IRVH vs. BIL
IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. IRVH is actively managed, while BIL is passively managed. Over the past 3 years, IRVH returned 0.11%/yr vs 4.54%/yr for BIL. Their 0.02 correlation means their historical movements had little consistent relationship. IRVH charges 0.50%/yr vs 0.14%/yr for BIL.
Performance
IRVH vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, IRVH achieves a -4.59% return, which is significantly lower than BIL's 2.10% return.
IRVH
- 1D
- -0.11%
- 1M
- -0.67%
- 6M
- -4.04%
- YTD
- -4.59%
- 1Y
- -3.57%
- 3Y*
- 0.11%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.19%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $915.12M | $889.94M | $918.56M | |
| $471.52 | $4.02K | $5.19K |
IRVH vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.59% | 7.71% | -5.49% | 0.83% | -6.69% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.10% | 4.15% | 5.19% | 4.94% | 1.29% |
Correlation
The correlation between IRVH and BIL is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | 0.02 |
The correlation between IRVH and BIL shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IRVH vs. BIL — Risk / Return Rank
IRVH
BIL
IRVH vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.
| IRVH | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.86 | ||
| Sortino ratioReturn per unit of downside risk | -152.88 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 68.82 | -67.93 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 346.53 | -347.02 |
| Martin ratioReturn relative to average drawdown | -0.97 | 2,457.45 | -2,458.42 |
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Drawdowns
IRVH vs. BIL - Drawdown Comparison
The maximum IRVH drawdown since its inception was -14.98%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for IRVH and BIL.
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Drawdown Indicators
| IRVH | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.98% | -0.78% | -14.20% |
Max Drawdown (1Y)Largest decline over 1 year | -6.48% | -0.01% | -6.47% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -0.01% | -8.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -11.49% | 0.00% | -11.49% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -0.26% | -9.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 0.00% | +3.26% |
Volatility
IRVH vs. BIL - Volatility Comparison
Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) has a higher volatility of 0.88% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that IRVH'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
| IRVH | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.06% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 0.14% | +3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.66% | 0.20% | +4.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.70% | 0.26% | +8.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 0.26% | +8.44% |
IRVH vs. BIL - Expense Ratio Comparison
IRVH has a 0.50% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
IRVH vs. BIL - Dividend Comparison
IRVH's dividend yield for the trailing twelve months is around 5.68%, more than BIL's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | 5.31% | 4.89% | 3.34% | 3.69% | 2.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IRVH and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IRVH has higher volatility (0.88%) compared to BIL (0.06%). In terms of maximum drawdown, IRVH dropped -14.98% vs BIL's -0.78%.
On 3-year performance, BIL leads with 4.54% vs 0.11% for IRVH. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL 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 3-year period, BIL has performed better with a 4.54% return vs 0.11%. 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 IRVH.
IRVH has the higher dividend yield at 5.31%, compared with 3.77% for BIL.
IRVH is categorized as Inflation-Protected Bonds, while BIL is Government Bonds. They also come from different issuers: Global X and State Street. Their fees differ too: 0.50% for IRVH and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.17 vs -0.68), 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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