PAYX vs. BIL

Last updated Jun 4, 2026

PAYX (Paychex, Inc.) is a stock, while BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) is Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Over the past 10 years, PAYX returned 9.37%/yr vs 2.18%/yr for BIL. At a correlation of -0.03, they often move in opposite directions.

Performance

PAYX vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Paychex, Inc. (PAYX) 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, PAYX achieves a -10.19% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, PAYX has outperformed BIL with an annualized return of 9.37%, while BIL has yielded a comparatively lower 2.18% annualized return.

PAYX

• 1D: -2.32%
• 1M: 7.82%
• YTD: -10.19%
• 6M: -11.14%
• 1Y: -35.23%
• 3Y*: -0.47%
• 5Y*: 2.22%
• 10Y*: 9.37%

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)

PAYX vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAYX Paychex, Inc.	-10.19%	-17.49%	21.31%	6.21%	-13.16%	50.16%	13.25%	34.53%	-1.08%	15.41%
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 PAYX and BIL is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 31, 2007	-0.03

Return for Risk

PAYX vs. BIL — Risk / Return Rank

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

PAYX

PAYX Risk / Return Rank: 6
PAYX Sharpe Ratio Rank: 1
PAYX Sortino Ratio Rank: 3
PAYX Omega Ratio Rank: 4
PAYX Calmar Ratio Rank: 11
PAYX Martin Ratio Rank: 13

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.

PAYX vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Paychex, Inc. (PAYX) 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.

	PAYX	BIL	Difference
Sharpe ratio: Return per unit of total volatility	-1.33	19.71	-21.04
Sortino ratio: Return per unit of downside risk	-1.91	174.16	-176.07
Omega ratio: Gain probability vs. loss probability	0.77	87.91	-87.14
Calmar ratio: Return relative to maximum drawdown	-0.79	355.35	-356.14
Martin ratio: Return relative to average drawdown	-1.23	2,817.77	-2,819.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAYX vs. BIL - Sharpe Ratio Comparison

The current PAYX Sharpe Ratio is -1.33, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of PAYX 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

	PAYX	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.33	19.71	-21.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	13.16	-13.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	8.52	-8.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	2.78	-2.24

Drawdowns

PAYX vs. BIL - Drawdown Comparison

The maximum PAYX drawdown since its inception was -64.85%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for PAYX and BIL.

Drawdown Indicators

	PAYX	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-64.85%	-0.78%	-64.07%
Max Drawdown (1Y) Largest decline over 1 year	-44.95%	-0.01%	-44.94%
Max Drawdown (3Y) Largest decline over 3 years	-44.95%	-0.01%	-44.94%
Max Drawdown (5Y) Largest decline over 5 years	-44.95%	-0.10%	-44.85%
Max Drawdown (10Y) Largest decline over 10 years	-44.95%	-0.21%	-44.74%
Current Drawdown Current decline from peak	-35.85%	0.00%	-35.85%
Average Drawdown Average peak-to-trough decline	-17.95%	-0.26%	-17.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.77%	0.00%	+28.77%

Volatility

PAYX vs. BIL - Volatility Comparison

Paychex, Inc. (PAYX) has a higher volatility of 9.97% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that PAYX'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

	PAYX	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.97%	0.05%	+9.92%
Volatility (6M) Calculated over the trailing 6-month period	20.75%	0.13%	+20.62%
Volatility (1Y) Calculated over the trailing 1-year period	26.62%	0.20%	+26.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.72%	0.26%	+23.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.24%	0.26%	+24.98%

Dividends

PAYX vs. BIL - Dividend Comparison

PAYX's dividend yield for the trailing twelve months is around 4.50%, more 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%
PAYX Paychex, Inc.	4.50%	3.76%	2.73%	2.90%	2.62%	1.90%	2.66%	2.85%	3.35%	2.82%	2.89%	3.03%

Frequently Asked Questions

Can I hold both PAYX and BIL in my portfolio?

PAYX and BIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAYX or BIL?

PAYX has higher volatility (9.97%) compared to BIL (0.05%). In terms of maximum drawdown, PAYX dropped -64.85% vs BIL's -0.78%.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs -1.33), 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.