MBND vs. BIL
MBND (SPDR Nuveen Municipal Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MBND is a Municipal Bonds fund actively managed by State Street, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. MBND is actively managed, while BIL is passively managed. Over the past 5 years, MBND returned 0.63%/yr vs 3.41%/yr for BIL. At a 0.06 correlation, their price movements are largely independent. MBND charges 0.40%/yr vs 0.14%/yr for BIL.
Performance
MBND vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, MBND achieves a 1.12% return, which is significantly lower than BIL's 1.49% return.
MBND
- 1D
- 0.00%
- 1M
- 0.58%
- YTD
- 1.12%
- 6M
- 1.54%
- 1Y
- 5.33%
- 3Y*
- 3.72%
- 5Y*
- 0.63%
- 10Y*
- —
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%
MBND vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | 1.12% | 2.90% | 2.75% | 5.62% | -8.61% | 0.59% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% |
Correlation
The correlation between MBND 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 | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.06 |
The correlation between MBND and BIL shifts across timeframes, from -0.14 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MBND vs. BIL — Risk / Return Rank
MBND
BIL
MBND vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) 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.
| MBND | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.57 | ||
| Sortino ratioReturn per unit of downside risk | -171.09 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 87.91 | -86.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 355.35 | -353.16 |
| Martin ratioReturn relative to average drawdown | 7.27 | 2,817.77 | -2,810.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MBND | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.14 | 19.71 | -17.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 13.16 | -12.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 2.78 | -2.57 |
Drawdowns
MBND vs. BIL - Drawdown Comparison
The maximum MBND drawdown since its inception was -13.18%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MBND and BIL.
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Drawdown Indicators
| MBND | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -0.78% | -12.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -0.01% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -0.01% | -4.56% |
Max Drawdown (5Y)Largest decline over 5 years | -13.18% | -0.10% | -13.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -0.62% | 0.00% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -4.19% | -0.26% | -3.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.00% | +0.73% |
Volatility
MBND vs. BIL - Volatility Comparison
SPDR Nuveen Municipal Bond ETF (MBND) has a higher volatility of 1.05% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that MBND'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
| MBND | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 0.05% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.82% | 0.13% | +1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 0.20% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.48% | 0.26% | +3.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 0.26% | +3.15% |
MBND vs. BIL - Expense Ratio Comparison
MBND has a 0.40% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
MBND vs. BIL - Dividend Comparison
MBND's dividend yield for the trailing twelve months is around 3.49%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MBND SPDR Nuveen Municipal Bond ETF | 3.49% | 3.43% | 2.72% | 2.53% | 1.61% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MBND 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.
MBND has higher volatility (1.05%) compared to BIL (0.05%). In terms of maximum drawdown, MBND dropped -13.18% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.41% vs 0.63% for MBND. 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 5-year period, BIL has performed better with a 3.41% return vs 0.63%. 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 0.40% for MBND.
BIL has the higher dividend yield at 3.86%, compared with 3.49% for MBND.
MBND is categorized as Municipal Bonds, while BIL is Government Bonds. Their fees differ too: 0.40% for MBND and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 2.14), 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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