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LTL vs. BIL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LTL vs. BIL

Last updated Jun 4, 2026

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 9.43%/yr vs 2.18%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LTL achieves a -11.79% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, LTL has outperformed BIL with an annualized return of 9.43%, while BIL has yielded a comparatively lower 2.18% annualized return.

LTL

1D
-2.50%
1M
-7.30%
YTD
-11.79%
6M
-7.47%
1Y
15.16%
3Y*
36.33%
5Y*
16.49%
10Y*
9.43%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

LTL vs. BIL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LTL
ProShares Ultra Telecommunications		-11.79%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		1.49%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 -0.14, 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

-0.14

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

-0.02

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since May 23, 2008

-0.04

The correlation between LTL and BIL shifts across timeframes, from -0.14 (1 year) to -0.01 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Telecommunications

SPDR Bloomberg 1-3 Month T-Bill ETF

Often compared with LTL:
LTL vs. XLCLTL vs. SSOLTL vs. WDAYLTL vs. LITPLTL vs. BRK-BLTL vs. XLKLTL vs. DGRO
Often compared with BIL:
BIL vs. SGOVBIL vs. SHVBIL vs. SPAXXBIL vs. VBILBIL vs. TFLOBIL vs. TBILBIL vs. SHY

Return for Risk

LTL vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LTL
LTL Risk / Return Rank: 1818
Overall Rank
LTL Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
LTL Sortino Ratio Rank: 1919
Sortino Ratio Rank
LTL Omega Ratio Rank: 1717
Omega Ratio Rank
LTL Calmar Ratio Rank: 1818
Calmar Ratio Rank
LTL Martin Ratio Rank: 1919
Martin Ratio Rank
BIL
BIL Risk / Return Rank: 100100
Overall Rank
BIL Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
BIL Sortino Ratio Rank: 100100
Sortino Ratio Rank
BIL Omega Ratio Rank: 100100
Omega Ratio Rank
BIL Calmar Ratio Rank: 100100
Calmar Ratio Rank
BIL Martin Ratio Rank: 100100
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

LTLBILDifference
Sharpe ratioReturn per unit of total volatility
0.57
19.71

-19.14

Sortino ratioReturn per unit of downside risk
0.98
174.16

-173.18

Omega ratioGain probability vs. loss probability

1.11

87.91

-86.80

Calmar ratioReturn relative to maximum drawdown

0.71

355.35

-354.64

Martin ratioReturn relative to average drawdown

2.10

2,817.77

-2,815.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTL vs. BIL - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is 0.57, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of LTL 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.

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Sharpe Ratios by Period

LTLBILDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.57

19.71

-19.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

13.16

-12.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

8.52

-8.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.15

2.78

-2.62

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

LTLBILDifference

Max Drawdown

Largest peak-to-trough decline

-80.20%

-0.78%

-79.42%

Max Drawdown (1Y)

Largest decline over 1 year

-21.43%

-0.01%

-21.42%

Max Drawdown (3Y)

Largest decline over 3 years

-34.37%

-0.01%

-34.36%

Max Drawdown (5Y)

Largest decline over 5 years

-52.60%

-0.10%

-52.50%

Max Drawdown (10Y)

Largest decline over 10 years

-64.15%

-0.21%

-63.94%

Current Drawdown

Current decline from peak

-14.89%

0.00%

-14.89%

Average Drawdown

Average peak-to-trough decline

-28.66%

-0.26%

-28.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.25%

0.00%

+7.25%

Volatility

LTL vs. BIL - Volatility Comparison

ProShares Ultra Telecommunications (LTL) has a higher volatility of 7.57% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. 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

LTLBILDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.57%

0.05%

+7.52%

Volatility (6M)

Calculated over the trailing 6-month period

19.39%

0.13%

+19.26%

Volatility (1Y)

Calculated over the trailing 1-year period

26.85%

0.20%

+26.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.56%

0.26%

+34.30%

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 0.92%, less than BIL's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
LTL
ProShares Ultra Telecommunications		0.92%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 -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LTL has higher volatility (7.57%) compared to BIL (0.05%). In terms of maximum drawdown, LTL dropped -80.20% vs BIL's -0.78%.

On 10-year performance, LTL leads with 9.43% 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, LTL has performed better with a 9.43% 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 0.95% for LTL.

BIL has the higher dividend yield at 3.86%, compared with 0.92% 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 (19.71 vs 0.57), 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.

Portfolio Optimizer

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