IWML vs. BIL
IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 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 5 years, IWML returned 2.86%/yr vs 3.45%/yr for BIL. At a correlation of -0.04, they often move in opposite directions. IWML charges 0.95%/yr vs 0.14%/yr for BIL.
Performance
IWML vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, IWML achieves a 34.16% return, which is significantly higher than BIL's 1.66% return.
IWML
- 1D
- 0.00%
- 1M
- 2.77%
- YTD
- 34.16%
- 6M
- 26.53%
- 1Y
- 79.12%
- 3Y*
- 26.07%
- 5Y*
- 2.86%
- 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%
IWML vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 34.16% | 9.64% | 15.70% | 22.31% | -41.80% | 2.08% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% |
Correlation
The correlation between IWML and BIL is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | -0.04 |
The correlation between IWML and BIL shifts across timeframes, from -0.15 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWML vs. BIL — Risk / Return Rank
IWML
BIL
IWML vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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.
| IWML | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.33 | ||
| Sortino ratioReturn per unit of downside risk | -170.48 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 87.41 | -86.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 353.28 | -349.79 |
| Martin ratioReturn relative to average drawdown | 12.20 | 2,801.35 | -2,789.15 |
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Drawdowns
IWML vs. BIL - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for IWML and BIL.
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Drawdown Indicators
| IWML | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -0.78% | -59.28% |
Max Drawdown (1Y)Largest decline over 1 year | -22.75% | -0.01% | -22.74% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -0.01% | -51.81% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -0.09% | -59.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -3.51% | 0.00% | -3.51% |
Average DrawdownAverage peak-to-trough decline | -31.63% | -0.26% | -31.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.51% | 0.00% | +6.51% |
Volatility
IWML vs. BIL - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 11.01% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that IWML'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
| IWML | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.01% | 0.07% | +10.94% |
Volatility (6M)Calculated over the trailing 6-month period | 28.25% | 0.14% | +28.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.07% | 0.20% | +38.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.16% | 0.26% | +45.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.13% | 0.26% | +45.87% |
IWML vs. BIL - Expense Ratio Comparison
IWML has a 0.95% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
IWML vs. BIL - Dividend Comparison
IWML has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.85%.
| 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% |
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 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
IWML and BIL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWML has higher volatility (11.01%) compared to BIL (0.07%). In terms of maximum drawdown, IWML dropped -60.06% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.45% vs 2.86% for IWML. 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 5-year period, BIL has performed better with a 3.45% return vs 2.86%. 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 0.95% for IWML.
BIL has the higher dividend yield at 3.85%, compared with 0.00% for IWML.
IWML is categorized as Leveraged Equities, while BIL is Government Bonds. IWML tracks Russell 2000 Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for IWML and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 2.04), 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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