IBDO vs. BIL

Last updated Aug 4, 2026

IBDO (iShares iBonds Dec 2023 Term Corporate ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - IBDO is a Corporate Bonds fund tracking the Bloomberg December 2023 Maturity Corporate Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Their 0.03 correlation means their historical movements had little consistent relationship. IBDO charges 0.10%/yr vs 0.14%/yr for BIL.

Performance

IBDO vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2023 Term Corporate ETF (IBDO) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBDO

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BIL

• 1D: 0.01%
• 1M: 0.28%
• 6M: 1.78%
• YTD: 2.10%
• 1Y: 3.78%
• 3Y*: 4.54%
• 5Y*: 3.54%
• 10Y*: 2.24%
• ALL TIME*: 1.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	$915.12M	$889.94M	$918.56M

IBDO vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBDO iShares iBonds Dec 2023 Term Corporate ETF	0.00%	0.00%	0.00%	4.93%	-0.68%	-0.29%	5.37%	8.94%	-0.49%	4.45%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	2.10%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Correlation

The correlation between IBDO and BIL is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Mar 12, 2015	0.03

Return for Risk

IBDO vs. BIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBDO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBDO vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2023 Term Corporate ETF (IBDO) 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.

	IBDO	BIL	Difference
Sharpe ratio: Return per unit of total volatility	—	19.17	—
Sortino ratio: Return per unit of downside risk	—	151.96	—
Omega ratio: Gain probability vs. loss probability	—	68.82	—
Calmar ratio: Return relative to maximum drawdown	—	346.53	—
Martin ratio: Return relative to average drawdown	—	2,457.45	—

Drawdowns

Drawdown Indicators

	IBDO	BIL	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.78%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.26%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	IBDO	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.20%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.26%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.26%	—

IBDO vs. BIL - Expense Ratio Comparison

IBDO has a 0.10% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBDO vs. BIL - Dividend Comparison

IBDO has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.77%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	0.00%
IBDO iShares iBonds Dec 2023 Term Corporate ETF	0.00%	0.00%	0.00%	3.61%	1.85%	2.04%	2.47%	3.01%	3.10%	2.96%	3.01%	2.39%

Frequently Asked Questions

Can I hold both IBDO and BIL in my portfolio?

IBDO and BIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBDO or BIL?

On fees, IBDO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBDO or BIL?

IBDO is cheaper with a 0.10% expense ratio, compared with 0.14% for BIL.

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

BIL has the higher dividend yield at 3.77%, compared with 0.00% for IBDO.

What is the main difference between IBDO and BIL?

IBDO is categorized as Corporate Bonds, while BIL is Government Bonds. IBDO tracks Bloomberg December 2023 Maturity Corporate Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.10% for IBDO and 0.14% for BIL.