LTL vs. BIL
LTL (ProShares Ultra Telecommunications) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - LTL is a Leveraged Equities fund tracking the Dow Jones U.S. Select Telecommunications Index (200%), 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, LTL returned 7.25%/yr vs 2.20%/yr for BIL. At a correlation of -0.04, they often move in opposite directions. LTL charges 0.95%/yr vs 0.14%/yr for BIL.
Performance
LTL vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, LTL achieves a -20.55% return, which is significantly lower than BIL's 1.69% return. Over the past 10 years, LTL has outperformed BIL with an annualized return of 7.25%, while BIL has yielded a comparatively lower 2.20% annualized return.
LTL
- 1D
- -1.88%
- 1M
- -15.53%
- YTD
- -20.55%
- 6M
- -20.98%
- 1Y
- -3.17%
- 3Y*
- 30.38%
- 5Y*
- 14.00%
- 10Y*
- 7.25%
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.69%
- 6M
- 1.74%
- 1Y
- 3.85%
- 3Y*
- 4.61%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
LTL vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTL ProShares Ultra Telecommunications | -20.55% | 37.06% | 65.15% | 62.03% | -41.14% | 40.42% | -3.25% | 30.16% | -23.44% | -26.85% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.69% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between LTL and BIL is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 22, 2008 | -0.04 |
The correlation between LTL and BIL shifts across timeframes, from -0.13 (1 year) to -0.02 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
LTL vs. BIL — Risk / Return Rank
LTL
BIL
LTL vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) 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.
| LTL | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.55 | ||
| Sortino ratioReturn per unit of downside risk | -173.14 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 87.41 | -86.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | 353.28 | -353.42 |
| Martin ratioReturn relative to average drawdown | -0.38 | 2,801.36 | -2,801.74 |
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Drawdowns
LTL vs. BIL - Drawdown Comparison
The maximum LTL drawdown since its inception was -80.20%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for LTL and BIL.
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Drawdown Indicators
| LTL | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.20% | -0.78% | -79.42% |
Max Drawdown (1Y)Largest decline over 1 year | -23.35% | -0.01% | -23.34% |
Max Drawdown (3Y)Largest decline over 3 years | -34.37% | -0.01% | -34.36% |
Max Drawdown (5Y)Largest decline over 5 years | -52.60% | -0.09% | -52.51% |
Max Drawdown (10Y)Largest decline over 10 years | -64.15% | -0.21% | -63.94% |
Current DrawdownCurrent decline from peak | -23.35% | 0.00% | -23.35% |
Average DrawdownAverage peak-to-trough decline | -28.62% | -0.26% | -28.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 0.00% | +8.36% |
Volatility
LTL vs. BIL - Volatility Comparison
ProShares Ultra Telecommunications (LTL) has a higher volatility of 9.71% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that LTL'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
| LTL | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.71% | 0.07% | +9.64% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 0.14% | +20.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.36% | 0.20% | +27.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.71% | 0.26% | +34.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.96% | 0.26% | +36.70% |
LTL vs. BIL - Expense Ratio Comparison
LTL has a 0.95% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
LTL vs. BIL - Dividend Comparison
LTL's dividend yield for the trailing twelve months is around 1.02%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
LTL ProShares Ultra Telecommunications | 1.02% | 0.64% | 0.29% | 0.97% | 2.01% | 1.14% | 1.57% | 0.83% | 1.99% | 1.96% | 0.70% | 1.55% |
Frequently Asked Questions
LTL and BIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LTL has higher volatility (9.71%) compared to BIL (0.07%). In terms of maximum drawdown, LTL dropped -80.20% vs BIL's -0.78%.
On 10-year performance, LTL leads with 7.25% vs 2.20% 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 10-year period, LTL has performed better with a 7.25% return vs 2.20%. 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 LTL.
BIL has the higher dividend yield at 3.85%, compared with 1.02% for LTL.
LTL is categorized as Leveraged Equities, while BIL is Government Bonds. LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for LTL and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.43 vs -0.12), 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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