PSCH vs. BIL
PSCH (Invesco S&P SmallCap Health Care ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - PSCH is a Health & Biotech Equities fund tracking the S&P SmallCap 600 Health Care 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, PSCH returned 8.05%/yr vs 2.20%/yr for BIL. At a correlation of -0.05, they often move in opposite directions. PSCH charges 0.29%/yr vs 0.14%/yr for BIL.
Performance
PSCH vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, PSCH achieves a 10.39% return, which is significantly higher than BIL's 1.66% return. Over the past 10 years, PSCH has outperformed BIL with an annualized return of 8.05%, while BIL has yielded a comparatively lower 2.20% annualized return.
PSCH
- 1D
- 0.19%
- 1M
- 8.72%
- YTD
- 10.39%
- 6M
- 5.06%
- 1Y
- 22.91%
- 3Y*
- 3.77%
- 5Y*
- -5.17%
- 10Y*
- 8.05%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
PSCH vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSCH Invesco S&P SmallCap Health Care ETF | 10.39% | -0.49% | 3.77% | -2.71% | -25.15% | 5.75% | 31.47% | 20.17% | 9.15% | 34.87% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between PSCH and BIL is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2010 | -0.05 |
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Return for Risk
PSCH vs. BIL — Risk / Return Rank
PSCH
BIL
PSCH vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Health Care ETF (PSCH) 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.
| PSCH | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.24 | ||
| Sortino ratioReturn per unit of downside risk | -171.45 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 87.41 | -86.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 353.28 | -351.78 |
| Martin ratioReturn relative to average drawdown | 4.52 | 2,801.35 | -2,796.83 |
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Drawdowns
PSCH vs. BIL - Drawdown Comparison
The maximum PSCH drawdown since its inception was -46.32%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for PSCH and BIL.
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Drawdown Indicators
| PSCH | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.32% | -0.78% | -45.54% |
Max Drawdown (1Y)Largest decline over 1 year | -15.36% | -0.01% | -15.35% |
Max Drawdown (3Y)Largest decline over 3 years | -22.98% | -0.01% | -22.97% |
Max Drawdown (5Y)Largest decline over 5 years | -46.32% | -0.09% | -46.23% |
Max Drawdown (10Y)Largest decline over 10 years | -46.32% | -0.21% | -46.11% |
Current DrawdownCurrent decline from peak | -24.74% | 0.00% | -24.74% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -0.26% | -13.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 0.00% | +5.08% |
Volatility
PSCH vs. BIL - Volatility Comparison
Invesco S&P SmallCap Health Care ETF (PSCH) has a higher volatility of 4.90% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that PSCH'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.
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Volatility by Period
| PSCH | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 0.07% | +4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 14.51% | 0.14% | +14.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.46% | 0.20% | +20.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.94% | 0.26% | +22.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.64% | 0.26% | +23.38% |
PSCH vs. BIL - Expense Ratio Comparison
PSCH has a 0.29% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
PSCH vs. BIL - Dividend Comparison
PSCH's dividend yield for the trailing twelve months is around 0.01%, 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% |
PSCH Invesco S&P SmallCap Health Care ETF | 0.01% | 0.04% | 0.27% | 0.01% | 2.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% |
Frequently Asked Questions
PSCH and BIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSCH has higher volatility (4.90%) compared to BIL (0.07%). In terms of maximum drawdown, PSCH dropped -46.32% vs BIL's -0.78%.
On 10-year performance, PSCH leads with 8.05% 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 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSCH has performed better with a 8.05% 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 0.29% for PSCH.
BIL has the higher dividend yield at 3.85%, compared with 0.01% for PSCH.
PSCH is categorized as Health & Biotech Equities, while BIL is Government Bonds. PSCH tracks S&P SmallCap 600 Health Care Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.29% for PSCH and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 1.13), 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.
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