GCC vs. BILS

Last updated Jun 23, 2026

GCC (WisdomTree Enhanced Commodity Strategy Fund) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - GCC is a Commodities fund actively managed by WisdomTree, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. GCC is actively managed, while BILS is passively managed. Over the past 5 years, GCC returned 10.56%/yr vs 3.33%/yr for BILS. At a correlation of -0.06, they often move in opposite directions. GCC charges 0.55%/yr vs 0.14%/yr for BILS.

Performance

GCC vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Enhanced Commodity Strategy Fund (GCC) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCC achieves a 9.55% return, which is significantly higher than BILS's 1.57% return.

GCC

• 1D: -0.34%
• 1M: -8.49%
• YTD: 9.55%
• 6M: 9.43%
• 1Y: 22.24%
• 3Y*: 15.39%
• 5Y*: 10.56%
• 10Y*: 6.00%

BILS

• 1D: 0.01%
• 1M: 0.24%
• YTD: 1.57%
• 6M: 1.67%
• 1Y: 3.86%
• 3Y*: 4.61%
• 5Y*: 3.33%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GCC vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GCC WisdomTree Enhanced Commodity Strategy Fund	9.55%	20.01%	15.13%	-3.72%	7.74%	19.96%	11.47%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.57%	4.23%	5.17%	4.92%	0.90%	-0.08%	-0.01%

Correlation

The correlation between GCC and BILS 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	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020	-0.06

Return for Risk

GCC vs. BILS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCC

GCC Risk / Return Rank: 37
GCC Sharpe Ratio Rank: 38
GCC Sortino Ratio Rank: 33
GCC Omega Ratio Rank: 38
GCC Calmar Ratio Rank: 36
GCC Martin Ratio Rank: 41

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GCC vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Enhanced Commodity Strategy Fund (GCC) and 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.

	GCC	BILS	Difference
Sharpe ratio: Return per unit of total volatility	1.31	16.76	-15.45
Sortino ratio: Return per unit of downside risk	1.70	88.16	-86.46
Omega ratio: Gain probability vs. loss probability	1.25	34.42	-33.17
Calmar ratio: Return relative to maximum drawdown	1.78	128.51	-126.73
Martin ratio: Return relative to average drawdown	6.32	1,292.26	-1,285.94

GCC vs. BILS - Sharpe Ratio Comparison

The current GCC Sharpe Ratio is 1.31, which is lower than the BILS Sharpe Ratio of 16.76. The chart below compares the historical Sharpe Ratios of GCC and BILS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GCC vs. BILS - Drawdown Comparison

The maximum GCC drawdown since its inception was -63.19%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for GCC and BILS.

Drawdown Indicators

	GCC	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-0.41%	-62.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-0.03%	-12.50%
Max Drawdown (3Y) Largest decline over 3 years	-12.53%	-0.04%	-12.49%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-0.37%	-26.70%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-12.53%	0.00%	-12.53%
Average Drawdown Average peak-to-trough decline	-34.84%	-0.04%	-34.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	0.00%	+3.54%

Volatility

GCC vs. BILS - Volatility Comparison

WisdomTree Enhanced Commodity Strategy Fund (GCC) has a higher volatility of 3.98% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that GCC's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCC	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	0.06%	+3.92%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	0.14%	+15.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	0.23%	+16.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	0.31%	+16.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	0.30%	+14.49%

GCC vs. BILS - Expense Ratio Comparison

GCC has a 0.55% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

GCC vs. BILS - Dividend Comparison

GCC's dividend yield for the trailing twelve months is around 6.06%, more than BILS's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%	0.00%
GCC WisdomTree Enhanced Commodity Strategy Fund	6.06%	6.64%	3.51%	3.68%	22.49%	9.76%

Frequently Asked Questions

Can I hold both GCC and BILS in my portfolio?

GCC and BILS 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.

Which is riskier, GCC or BILS?

GCC has higher volatility (3.98%) compared to BILS (0.06%). In terms of maximum drawdown, GCC dropped -63.19% vs BILS's -0.41%.

Which ETF is better, GCC or BILS?

On 5-year performance, GCC leads with 10.56% vs 3.33% for BILS. On fees, BILS is cheaper at 0.14% per year. On volatility, BILS has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCC or BILS?

Over the 5-year period, GCC has performed better with a 10.56% return vs 3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCC or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.55% for GCC.

Which ETF pays a higher dividend yield, GCC or BILS?

GCC has the higher dividend yield at 6.06%, compared with 3.81% for BILS.

What is the main difference between GCC and BILS?

GCC is categorized as Commodities, while BILS is Ultrashort Bond. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.55% for GCC and 0.14% for BILS.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.76 vs 1.31), 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.