NBJP vs. BIL

Last updated Jun 24, 2026

NBJP (Neuberger Berman Japan Equity ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - NBJP is a Japan Equities fund actively managed by Neuberger Berman, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. NBJP is actively managed, while BIL is passively managed. Over the past year, NBJP returned 38.22% vs 3.84% for BIL. At a correlation of -0.10, they often move in opposite directions. NBJP charges 0.50%/yr vs 0.14%/yr for BIL.

Performance

NBJP vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Japan Equity ETF (NBJP) 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, NBJP achieves a 19.75% return, which is significantly higher than BIL's 1.67% return.

NBJP

• 1D: -5.02%
• 1M: 2.82%
• YTD: 19.75%
• 6M: 18.67%
• 1Y: 38.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.67%
• 6M: 1.76%
• 1Y: 3.84%
• 3Y*: 4.60%
• 5Y*: 3.45%
• 10Y*: 2.20%

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

NBJP vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBJP Neuberger Berman Japan Equity ETF	19.75%	30.41%	-2.65%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.67%	4.15%	1.45%

Correlation

The correlation between NBJP 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 (All Time) Calculated using the full available price history since Sep 12, 2024	-0.10

Return for Risk

NBJP vs. BIL — Risk / Return Rank

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

NBJP

NBJP Risk / Return Rank: 58
NBJP Sharpe Ratio Rank: 59
NBJP Sortino Ratio Rank: 57
NBJP Omega Ratio Rank: 58
NBJP Calmar Ratio Rank: 59
NBJP Martin Ratio Rank: 58

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.

NBJP vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Japan Equity ETF (NBJP) 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.

	NBJP	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.81	19.32	-17.51
Sortino ratio: Return per unit of downside risk	2.48	172.67	-170.19
Omega ratio: Gain probability vs. loss probability	1.33	87.16	-85.83
Calmar ratio: Return relative to maximum drawdown	2.68	352.24	-349.56
Martin ratio: Return relative to average drawdown	9.51	2,793.11	-2,783.60

NBJP vs. BIL - Sharpe Ratio Comparison

The current NBJP Sharpe Ratio is 1.81, which is lower than the BIL Sharpe Ratio of 19.32. The chart below compares the historical Sharpe Ratios of NBJP 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

NBJP vs. BIL - Drawdown Comparison

The maximum NBJP drawdown since its inception was -14.34%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for NBJP and BIL.

Drawdown Indicators

	NBJP	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-14.34%	-0.78%	-13.56%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-0.01%	-14.33%
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	-5.02%	0.00%	-5.02%
Average Drawdown Average peak-to-trough decline	-3.18%	-0.26%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	0.00%	+4.03%

Volatility

NBJP vs. BIL - Volatility Comparison

Neuberger Berman Japan Equity ETF (NBJP) has a higher volatility of 9.10% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that NBJP'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

	NBJP	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.10%	0.07%	+9.03%
Volatility (6M) Calculated over the trailing 6-month period	18.37%	0.14%	+18.23%
Volatility (1Y) Calculated over the trailing 1-year period	21.18%	0.20%	+20.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.21%	0.26%	+19.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.21%	0.26%	+19.95%

NBJP vs. BIL - Expense Ratio Comparison

NBJP has a 0.50% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

NBJP vs. BIL - Dividend Comparison

NBJP's dividend yield for the trailing twelve months is around 1.91%, 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%
NBJP Neuberger Berman Japan Equity ETF	1.91%	2.29%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBJP and BIL in my portfolio?

NBJP 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, NBJP or BIL?

NBJP has higher volatility (9.10%) compared to BIL (0.07%). In terms of maximum drawdown, NBJP dropped -14.34% vs BIL's -0.78%.

Which ETF is better, NBJP or BIL?

On 1-year performance, NBJP leads with 38.22% vs 3.84% 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, NBJP or BIL?

Over the 1-year period, NBJP has performed better with a 38.22% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBJP or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.50% for NBJP.

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

BIL has the higher dividend yield at 3.85%, compared with 1.91% for NBJP.

What is the main difference between NBJP and BIL?

NBJP is categorized as Japan Equities, while BIL is Government Bonds. They also come from different issuers: Neuberger Berman and State Street. Their fees differ too: 0.50% for NBJP and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.32 vs 1.81), 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.