
| GBIL | BILS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.76% | -0.41% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.03% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.76% | -0.04% | -0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -0.76% | -0.36% | -0.40% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.04% | -0.03% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
GBIL vs. BILS - Volatility Comparison
Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) and State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) have volatilities of 0.06% and 0.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBIL | BILS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.06% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.14% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.21% | 0.22% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 0.31% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.47% | 0.29% | +0.18% |
GBIL vs. BILS - Expense Ratio Comparison
GBIL has a 0.12% expense ratio, which is lower than BILS's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBIL vs. BILS - Dividend Comparison
GBIL's dividend yield for the trailing twelve months is around 3.68%, less than BILS's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 3.73% | 4.08% | 5.01% | 4.98% | 1.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 3.68% | 4.02% | 4.93% | 4.77% | 1.37% | 0.00% | 0.81% | 2.20% | 1.70% | 0.74% | 0.11% |
Frequently Asked Questions
GBIL and BILS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BILS has higher volatility (0.06%) compared to GBIL (0.06%). In terms of maximum drawdown, GBIL dropped -0.76% vs BILS's -0.41%.
On 5-year performance, GBIL leads with 3.43% vs 3.42% for BILS. On fees, GBIL is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBIL has performed better with a 3.43% return vs 3.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBIL is cheaper with a 0.12% expense ratio, compared with 0.14% for BILS.
BILS has the higher dividend yield at 3.73%, compared with 3.68% for GBIL.
GBIL is categorized as Government Bonds, while BILS is Ultrashort Bond. GBIL tracks FTSE US Treasury 0-1 Year Composite Select Index, while BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.12% for GBIL and 0.14% for BILS.
GBIL currently has the higher Sharpe Ratio (18.10 vs 17.34), 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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