MDY vs. BIL

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P MidCap 400 ETF (MDY) and SPDR Barclays 1-3 Month T-Bill ETF (BIL).

MDY and BIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MDY is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on May 4, 1995. BIL is a passively managed fund by State Street that tracks the performance of the Barclays Capital U.S. 1-3 Month Treasury Bill Index. It was launched on May 25, 2007. Both MDY and BIL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MDY vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and SPDR Barclays 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

MDY vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	3.32%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.88%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Returns By Period

In the year-to-date period, MDY achieves a 3.32% return, which is significantly higher than BIL's 0.88% return. Over the past 10 years, MDY has outperformed BIL with an annualized return of 10.34%, while BIL has yielded a comparatively lower 2.13% annualized return.

MDY

• 1D: 0.82%
• 1M: -5.32%
• YTD: 3.32%
• 6M: 4.62%
• 1Y: 17.32%
• 3Y*: 12.06%
• 5Y*: 6.51%
• 10Y*: 10.34%

BIL

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.88%
• 6M: 1.84%
• 1Y: 4.00%
• 3Y*: 4.71%
• 5Y*: 3.28%
• 10Y*: 2.13%

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

MDY vs. BIL - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

MDY

SPDR S&P MidCap 400 ETF

BIL

SPDR Barclays 1-3 Month T-Bill ETF

Return for Risk

MDY vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MDY

MDY Risk / Return Rank: 46
MDY Sharpe Ratio Rank: 43
MDY Sortino Ratio Rank: 45
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 47
MDY Martin Ratio Rank: 54

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

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.

MDY vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and SPDR Barclays 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.

	MDY	BIL	Difference
Sharpe ratio Return per unit of total volatility	0.82	19.52	-18.69
Sortino ratio Return per unit of downside risk	1.30	254.20	-252.91
Omega ratio Gain probability vs. loss probability	1.18	180.39	-179.21
Calmar ratio Return relative to maximum drawdown	1.28	368.00	-366.73
Martin ratio Return relative to average drawdown	5.46	4,131.71	-4,126.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDY vs. BIL - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 0.82, which is lower than the BIL Sharpe Ratio of 19.52. The chart below compares the historical Sharpe Ratios of MDY and BIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MDY	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	19.52	-18.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	12.55	-12.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	8.23	-7.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	2.73	-2.21

Correlation

The correlation between MDY and BIL is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MDY vs. BIL - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.15%, less than BIL's 3.96% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDY SPDR S&P MidCap 400 ETF	1.15%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%
BIL SPDR Barclays 1-3 Month T-Bill ETF	3.96%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	0.00%

Drawdowns

MDY vs. BIL - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MDY and BIL.

Drawdown Indicators

	MDY	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-0.78%	-54.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.07%	-0.01%	-14.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-0.12%	-23.91%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-0.21%	-42.01%
Current Drawdown Current decline from peak	-5.36%	0.00%	-5.36%
Average Drawdown Average peak-to-trough decline	-7.06%	-0.26%	-6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	0.00%	+3.29%

Volatility

MDY vs. BIL - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) has a higher volatility of 6.42% compared to SPDR Barclays 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that MDY'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.

Volatility by Period

	MDY	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	0.06%	+6.36%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	0.14%	+11.75%
Volatility (1Y) Calculated over the trailing 1-year period	21.11%	0.21%	+20.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	0.26%	+19.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	0.26%	+20.91%