HYIN vs. BILS
HYIN (WisdomTree Alternative Income Fund) and BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - HYIN is a Diversified Portfolio fund tracking the Gapstow Liquid Alternative Credit 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, HYIN returned -0.52%/yr vs 3.43%/yr for BILS. Their 0.02 correlation means their historical movements had little consistent relationship. HYIN charges 3.20%/yr vs 0.14%/yr for BILS.
Performance
HYIN vs. BILS - Performance Comparison
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Returns By Period
In the year-to-date period, HYIN achieves a -5.41% return, which is significantly lower than BILS's 2.05% return.
HYIN
- 1D
- -1.09%
- 1M
- -0.68%
- 6M
- -4.29%
- YTD
- -5.41%
- 1Y
- -7.37%
- 3Y*
- 1.94%
- 5Y*
- -0.52%
- 10Y*
- —
- ALL TIME*
- -0.03%
BILS
- 1D
- 0.01%
- 1M
- 0.31%
- 6M
- 1.75%
- YTD
- 2.05%
- 1Y
- 3.78%
- 3Y*
- 4.58%
- 5Y*
- 3.43%
- 10Y*
- —
- ALL TIME*
- 2.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.58M | $30.30M | $32.45M | |
| $308.54K | $257.38K | $300.22K |
HYIN vs. BILS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYIN WisdomTree Alternative Income Fund | -5.41% | -0.46% | 7.39% | 21.84% | -21.14% | 2.73% |
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 2.05% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% |
Correlation
The correlation between HYIN and BILS is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 6, 2021 | 0.02 |
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Return for Risk
HYIN vs. BILS — Risk / Return Rank
HYIN
BILS
HYIN vs. BILS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Alternative Income Fund (HYIN) 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.
| HYIN | BILS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.94 | ||
| Sortino ratioReturn per unit of downside risk | -84.37 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 29.92 | -29.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 126.01 | -126.49 |
| Martin ratioReturn relative to average drawdown | -0.86 | 1,183.65 | -1,184.51 |
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Drawdowns
HYIN vs. BILS - Drawdown Comparison
The maximum HYIN drawdown since its inception was -31.10%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for HYIN and BILS.
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Drawdown Indicators
| HYIN | BILS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.10% | -0.41% | -30.69% |
Max Drawdown (1Y)Largest decline over 1 year | -15.52% | -0.03% | -15.49% |
Max Drawdown (3Y)Largest decline over 3 years | -15.85% | -0.04% | -15.81% |
Max Drawdown (5Y)Largest decline over 5 years | -31.10% | -0.36% | -30.74% |
Current DrawdownCurrent decline from peak | -11.22% | 0.00% | -11.22% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -0.03% | -9.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 0.00% | +8.60% |
Volatility
HYIN vs. BILS - Volatility Comparison
WisdomTree Alternative Income Fund (HYIN) has a higher volatility of 4.08% compared to State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that HYIN'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.
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Volatility by Period
| HYIN | BILS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 0.06% | +4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.13% | 0.14% | +9.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.18% | 0.22% | +12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.76% | 0.31% | +16.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.67% | 0.29% | +16.38% |
HYIN vs. BILS - Expense Ratio Comparison
HYIN has a 3.20% expense ratio, which is higher than BILS's 0.14% expense ratio.
Dividends
HYIN vs. BILS - Dividend Comparison
HYIN's dividend yield for the trailing twelve months is around 13.44%, more than BILS's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 3.73% | 4.08% | 5.01% | 4.98% | 1.61% | 0.00% |
HYIN WisdomTree Alternative Income Fund | 13.44% | 12.58% | 12.59% | 11.71% | 11.34% | 4.13% |
Frequently Asked Questions
HYIN and BILS 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.
HYIN has higher volatility (4.08%) compared to BILS (0.06%). In terms of maximum drawdown, HYIN dropped -31.10% vs BILS's -0.41%.
On 5-year performance, BILS leads with 3.43% vs -0.52% for HYIN. 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.
Over the 5-year period, BILS has performed better with a 3.43% return vs -0.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BILS is cheaper with a 0.14% expense ratio, compared with 3.20% for HYIN.
HYIN has the higher dividend yield at 13.44%, compared with 3.73% for BILS.
HYIN is categorized as Diversified Portfolio, while BILS is Ultrashort Bond. HYIN tracks Gapstow Liquid Alternative Credit Index, while BILS tracks Bloomberg 3-12 Month U.S. Treasury Bill Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 3.20% for HYIN and 0.14% for BILS.
BILS currently has the higher Sharpe Ratio (17.38 vs -0.56), 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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