MDY vs. BIL
MDY (SPDR S&P MidCap 400 ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 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 10 years, MDY returned 10.79%/yr vs 2.24%/yr for BIL. Their -0.03 correlation means they have often moved in opposite directions in the past. MDY charges 0.23%/yr vs 0.14%/yr for BIL.
Performance
MDY vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, MDY achieves a 14.33% return, which is significantly higher than BIL's 2.08% return. Over the past 10 years, MDY has outperformed BIL with an annualized return of 10.79%, while BIL has yielded a comparatively lower 2.24% annualized return.
MDY
- 1D
- -0.13%
- 1M
- -1.06%
- 6M
- 9.90%
- YTD
- 14.33%
- 1Y
- 22.39%
- 3Y*
- 12.71%
- 5Y*
- 8.19%
- 10Y*
- 10.79%
- ALL TIME*
- 11.29%
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.76%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $420.06M | $401.19M | $471.25M |
MDY vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDY SPDR S&P MidCap 400 ETF | 14.33% | 7.19% | 13.64% | 16.07% | -13.28% | 24.53% | 13.50% | 25.78% | -11.29% | 15.93% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between MDY and BIL is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.03 |
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Return for Risk
MDY vs. BIL — Risk / Return Rank
MDY
BIL
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 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.
| MDY | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.81 | ||
| Sortino ratioReturn per unit of downside risk | -151.16 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 69.35 | -68.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 349.28 | -346.93 |
| Martin ratioReturn relative to average drawdown | 8.48 | 2,476.90 | -2,468.42 |
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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.
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Drawdown Indicators
| MDY | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.33% | -0.78% | -54.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -0.01% | -8.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.03% | -0.01% | -24.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.03% | -0.08% | -23.95% |
Max Drawdown (10Y)Largest decline over 10 years | -42.22% | -0.21% | -42.01% |
Current DrawdownCurrent decline from peak | -2.42% | 0.00% | -2.42% |
Average DrawdownAverage peak-to-trough decline | -7.00% | -0.26% | -6.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 0.00% | +2.44% |
Volatility
MDY vs. BIL - Volatility Comparison
SPDR S&P MidCap 400 ETF (MDY) has a higher volatility of 3.45% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. 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.
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Volatility by Period
| MDY | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 0.07% | +3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 0.14% | +11.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.69% | 0.20% | +15.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 0.26% | +19.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.14% | 0.26% | +20.88% |
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%.
Dividends
MDY vs. BIL - Dividend Comparison
MDY's dividend yield for the trailing twelve months is around 1.02%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.46% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
MDY SPDR S&P MidCap 400 ETF | 1.02% | 1.15% | 1.18% | 1.21% | 1.37% | 0.96% | 1.12% | 1.34% | 1.39% | 1.18% | 1.31% | 1.35% |
Frequently Asked Questions
MDY 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.
MDY has higher volatility (3.45%) compared to BIL (0.07%). In terms of maximum drawdown, MDY dropped -55.33% vs BIL's -0.78%.
On 10-year performance, MDY leads with 10.79% vs 2.24% 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, MDY has performed better with a 10.79% return vs 2.24%. 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 0.23% for MDY.
BIL has the higher dividend yield at 3.46%, compared with 1.02% for MDY.
MDY is categorized as Mid Cap Blend Equities, while BIL is Government Bonds. MDY tracks S&P MidCap 400 Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.23% for MDY and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.13 vs 1.32), 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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