MTUM vs. BIL
MTUM (iShares MSCI USA Momentum Factor ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant 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, MTUM returned 17.15%/yr vs 2.20%/yr for BIL. At a 0.00 correlation, their price movements are largely independent. MTUM charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
MTUM vs. BIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MTUM achieves a 29.72% return, which is significantly higher than BIL's 1.60% return. Over the past 10 years, MTUM has outperformed BIL with an annualized return of 17.15%, while BIL has yielded a comparatively lower 2.20% annualized return.
MTUM
- 1D
- 1.69%
- 1M
- 5.58%
- YTD
- 29.72%
- 6M
- 30.51%
- 1Y
- 42.02%
- 3Y*
- 33.16%
- 5Y*
- 14.96%
- 10Y*
- 17.15%
BIL
- 1D
- 0.03%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.76%
- 1Y
- 3.85%
- 3Y*
- 4.63%
- 5Y*
- 3.43%
- 10Y*
- 2.20%
MTUM vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 29.72% | 22.15% | 32.89% | 9.15% | -18.27% | 13.36% | 29.86% | 27.25% | -1.67% | 37.50% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.60% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between MTUM and BIL is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MTUM vs. BIL — Risk / Return Rank
MTUM
BIL
MTUM vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.
| MTUM | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.67 | ||
| Sortino ratioReturn per unit of downside risk | -172.55 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 88.41 | -87.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 357.44 | -353.89 |
| Martin ratioReturn relative to average drawdown | 13.66 | 2,834.34 | -2,820.68 |
Loading charts...
Drawdowns
MTUM vs. BIL - Drawdown Comparison
The maximum MTUM drawdown since its inception was -34.08%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MTUM and BIL.
Loading charts...
Drawdown Indicators
| MTUM | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -0.78% | -33.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -0.01% | -11.53% |
Max Drawdown (3Y)Largest decline over 3 years | -20.99% | -0.01% | -20.98% |
Max Drawdown (5Y)Largest decline over 5 years | -32.28% | -0.09% | -32.19% |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | -0.21% | -33.87% |
Current DrawdownCurrent decline from peak | -1.55% | 0.00% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -0.26% | -5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 0.00% | +2.99% |
Volatility
MTUM vs. BIL - Volatility Comparison
iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that MTUM'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.
Loading charts...
Volatility by Period
| MTUM | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.89% | 0.06% | +10.83% |
Volatility (6M)Calculated over the trailing 6-month period | 18.63% | 0.14% | +18.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.87% | 0.20% | +20.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.94% | 0.26% | +20.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 0.26% | +20.94% |
MTUM vs. BIL - Expense Ratio Comparison
MTUM has a 0.15% 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
MTUM vs. BIL - Dividend Comparison
MTUM's dividend yield for the trailing twelve months is around 0.61%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
MTUM iShares MSCI USA Momentum Factor ETF | 0.61% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
Frequently Asked Questions
MTUM and BIL have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (10.89%) compared to BIL (0.06%). In terms of maximum drawdown, MTUM dropped -34.08% vs BIL's -0.78%.
On 10-year performance, MTUM leads with 17.15% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MTUM has performed better with a 17.15% return vs 2.20%. 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 0.15% for MTUM.
BIL has the higher dividend yield at 3.86%, compared with 0.61% for MTUM.
MTUM is categorized as Momentum, while BIL is Government Bonds. MTUM tracks MSCI USA Momentum SR Variant Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for MTUM and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.63 vs 1.96), 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.
Find the right allocation for MTUM and BIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer