JAPN vs. BIL

Last updated Aug 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. JAPN is actively managed, while BIL is passively managed. Over the past year, JAPN returned -8.72% vs 3.78% for BIL. Their -0.08 correlation means they have often moved in opposite directions in the past. JAPN charges 0.85%/yr vs 0.14%/yr for BIL.

Performance

JAPN vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -2.20% return, which is significantly lower than BIL's 2.10% return.

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

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
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K

JAPN vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	3.10%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	2.10%	2.63%

Correlation

The correlation between JAPN and BIL is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.08

Return for Risk

JAPN vs. BIL — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 5
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

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.

JAPN vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) 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.

	JAPN	BIL	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	19.17	-19.61
Sortino ratio: Return per unit of downside risk	-0.50	151.96	-152.46
Omega ratio: Gain probability vs. loss probability	0.94	68.82	-67.88
Calmar ratio: Return relative to maximum drawdown	-0.37	346.53	-346.90
Martin ratio: Return relative to average drawdown	-0.59	2,457.45	-2,458.04

JAPN vs. BIL - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.43, which is lower than the BIL Sharpe Ratio of 19.17. The chart below compares the historical Sharpe Ratios of JAPN and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JAPN vs. BIL - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for JAPN and BIL.

Drawdown Indicators

	JAPN	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-0.78%	-23.16%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-0.01%	-23.93%
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	-13.01%	0.00%	-13.01%
Average Drawdown Average peak-to-trough decline	-10.71%	-0.26%	-10.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	0.00%	+14.73%

Volatility

JAPN vs. BIL - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.62% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that JAPN'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.

Volatility by Period

	JAPN	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	0.06%	+6.56%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	0.14%	+16.74%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	0.20%	+19.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	0.26%	+19.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	0.26%	+19.55%

JAPN vs. BIL - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

JAPN vs. BIL - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less 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%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAPN and BIL in my portfolio?

JAPN and BIL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or BIL?

JAPN has higher volatility (6.62%) compared to BIL (0.06%). In terms of maximum drawdown, JAPN dropped -23.94% vs BIL's -0.78%.

Which ETF is better, JAPN or BIL?

On 1-year performance, BIL leads with 3.78% vs -8.72% for JAPN. 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.

Which ETF has performed better, JAPN or BIL?

Over the 1-year period, BIL has performed better with a 3.78% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.85% for JAPN.

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

BIL has the higher dividend yield at 3.77%, compared with 0.25% for JAPN.

What is the main difference between JAPN and BIL?

JAPN is categorized as Japan Equities, while BIL is Government Bonds. They also come from different issuers: Horizon and State Street. Their fees differ too: 0.85% for JAPN and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.17 vs -0.43), 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.