LSAT vs. BIL
LSAT (Leadershares Alphafactor Tactical Focused ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - LSAT is a Money Market fund actively managed by Redwood, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. LSAT is actively managed, while BIL is passively managed. Over the past 5 years, LSAT returned 6.45%/yr vs 3.45%/yr for BIL. At a correlation of -0.03, they often move in opposite directions. LSAT charges 0.99%/yr vs 0.14%/yr for BIL.
Performance
LSAT vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, LSAT achieves a 9.79% return, which is significantly higher than BIL's 1.66% return.
LSAT
- 1D
- -0.23%
- 1M
- -0.48%
- YTD
- 9.79%
- 6M
- 8.01%
- 1Y
- 10.52%
- 3Y*
- 11.86%
- 5Y*
- 6.45%
- 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%
LSAT vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LSAT Leadershares Alphafactor Tactical Focused ETF | 9.79% | -1.54% | 18.16% | 13.64% | -12.99% | 25.10% | 18.71% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | -0.01% |
Correlation
The correlation between LSAT and BIL is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020 | -0.03 |
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Return for Risk
LSAT vs. BIL — Risk / Return Rank
LSAT
BIL
LSAT vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) 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.
| LSAT | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.55 | ||
| Sortino ratioReturn per unit of downside risk | -171.88 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 87.41 | -86.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 353.28 | -351.95 |
| Martin ratioReturn relative to average drawdown | 3.12 | 2,801.35 | -2,798.23 |
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Drawdowns
LSAT vs. BIL - Drawdown Comparison
The maximum LSAT drawdown since its inception was -20.48%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for LSAT and BIL.
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Drawdown Indicators
| LSAT | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.48% | -0.78% | -19.70% |
Max Drawdown (1Y)Largest decline over 1 year | -7.94% | -0.01% | -7.93% |
Max Drawdown (3Y)Largest decline over 3 years | -18.25% | -0.01% | -18.24% |
Max Drawdown (5Y)Largest decline over 5 years | -20.48% | -0.09% | -20.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -1.96% | 0.00% | -1.96% |
Average DrawdownAverage peak-to-trough decline | -5.51% | -0.26% | -5.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 0.00% | +3.38% |
Volatility
LSAT vs. BIL - Volatility Comparison
Leadershares Alphafactor Tactical Focused ETF (LSAT) has a higher volatility of 3.34% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that LSAT'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
| LSAT | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.34% | 0.07% | +3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 0.14% | +9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.91% | 0.20% | +12.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 0.26% | +15.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.75% | 0.26% | +16.49% |
LSAT vs. BIL - Expense Ratio Comparison
LSAT has a 0.99% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
LSAT vs. BIL - Dividend Comparison
LSAT's dividend yield for the trailing twelve months is around 1.73%, less than BIL's 3.85% yield.
| 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% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 1.73% | 1.90% | 1.31% | 1.85% | 0.36% | 3.44% | 0.30% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LSAT and BIL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSAT has higher volatility (3.34%) compared to BIL (0.07%). In terms of maximum drawdown, LSAT dropped -20.48% vs BIL's -0.78%.
On 5-year performance, LSAT leads with 6.45% vs 3.45% for BIL. 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, LSAT has performed better with a 6.45% return vs 3.45%. 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 0.99% for LSAT.
BIL has the higher dividend yield at 3.85%, compared with 1.73% for LSAT.
LSAT is categorized as Money Market, while BIL is Government Bonds. They also come from different issuers: Redwood and State Street. Their fees differ too: 0.99% for LSAT and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 0.82), 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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