MISL vs. BIL
MISL (First Trust Indxx Aerospace & Defense ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MISL is a Industrials Equities fund tracking the Indxx US Aerospace & Defense Index - Benchmark TR Gross, 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, MISL returned 26.09%/yr vs 4.60%/yr for BIL. At a correlation of -0.06, they often move in opposite directions. MISL charges 0.60%/yr vs 0.14%/yr for BIL.
Performance
MISL vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, MISL achieves a 4.18% return, which is significantly higher than BIL's 1.66% return.
MISL
- 1D
- -3.99%
- 1M
- -4.32%
- YTD
- 4.18%
- 6M
- 1.80%
- 1Y
- 25.39%
- 3Y*
- 26.09%
- 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%
MISL vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MISL First Trust Indxx Aerospace & Defense ETF | 4.18% | 41.24% | 20.48% | 14.78% | 8.22% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 0.72% |
Correlation
The correlation between MISL and BIL is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022 | -0.06 |
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Return for Risk
MISL vs. BIL — Risk / Return Rank
MISL
BIL
MISL vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Aerospace & Defense ETF (MISL) 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.
| MISL | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.30 | ||
| Sortino ratioReturn per unit of downside risk | -171.53 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 87.41 | -86.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 353.28 | -351.66 |
| Martin ratioReturn relative to average drawdown | 4.06 | 2,801.35 | -2,797.29 |
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Drawdowns
MISL vs. BIL - Drawdown Comparison
The maximum MISL drawdown since its inception was -17.91%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MISL and BIL.
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Drawdown Indicators
| MISL | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.91% | -0.78% | -17.13% |
Max Drawdown (1Y)Largest decline over 1 year | -15.69% | -0.01% | -15.68% |
Max Drawdown (3Y)Largest decline over 3 years | -17.91% | -0.01% | -17.90% |
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 | -12.61% | 0.00% | -12.61% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -0.26% | -3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.26% | 0.00% | +6.26% |
Volatility
MISL vs. BIL - Volatility Comparison
First Trust Indxx Aerospace & Defense ETF (MISL) has a higher volatility of 10.32% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that MISL'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
| MISL | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.32% | 0.07% | +10.25% |
Volatility (6M)Calculated over the trailing 6-month period | 20.35% | 0.14% | +20.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.94% | 0.20% | +23.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.51% | 0.26% | +19.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.51% | 0.26% | +19.25% |
MISL vs. BIL - Expense Ratio Comparison
MISL has a 0.60% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
MISL vs. BIL - Dividend Comparison
MISL's dividend yield for the trailing twelve months is around 0.37%, 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% |
MISL First Trust Indxx Aerospace & Defense ETF | 0.37% | 0.40% | 0.74% | 0.63% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MISL and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MISL has higher volatility (10.32%) compared to BIL (0.07%). In terms of maximum drawdown, MISL dropped -17.91% vs BIL's -0.78%.
On 3-year performance, MISL leads with 26.09% vs 4.60% 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, MISL has performed better with a 26.09% return vs 4.60%. 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 0.60% for MISL.
BIL has the higher dividend yield at 3.85%, compared with 0.37% for MISL.
MISL is categorized as Industrials Equities, while BIL is Government Bonds. MISL tracks Indxx US Aerospace & Defense Index - Benchmark TR Gross, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.60% for MISL and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 1.07), 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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