OBIL vs. SHV

Last updated Jun 4, 2026

OBIL (US Treasury 12 Month Bill ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - OBIL tracks the ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 3 years, OBIL returned 4.55%/yr vs 4.64%/yr for SHV. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

OBIL vs. SHV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 12 Month Bill ETF (OBIL) and iShares 0-1 Year Treasury Bond ETF (SHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBIL achieves a 1.17% return, which is significantly lower than SHV's 1.42% return.

OBIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.17%
• 6M: 1.51%
• 1Y: 3.83%
• 3Y*: 4.55%
• 5Y*: —
• 10Y*: —

SHV

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.42%
• 6M: 1.75%
• 1Y: 3.90%
• 3Y*: 4.64%
• 5Y*: 3.31%
• 10Y*: 2.23%

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

OBIL vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OBIL US Treasury 12 Month Bill ETF	1.17%	4.19%	4.94%	4.69%	0.53%
SHV iShares 0-1 Year Treasury Bond ETF	1.42%	4.21%	5.12%	5.04%	0.53%

Correlation

The correlation between OBIL and SHV is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022	0.55

The correlation between OBIL and SHV has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

Return for Risk

OBIL vs. SHV — Risk / Return Rank

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

OBIL

OBIL Risk / Return Rank: 99
OBIL Sharpe Ratio Rank: 99
OBIL Sortino Ratio Rank: 99
OBIL Omega Ratio Rank: 99
OBIL Calmar Ratio Rank: 99
OBIL Martin Ratio Rank: 99

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV 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.

OBIL vs. SHV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.

	OBIL	SHV	Difference
Sharpe ratio Return per unit of total volatility	7.07	19.49	-12.42
Sortino ratio Return per unit of downside risk	16.19	149.54	-133.35
Omega ratio Gain probability vs. loss probability	3.70	53.77	-50.07
Calmar ratio Return relative to maximum drawdown	27.56	431.38	-403.82
Martin ratio Return relative to average drawdown	150.40	2,419.80	-2,269.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBIL vs. SHV - Sharpe Ratio Comparison

The current OBIL Sharpe Ratio is 7.07, which is lower than the SHV Sharpe Ratio of 19.49. The chart below compares the historical Sharpe Ratios of OBIL and SHV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OBIL	SHV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.07	19.49	-12.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	11.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.38	4.50	+0.88

Drawdowns

OBIL vs. SHV - Drawdown Comparison

The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum SHV drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for OBIL and SHV.

Drawdown Indicators

	OBIL	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-0.33%	-0.45%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-0.01%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-0.21%	-0.03%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.03%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.00%	+0.03%

Volatility

OBIL vs. SHV - Volatility Comparison

US Treasury 12 Month Bill ETF (OBIL) has a higher volatility of 0.10% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that OBIL's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBIL	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.05%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.33%	0.12%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	0.20%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	0.29%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	0.28%	+0.54%

OBIL vs. SHV - Expense Ratio Comparison

Both OBIL and SHV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

OBIL vs. SHV - Dividend Comparison

OBIL's dividend yield for the trailing twelve months is around 3.65%, less than SHV's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OBIL US Treasury 12 Month Bill ETF	3.65%	3.83%	4.56%	4.92%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHV iShares 0-1 Year Treasury Bond ETF	3.83%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both OBIL and SHV in my portfolio?

OBIL and SHV have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBIL or SHV?

OBIL has higher volatility (0.10%) compared to SHV (0.05%). In terms of maximum drawdown, OBIL dropped -0.33% vs SHV's -0.45%.

Which ETF is better, OBIL or SHV?

On 3-year performance, SHV leads with 4.64% vs 4.55% for OBIL. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBIL or SHV?

Over the 3-year period, SHV has performed better with a 4.64% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBIL or SHV?

OBIL and SHV have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, OBIL or SHV?

SHV has the higher dividend yield at 3.83%, compared with 3.65% for OBIL.

What is the main difference between OBIL and SHV?

OBIL tracks ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: US Benchmark Series and iShares.

Which has better risk-adjusted returns?

SHV currently has the higher Sharpe Ratio (19.49 vs 7.07), 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.