MEMS vs. BIL

Last updated Jun 23, 2026

MEMS (Matthews Emerging Markets Discovery Active ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MEMS is a Emerging Markets Diversified fund actively managed by Matthews, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. MEMS is actively managed, while BIL is passively managed. Over the past year, MEMS returned 34.10% vs 3.85% for BIL. At a correlation of -0.07, they often move in opposite directions. MEMS charges 0.89%/yr vs 0.14%/yr for BIL.

Performance

MEMS vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Discovery Active ETF (MEMS) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMS achieves a 27.41% return, which is significantly higher than BIL's 1.66% return.

MEMS

• 1D: 0.56%
• 1M: 4.44%
• YTD: 27.41%
• 6M: 27.66%
• 1Y: 34.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.66%
• 6M: 1.75%
• 1Y: 3.85%
• 3Y*: 4.60%
• 5Y*: 3.45%
• 10Y*: 2.20%

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

MEMS vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEMS Matthews Emerging Markets Discovery Active ETF	27.41%	11.12%	-5.32%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.66%	4.15%	5.05%

Correlation

The correlation between MEMS and BIL is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.07

Return for Risk

MEMS vs. BIL — Risk / Return Rank

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

MEMS

MEMS Risk / Return Rank: 49
MEMS Sharpe Ratio Rank: 47
MEMS Sortino Ratio Rank: 46
MEMS Omega Ratio Rank: 46
MEMS Calmar Ratio Rank: 55
MEMS Martin Ratio Rank: 51

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.

MEMS vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Discovery Active ETF (MEMS) 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.

	MEMS	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.59	19.37	-17.78
Sortino ratio: Return per unit of downside risk	2.23	173.17	-170.93
Omega ratio: Gain probability vs. loss probability	1.29	87.41	-86.12
Calmar ratio: Return relative to maximum drawdown	2.63	353.28	-350.66
Martin ratio: Return relative to average drawdown	8.37	2,801.35	-2,792.98

MEMS vs. BIL - Sharpe Ratio Comparison

The current MEMS Sharpe Ratio is 1.59, which is lower than the BIL Sharpe Ratio of 19.37. The chart below compares the historical Sharpe Ratios of MEMS 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.

Drawdowns

MEMS vs. BIL - Drawdown Comparison

The maximum MEMS drawdown since its inception was -22.24%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MEMS and BIL.

Drawdown Indicators

	MEMS	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-22.24%	-0.78%	-21.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-0.01%	-13.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-5.17%	-0.26%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	0.00%	+4.08%

Volatility

MEMS vs. BIL - Volatility Comparison

Matthews Emerging Markets Discovery Active ETF (MEMS) has a higher volatility of 8.16% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that MEMS'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

	MEMS	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.16%	0.07%	+8.09%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	0.14%	+18.72%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	0.20%	+21.36%
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	19.78%	0.26%	+19.52%

MEMS vs. BIL - Expense Ratio Comparison

MEMS has a 0.89% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

MEMS vs. BIL - Dividend Comparison

MEMS's dividend yield for the trailing twelve months is around 2.21%, 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%
MEMS Matthews Emerging Markets Discovery Active ETF	2.21%	2.81%	1.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMS and BIL in my portfolio?

MEMS and BIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMS or BIL?

MEMS has higher volatility (8.16%) compared to BIL (0.07%). In terms of maximum drawdown, MEMS dropped -22.24% vs BIL's -0.78%.

Which ETF is better, MEMS or BIL?

On 1-year performance, MEMS leads with 34.10% vs 3.85% 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.

Which ETF has performed better, MEMS or BIL?

Over the 1-year period, MEMS has performed better with a 34.10% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMS or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.89% for MEMS.

Which ETF pays a higher dividend yield, MEMS or BIL?

BIL has the higher dividend yield at 3.85%, compared with 2.21% for MEMS.

What is the main difference between MEMS and BIL?

MEMS is categorized as Emerging Markets Diversified, while BIL is Government Bonds. They also come from different issuers: Matthews and State Street. Their fees differ too: 0.89% for MEMS and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.37 vs 1.59), 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.