HTAX vs. BIL

Last updated Jun 4, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. HTAX is actively managed, while BIL is passively managed. Over the past year, HTAX returned 9.34% vs 3.87% for BIL. At a correlation of -0.11, they often move in opposite directions. HTAX charges 0.49%/yr vs 0.14%/yr for BIL.

Performance

HTAX vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTAX achieves a 3.60% return, which is significantly higher than BIL's 1.49% return.

HTAX

• 1D: 0.06%
• 1M: 1.34%
• YTD: 3.60%
• 6M: 3.91%
• 1Y: 9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.77%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

HTAX vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	3.60%	1.45%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	3.41%

Correlation

The correlation between HTAX and BIL is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	-0.11

Return for Risk

HTAX vs. BIL — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 61
HTAX Sharpe Ratio Rank: 60
HTAX Sortino Ratio Rank: 64
HTAX Omega Ratio Rank: 67
HTAX Calmar Ratio Rank: 61
HTAX Martin Ratio Rank: 54

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

HTAX vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) 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.

	HTAX	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.99	19.71	-17.72
Sortino ratio: Return per unit of downside risk	2.95	174.16	-171.21
Omega ratio: Gain probability vs. loss probability	1.40	87.91	-86.51
Calmar ratio: Return relative to maximum drawdown	2.99	355.35	-352.37
Martin ratio: Return relative to average drawdown	9.11	2,817.77	-2,808.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTAX vs. BIL - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.99, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of HTAX and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HTAX	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	19.71	-17.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	13.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	2.78	-2.14

Drawdowns

HTAX vs. BIL - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for HTAX and BIL.

Drawdown Indicators

	HTAX	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-0.78%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-0.01%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.77%	-0.26%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.00%	+1.03%

Volatility

HTAX vs. BIL - Volatility Comparison

Nomura National High-Yield Municipal Bond ETF (HTAX) has a higher volatility of 1.41% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that HTAX'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.

Volatility by Period

	HTAX	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.05%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	0.13%	+3.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	0.20%	+4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	0.26%	+6.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	0.26%	+6.21%

HTAX vs. BIL - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

HTAX vs. BIL - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.47%, more than BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.86%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
HTAX Nomura National High-Yield Municipal Bond ETF	4.47%	3.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HTAX and BIL in my portfolio?

HTAX and BIL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTAX or BIL?

HTAX has higher volatility (1.41%) compared to BIL (0.05%). In terms of maximum drawdown, HTAX dropped -6.10% vs BIL's -0.78%.

Which ETF is better, HTAX or BIL?

On 1-year performance, HTAX leads with 9.34% vs 3.87% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or BIL?

Over the 1-year period, HTAX has performed better with a 9.34% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.49% for HTAX.

Which ETF pays a higher dividend yield, HTAX or BIL?

HTAX has the higher dividend yield at 4.47%, compared with 3.86% for BIL.

What is the main difference between HTAX and BIL?

HTAX is categorized as High Yield Muni, while BIL is Government Bonds. They also come from different issuers: Nomura and State Street. Their fees differ too: 0.49% for HTAX and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 1.99), 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.