MAKX vs. BIL
MAKX (ProShares S&P Kensho Smart Factories ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories 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 3 years, MAKX returned 25.56%/yr vs 4.61%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. MAKX charges 0.58%/yr vs 0.14%/yr for BIL.
Performance
MAKX vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, MAKX achieves a 37.19% return, which is significantly higher than BIL's 1.69% return.
MAKX
- 1D
- -1.84%
- 1M
- -0.71%
- YTD
- 37.19%
- 6M
- 34.30%
- 1Y
- 54.03%
- 3Y*
- 25.56%
- 5Y*
- —
- 10Y*
- —
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%
MAKX vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MAKX ProShares S&P Kensho Smart Factories ETF | 37.19% | 21.63% | 8.27% | 26.03% | -26.41% | 3.10% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.69% | 4.15% | 5.19% | 4.94% | 1.40% | -0.03% |
Correlation
The correlation between MAKX and BIL is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021 | -0.01 |
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Return for Risk
MAKX vs. BIL — Risk / Return Rank
MAKX
BIL
MAKX vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.
| MAKX | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.65 | ||
| Sortino ratioReturn per unit of downside risk | -170.80 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 87.41 | -86.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 353.28 | -349.90 |
| Martin ratioReturn relative to average drawdown | 9.85 | 2,801.36 | -2,791.51 |
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Drawdowns
MAKX vs. BIL - Drawdown Comparison
The maximum MAKX drawdown since its inception was -40.27%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MAKX and BIL.
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Drawdown Indicators
| MAKX | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.27% | -0.78% | -39.49% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -0.01% | -16.04% |
Max Drawdown (3Y)Largest decline over 3 years | -29.76% | -0.01% | -29.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.09% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -8.35% | 0.00% | -8.35% |
Average DrawdownAverage peak-to-trough decline | -16.47% | -0.26% | -16.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 0.00% | +5.50% |
Volatility
MAKX vs. BIL - Volatility Comparison
ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 13.80% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that MAKX'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
| MAKX | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.80% | 0.07% | +13.73% |
Volatility (6M)Calculated over the trailing 6-month period | 22.74% | 0.14% | +22.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.61% | 0.20% | +30.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.52% | 0.26% | +28.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.52% | 0.26% | +28.26% |
MAKX vs. BIL - Expense Ratio Comparison
MAKX has a 0.58% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
MAKX vs. BIL - Dividend Comparison
MAKX's dividend yield for the trailing twelve months is around 0.11%, 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% |
MAKX ProShares S&P Kensho Smart Factories ETF | 0.11% | 0.15% | 0.24% | 0.52% | 0.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MAKX and BIL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAKX has higher volatility (13.80%) compared to BIL (0.07%). In terms of maximum drawdown, MAKX dropped -40.27% vs BIL's -0.78%.
On 3-year performance, MAKX leads with 25.56% vs 4.61% 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 3-year period, MAKX has performed better with a 25.56% return vs 4.61%. 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 0.58% for MAKX.
BIL has the higher dividend yield at 3.85%, compared with 0.11% for MAKX.
MAKX is categorized as Technology Equities, while BIL is Government Bonds. MAKX tracks S&P Kensho Smart Factories Index, 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: 0.58% for MAKX and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.43 vs 1.78), 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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