MPRO vs. BIL

Last updated Jun 23, 2026

MPRO (Monarch ProCap ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MPRO is a Diversified Portfolio fund tracking the Monarch ProCap 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 5 years, MPRO returned 5.68%/yr vs 3.45%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. MPRO charges 1.17%/yr vs 0.14%/yr for BIL.

Performance

MPRO vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch ProCap ETF (MPRO) 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, MPRO achieves a 6.22% return, which is significantly higher than BIL's 1.66% return.

MPRO

• 1D: -0.18%
• 1M: 0.09%
• YTD: 6.22%
• 6M: 6.18%
• 1Y: 13.01%
• 3Y*: 9.90%
• 5Y*: 5.68%
• 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)

MPRO vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MPRO Monarch ProCap ETF	6.22%	9.33%	8.37%	10.55%	-9.38%	10.74%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.66%	4.15%	5.19%	4.94%	1.40%	-0.09%

Correlation

The correlation between MPRO and BIL is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 24, 2021	-0.01

Return for Risk

MPRO vs. BIL — Risk / Return Rank

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

MPRO

MPRO Risk / Return Rank: 56
MPRO Sharpe Ratio Rank: 59
MPRO Sortino Ratio Rank: 63
MPRO Omega Ratio Rank: 58
MPRO Calmar Ratio Rank: 48
MPRO 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.

MPRO vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) 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.

	MPRO	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.92	19.37	-17.45
Sortino ratio: Return per unit of downside risk	2.83	173.17	-170.33
Omega ratio: Gain probability vs. loss probability	1.34	87.41	-86.07
Calmar ratio: Return relative to maximum drawdown	2.30	353.28	-350.98
Martin ratio: Return relative to average drawdown	9.07	2,801.35	-2,792.28

MPRO vs. BIL - Sharpe Ratio Comparison

The current MPRO Sharpe Ratio is 1.92, which is lower than the BIL Sharpe Ratio of 19.37. The chart below compares the historical Sharpe Ratios of MPRO 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

MPRO vs. BIL - Drawdown Comparison

The maximum MPRO drawdown since its inception was -14.51%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MPRO and BIL.

Drawdown Indicators

	MPRO	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-14.51%	-0.78%	-13.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-0.01%	-5.66%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-0.01%	-9.63%
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	-0.09%	-14.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-3.43%	-0.26%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.00%	+1.44%

Volatility

MPRO vs. BIL - Volatility Comparison

Monarch ProCap ETF (MPRO) has a higher volatility of 2.04% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that MPRO'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

	MPRO	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	0.07%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	0.14%	+5.01%
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	0.20%	+6.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.28%	0.26%	+9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	0.26%	+8.96%

MPRO vs. BIL - Expense Ratio Comparison

MPRO has a 1.17% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

MPRO vs. BIL - Dividend Comparison

MPRO's dividend yield for the trailing twelve months is around 1.87%, 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%
MPRO Monarch ProCap ETF	1.87%	1.93%	1.64%	1.40%	1.09%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MPRO and BIL in my portfolio?

MPRO 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.

Which is riskier, MPRO or BIL?

MPRO has higher volatility (2.04%) compared to BIL (0.07%). In terms of maximum drawdown, MPRO dropped -14.51% vs BIL's -0.78%.

Which ETF is better, MPRO or BIL?

On 5-year performance, MPRO leads with 5.68% vs 3.45% 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, MPRO or BIL?

Over the 5-year period, MPRO has performed better with a 5.68% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MPRO or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 1.17% for MPRO.

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

BIL has the higher dividend yield at 3.85%, compared with 1.87% for MPRO.

What is the main difference between MPRO and BIL?

MPRO is categorized as Diversified Portfolio, while BIL is Government Bonds. MPRO tracks Monarch ProCap Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Monarch and State Street. Their fees differ too: 1.17% for MPRO and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.37 vs 1.92), 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.