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 0.01%/yr vs 4.60%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. 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 -4.36% return, which is significantly lower than BIL's 1.66% return.
IRVH
- 1D
- -0.36%
- 1M
- -1.18%
- YTD
- -4.36%
- 6M
- -4.00%
- 1Y
- -2.13%
- 3Y*
- 0.01%
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
IRVH vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.36% | 7.71% | -5.49% | 0.83% | -6.69% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.29% |
Correlation
The correlation between IRVH and BIL is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | 0.01 |
The correlation between IRVH and BIL shifts across timeframes, from -0.14 (1 year) to 0.01 (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 | -19.81 | ||
| Sortino ratioReturn per unit of downside risk | -173.75 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 87.41 | -86.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 353.28 | -353.64 |
| Martin ratioReturn relative to average drawdown | -0.82 | 2,801.35 | -2,802.17 |
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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 | -5.96% | -0.01% | -5.95% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -0.01% | -8.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.09% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -11.28% | 0.00% | -11.28% |
Average DrawdownAverage peak-to-trough decline | -9.72% | -0.26% | -9.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 0.00% | +2.60% |
Volatility
IRVH vs. BIL - Volatility Comparison
Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) has a higher volatility of 1.09% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. 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 | 1.09% | 0.07% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 0.14% | +3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.85% | 0.20% | +4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.80% | 0.26% | +8.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.80% | 0.26% | +8.54% |
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 5.62%, more than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 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 | 5.62% | 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 -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IRVH has higher volatility (1.09%) compared to BIL (0.07%). In terms of maximum drawdown, IRVH dropped -14.98% vs BIL's -0.78%.
On 3-year performance, BIL leads with 4.60% vs 0.01% for IRVH. 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 3-year period, BIL has performed better with a 4.60% return vs 0.01%. 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 5.62%, compared with 3.85% 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 (19.37 vs -0.44), 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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