IUVF.L vs. BIL
IUVF.L (iShares Edge MSCI USA Value Factor UCITS) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - IUVF.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, 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 5 years, IUVF.L returned 16.22%/yr vs 4.50%/yr for BIL. At a 0.15 correlation, their price movements are largely independent. IUVF.L charges 0.20%/yr vs 0.14%/yr for BIL.
Performance
IUVF.L vs. BIL - Performance Comparison
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Different Trading Currencies
IUVF.L is traded in GBp, while BIL is traded in USD. To make them comparable, the BIL values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IUVF.L achieves a 41.36% return, which is significantly higher than BIL's 2.12% return.
IUVF.L
- 1D
- 0.24%
- 1M
- 8.67%
- YTD
- 41.36%
- 6M
- 41.69%
- 1Y
- 79.59%
- 3Y*
- 27.51%
- 5Y*
- 16.22%
- 10Y*
- —
BIL
- 1D
- -0.19%
- 1M
- 1.31%
- YTD
- 2.12%
- 6M
- 1.66%
- 1Y
- 5.03%
- 3Y*
- 2.27%
- 5Y*
- 4.50%
- 10Y*
- 2.79%
IUVF.L vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IUVF.L iShares Edge MSCI USA Value Factor UCITS | 41.36% | 23.92% | 8.23% | 8.28% | -4.63% | 31.29% | -4.75% | 22.11% | -7.17% | 10.45% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.12% | -3.27% | 7.03% | -0.30% | 13.46% | 0.85% | -2.55% | -1.85% | 7.77% | -8.02% |
Correlation
The correlation between IUVF.L and BIL is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2016 | 0.15 |
The correlation between IUVF.L and BIL shifts across timeframes, from 0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IUVF.L vs. BIL — Risk / Return Rank
IUVF.L
BIL
IUVF.L vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Value Factor UCITS (IUVF.L) 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.
| IUVF.L | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.31 | ||
| Sortino ratioReturn per unit of downside risk | +5.49 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.13 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 13.86 | 0.97 | +12.89 |
| Martin ratioReturn relative to average drawdown | 50.37 | 2.64 | +47.73 |
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Drawdowns
IUVF.L vs. BIL - Drawdown Comparison
The maximum IUVF.L drawdown since its inception was -31.83%, which is greater than BIL's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for IUVF.L and BIL.
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Drawdown Indicators
| IUVF.L | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.83% | -20.05% | -11.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.71% | -5.19% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -9.84% | -10.29% |
Max Drawdown (5Y)Largest decline over 5 years | -20.13% | -15.90% | -4.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.34% | — |
Current DrawdownCurrent decline from peak | -4.52% | -6.06% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -5.52% | -9.41% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 1.91% | -0.33% |
Volatility
IUVF.L vs. BIL - Volatility Comparison
iShares Edge MSCI USA Value Factor UCITS (IUVF.L) has a higher volatility of 7.07% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 1.67%. This indicates that IUVF.L'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
| IUVF.L | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 1.67% | +5.40% |
Volatility (6M)Calculated over the trailing 6-month period | 12.64% | 4.94% | +7.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.62% | 6.62% | +9.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 8.56% | +7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.94% | 9.48% | +8.46% |
IUVF.L vs. BIL - Expense Ratio Comparison
IUVF.L has a 0.20% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IUVF.L vs. BIL - Dividend Comparison
IUVF.L has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
IUVF.L iShares Edge MSCI USA Value Factor UCITS | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IUVF.L and BIL have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.20% for IUVF.L.
IUVF.L is categorized as Large Cap Value Equities, while BIL is Government Bonds. IUVF.L tracks Russell 1000 Value TR USD, 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: 0.20% for IUVF.L and 0.14% for BIL.
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