HYMB vs. BIL
HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - HYMB is a Municipal Bonds fund tracking the ICE US Select High Yield Crossover Municipal Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, HYMB returned 2.30%/yr vs 2.22%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. HYMB charges 0.35%/yr vs 0.14%/yr for BIL.
Performance
HYMB vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, HYMB achieves a 3.54% return, which is significantly higher than BIL's 1.89% return. Both investments have delivered pretty close results over the past 10 years, with HYMB having a 2.30% annualized return and BIL not far behind at 2.22%.
HYMB
- 1D
- 0.08%
- 1M
- 0.50%
- 6M
- 3.05%
- YTD
- 3.54%
- 1Y
- 7.85%
- 3Y*
- 4.97%
- 5Y*
- 0.30%
- 10Y*
- 2.30%
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- 6M
- 1.77%
- YTD
- 1.89%
- 1Y
- 3.82%
- 3Y*
- 4.57%
- 5Y*
- 3.50%
- 10Y*
- 2.22%
HYMB vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 3.54% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.89% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between HYMB and BIL is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.01 |
The correlation between HYMB and BIL shifts across timeframes, from -0.07 (1 year) to 0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYMB vs. BIL — Risk / Return Rank
HYMB
BIL
HYMB vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) 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.
| HYMB | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.11 | ||
| Sortino ratioReturn per unit of downside risk | -150.78 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 69.55 | -68.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 350.30 | -347.77 |
| Martin ratioReturn relative to average drawdown | 11.34 | 2,484.19 | -2,472.85 |
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Drawdowns
HYMB vs. BIL - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for HYMB and BIL.
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Drawdown Indicators
| HYMB | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -0.78% | -28.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -0.01% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -7.44% | -0.01% | -7.43% |
Max Drawdown (5Y)Largest decline over 5 years | -20.15% | -0.08% | -20.07% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -0.21% | -29.36% |
Current DrawdownCurrent decline from peak | -0.51% | 0.00% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -3.78% | -0.26% | -3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 0.00% | +0.72% |
Volatility
HYMB vs. BIL - Volatility Comparison
State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) has a higher volatility of 0.83% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that HYMB'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
| HYMB | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.07% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 0.14% | +3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 0.20% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 0.26% | +6.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 0.26% | +11.10% |
HYMB vs. BIL - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
HYMB vs. BIL - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.53%, more than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.53% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
HYMB and BIL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (0.83%) compared to BIL (0.07%). In terms of maximum drawdown, HYMB dropped -29.57% vs BIL's -0.78%.
On 10-year performance, HYMB leads with 2.30% vs 2.22% 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 10-year period, HYMB has performed better with a 2.30% return vs 2.22%. 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 0.35% for HYMB.
HYMB has the higher dividend yield at 4.53%, compared with 3.81% for BIL.
HYMB is categorized as Municipal Bonds, while BIL is Government Bonds. HYMB tracks ICE US Select High Yield Crossover Municipal Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.35% for HYMB and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.07 vs 1.96), 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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