KCE vs. BIL
KCE (SPDR S&P Capital Markets ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry 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 10 years, KCE returned 16.37%/yr vs 2.18%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. KCE charges 0.35%/yr vs 0.14%/yr for BIL.
Performance
KCE vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, KCE achieves a -1.07% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, KCE has outperformed BIL with an annualized return of 16.37%, while BIL has yielded a comparatively lower 2.18% annualized return.
KCE
- 1D
- -1.85%
- 1M
- -2.01%
- YTD
- -1.07%
- 6M
- 1.30%
- 1Y
- 10.93%
- 3Y*
- 23.82%
- 5Y*
- 11.80%
- 10Y*
- 16.37%
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
KCE vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KCE SPDR S&P Capital Markets ETF | -1.07% | 10.76% | 37.51% | 32.04% | -22.14% | 40.05% | 30.82% | 27.13% | -15.63% | 32.01% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between KCE and BIL is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | -0.02 |
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Return for Risk
KCE vs. BIL — Risk / Return Rank
KCE
BIL
KCE vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) 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.
| KCE | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.15 | ||
| Sortino ratioReturn per unit of downside risk | -173.29 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 87.91 | -86.80 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 355.35 | -354.72 |
| Martin ratioReturn relative to average drawdown | 1.65 | 2,817.77 | -2,816.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KCE | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 19.71 | -19.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 13.16 | -12.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 8.52 | -7.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 2.78 | -2.52 |
Drawdowns
KCE vs. BIL - Drawdown Comparison
The maximum KCE drawdown since its inception was -74.00%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for KCE and BIL.
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Drawdown Indicators
| KCE | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.00% | -0.78% | -73.22% |
Max Drawdown (1Y)Largest decline over 1 year | -17.44% | -0.01% | -17.43% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -0.01% | -26.30% |
Max Drawdown (5Y)Largest decline over 5 years | -34.45% | -0.10% | -34.35% |
Max Drawdown (10Y)Largest decline over 10 years | -40.78% | -0.21% | -40.57% |
Current DrawdownCurrent decline from peak | -8.15% | 0.00% | -8.15% |
Average DrawdownAverage peak-to-trough decline | -22.81% | -0.26% | -22.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.63% | 0.00% | +6.63% |
Volatility
KCE vs. BIL - Volatility Comparison
SPDR S&P Capital Markets ETF (KCE) has a higher volatility of 4.24% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that KCE'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
| KCE | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 0.05% | +4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 14.98% | 0.13% | +14.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.69% | 0.20% | +19.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.01% | 0.26% | +22.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 0.26% | +22.84% |
KCE vs. BIL - Expense Ratio Comparison
KCE has a 0.35% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
KCE vs. BIL - Dividend Comparison
KCE's dividend yield for the trailing twelve months is around 1.75%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
KCE SPDR S&P Capital Markets ETF | 1.75% | 1.63% | 1.56% | 1.82% | 2.42% | 1.53% | 2.20% | 2.32% | 2.67% | 1.95% | 2.30% | 2.43% |
Frequently Asked Questions
KCE and BIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KCE has higher volatility (4.24%) compared to BIL (0.05%). In terms of maximum drawdown, KCE dropped -74.00% vs BIL's -0.78%.
On 10-year performance, KCE leads with 16.37% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KCE has performed better with a 16.37% return vs 2.18%. 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 0.35% for KCE.
BIL has the higher dividend yield at 3.86%, compared with 1.75% for KCE.
KCE is categorized as Financials Equities, while BIL is Government Bonds. KCE tracks S&P Capital Markets Select Industry Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.35% for KCE and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 0.56), 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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