ONEY vs. BIL

Last updated Jun 4, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ONEY is a Mid Cap Value Equities fund tracking the Russell 1000 Yield Focused Factor 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, ONEY returned 12.04%/yr vs 2.18%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. ONEY charges 0.20%/yr vs 0.14%/yr for BIL.

Performance

ONEY vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) 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, ONEY achieves a 14.26% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, ONEY has outperformed BIL with an annualized return of 12.04%, while BIL has yielded a comparatively lower 2.18% annualized return.

ONEY

• 1D: -0.18%
• 1M: 3.52%
• YTD: 14.26%
• 6M: 14.38%
• 1Y: 23.42%
• 3Y*: 15.65%
• 5Y*: 8.74%
• 10Y*: 12.04%

BIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.77%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

ONEY vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEY SPDR Russell 1000 Yield Focus ETF	14.26%	7.74%	11.63%	11.12%	-3.60%	37.11%	2.17%	27.45%	-8.71%	15.46%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Correlation

The correlation between ONEY and BIL is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	-0.01

Return for Risk

ONEY vs. BIL — Risk / Return Rank

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

ONEY

ONEY Risk / Return Rank: 58
ONEY Sharpe Ratio Rank: 55
ONEY Sortino Ratio Rank: 60
ONEY Omega Ratio Rank: 54
ONEY Calmar Ratio Rank: 62
ONEY Martin Ratio Rank: 62

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.

ONEY vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) 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.

	ONEY	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.90	19.71	-17.81
Sortino ratio: Return per unit of downside risk	2.86	174.16	-171.31
Omega ratio: Gain probability vs. loss probability	1.34	87.91	-86.57
Calmar ratio: Return relative to maximum drawdown	3.09	355.35	-352.26
Martin ratio: Return relative to average drawdown	11.15	2,817.77	-2,806.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEY vs. BIL - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.90, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of ONEY 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.

Sharpe Ratios by Period

	ONEY	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	19.71	-17.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	13.16	-12.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	8.52	-7.91
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	2.78	-2.16

Drawdowns

ONEY vs. BIL - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ONEY and BIL.

Drawdown Indicators

	ONEY	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-46.80%	-0.78%	-46.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-0.01%	-7.60%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-0.01%	-17.49%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-0.10%	-18.83%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-0.21%	-46.59%
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-4.98%	-0.26%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	0.00%	+2.11%

Volatility

ONEY vs. BIL - Volatility Comparison

SPDR Russell 1000 Yield Focus ETF (ONEY) has a higher volatility of 2.78% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that ONEY'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

	ONEY	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	0.05%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	0.13%	+8.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	0.20%	+12.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	0.26%	+15.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	0.26%	+19.61%

ONEY vs. BIL - Expense Ratio Comparison

ONEY has a 0.20% 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

ONEY vs. BIL - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.81%, 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%
ONEY SPDR Russell 1000 Yield Focus ETF	2.81%	3.15%	3.18%	3.14%	3.17%	2.46%	2.74%	3.17%	3.72%	10.73%	6.31%	0.29%

Frequently Asked Questions

Can I hold both ONEY and BIL in my portfolio?

ONEY and BIL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEY or BIL?

ONEY has higher volatility (2.78%) compared to BIL (0.05%). In terms of maximum drawdown, ONEY dropped -46.80% vs BIL's -0.78%.

Which ETF is better, ONEY or BIL?

On 10-year performance, ONEY leads with 12.04% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEY or BIL?

Over the 10-year period, ONEY has performed better with a 12.04% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEY or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.20% for ONEY.

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

BIL has the higher dividend yield at 3.86%, compared with 2.81% for ONEY.

What is the main difference between ONEY and BIL?

ONEY is categorized as Mid Cap Value Equities, while BIL is Government Bonds. ONEY tracks Russell 1000 Yield Focused Factor Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.20% for ONEY and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 1.90), 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.