GSPY vs. BIL
GSPY (Gotham Enhanced 500 ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - GSPY is a Large Cap Blend Equities fund actively managed by Gotham, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. GSPY is actively managed, while BIL is passively managed. Over the past 5 years, GSPY returned 13.03%/yr vs 3.54%/yr for BIL. Their -0.02 correlation means they have often moved in opposite directions in the past. GSPY charges 0.50%/yr vs 0.14%/yr for BIL.
Performance
GSPY vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, GSPY achieves a 11.59% return, which is significantly higher than BIL's 2.08% return.
GSPY
- 1D
- 0.87%
- 1M
- 1.25%
- 6M
- 9.70%
- YTD
- 11.59%
- 1Y
- 24.15%
- 3Y*
- 19.59%
- 5Y*
- 13.03%
- 10Y*
- —
- ALL TIME*
- 14.97%
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.76%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $111.53K | $112.18K | $139.32K |
GSPY vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GSPY Gotham Enhanced 500 ETF | 11.59% | 18.28% | 23.58% | 26.01% | -17.07% | 27.53% | 0.25% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.00% |
Correlation
The correlation between GSPY and BIL is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020 | -0.02 |
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Return for Risk
GSPY vs. BIL — Risk / Return Rank
GSPY
BIL
GSPY vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gotham Enhanced 500 ETF (GSPY) 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.
| GSPY | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.45 | ||
| Sortino ratioReturn per unit of downside risk | -150.87 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 69.35 | -68.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 349.28 | -346.70 |
| Martin ratioReturn relative to average drawdown | 10.91 | 2,476.90 | -2,465.99 |
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Drawdowns
GSPY vs. BIL - Drawdown Comparison
The maximum GSPY drawdown since its inception was -23.30%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for GSPY and BIL.
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Drawdown Indicators
| GSPY | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.30% | -0.78% | -22.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.62% | -0.01% | -8.61% |
Max Drawdown (3Y)Largest decline over 3 years | -18.67% | -0.01% | -18.66% |
Max Drawdown (5Y)Largest decline over 5 years | -23.30% | -0.08% | -23.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -0.30% | 0.00% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -0.26% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 0.00% | +2.03% |
Volatility
GSPY vs. BIL - Volatility Comparison
Gotham Enhanced 500 ETF (GSPY) has a higher volatility of 3.50% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that GSPY'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
| GSPY | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 0.07% | +3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.77% | 0.14% | +9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.15% | 0.20% | +12.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 0.26% | +16.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.26% | 0.26% | +16.00% |
GSPY vs. BIL - Expense Ratio Comparison
GSPY has a 0.50% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
GSPY vs. BIL - Dividend Comparison
GSPY's dividend yield for the trailing twelve months is around 2.34%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.46% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
GSPY Gotham Enhanced 500 ETF | 2.34% | 2.61% | 0.84% | 1.06% | 1.25% | 0.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSPY and BIL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSPY has higher volatility (3.50%) compared to BIL (0.07%). In terms of maximum drawdown, GSPY dropped -23.30% vs BIL's -0.78%.
On 5-year performance, GSPY leads with 13.03% vs 3.54% 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 5-year period, GSPY has performed better with a 13.03% return vs 3.54%. 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 0.50% for GSPY.
BIL has the higher dividend yield at 3.46%, compared with 2.34% for GSPY.
GSPY is categorized as Large Cap Blend Equities, while BIL is Government Bonds. They also come from different issuers: Gotham and State Street. Their fees differ too: 0.50% for GSPY and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.13 vs 1.69), 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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