LFDR vs. BIL

Last updated Aug 1, 2026

LFDR (LifeX Durable Income ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds. LFDR is actively managed, while BIL is passively managed. Over the past year, LFDR returned -1.91% vs 3.76% for BIL. Their -0.13 correlation means they have often moved in opposite directions in the past. LFDR charges 0.25%/yr vs 0.14%/yr for BIL.

Performance

LFDR vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX Durable Income ETF (LFDR) 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, LFDR achieves a -3.22% return, which is significantly lower than BIL's 2.08% return.

LFDR

• 1D: -0.73%
• 1M: -3.47%
• 6M: -3.17%
• YTD: -3.22%
• 1Y: -1.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.13%

BIL

• 1D: 0.03%
• 1M: 0.26%
• 6M: 1.78%
• YTD: 2.08%
• 1Y: 3.76%
• 3Y*: 4.56%
• 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	$778.54M	$838.53M	$900.58M
LFDR LifeX Durable Income ETF	$1.83K	$1.96K	$2.51K

LFDR vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LFDR LifeX Durable Income ETF	-3.22%	4.82%	-1.64%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	2.08%	4.15%	0.19%

Correlation

The correlation between LFDR and BIL is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	-0.13

Return for Risk

LFDR vs. BIL — Risk / Return Rank

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

LFDR

LFDR Risk / Return Rank: 9
LFDR Sharpe Ratio Rank: 10
LFDR Sortino Ratio Rank: 9
LFDR Omega Ratio Rank: 9
LFDR Calmar Ratio Rank: 10
LFDR Martin Ratio Rank: 9

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.

LFDR vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX Durable Income ETF (LFDR) 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.

	LFDR	BIL	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	19.13	-19.21
Sortino ratio: Return per unit of downside risk	-0.06	153.14	-153.20
Omega ratio: Gain probability vs. loss probability	0.99	69.35	-68.36
Calmar ratio: Return relative to maximum drawdown	-0.10	349.28	-349.37
Martin ratio: Return relative to average drawdown	-0.22	2,476.90	-2,477.12

LFDR vs. BIL - Sharpe Ratio Comparison

The current LFDR Sharpe Ratio is -0.08, which is lower than the BIL Sharpe Ratio of 19.13. The chart below compares the historical Sharpe Ratios of LFDR 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

LFDR vs. BIL - Drawdown Comparison

The maximum LFDR drawdown since its inception was -7.77%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for LFDR and BIL.

Drawdown Indicators

	LFDR	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-7.77%	-0.78%	-6.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-0.01%	-6.83%
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	-6.84%	0.00%	-6.84%
Average Drawdown Average peak-to-trough decline	-3.07%	-0.26%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	0.00%	+3.06%

Volatility

LFDR vs. BIL - Volatility Comparison

LifeX Durable Income ETF (LFDR) has a higher volatility of 2.14% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that LFDR'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

	LFDR	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	0.07%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	0.14%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	8.09%	0.20%	+7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	0.26%	+9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	0.26%	+9.21%

LFDR vs. BIL - Expense Ratio Comparison

LFDR has a 0.25% 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

LFDR vs. BIL - Dividend Comparison

LFDR's dividend yield for the trailing twelve months is around 8.50%, more than BIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.46%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
LFDR LifeX Durable Income ETF	8.50%	13.10%	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 LFDR and BIL in my portfolio?

LFDR and BIL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LFDR or BIL?

LFDR has higher volatility (2.14%) compared to BIL (0.07%). In terms of maximum drawdown, LFDR dropped -7.77% vs BIL's -0.78%.

Which ETF is better, LFDR or BIL?

On 1-year performance, BIL leads with 3.76% vs -1.91% for LFDR. 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.

Which ETF has performed better, LFDR or BIL?

Over the 1-year period, BIL has performed better with a 3.76% return vs -1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LFDR or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.25% for LFDR.

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

LFDR has the higher dividend yield at 8.50%, compared with 3.46% for BIL.

What is the main difference between LFDR and BIL?

They also come from different issuers: Stone Ridge and State Street. Their fees differ too: 0.25% for LFDR and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.13 vs -0.08), 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.