PUSH vs. BIL

Last updated Jul 12, 2026

PUSH (PGIM Ultra Short Municipal Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - PUSH is a Municipal Bonds fund actively managed by PGIM, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. PUSH is actively managed, while BIL is passively managed. Over the past year, PUSH returned 3.51% vs 3.82% for BIL. At a correlation of -0.06, they often move in opposite directions. PUSH charges 0.15%/yr vs 0.14%/yr for BIL.

Performance

PUSH vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Municipal Bond ETF (PUSH) 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, PUSH achieves a 1.62% return, which is significantly lower than BIL's 1.88% return.

PUSH

• 1D: -0.02%
• 1M: 0.31%
• 6M: 1.41%
• YTD: 1.62%
• 1Y: 3.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.04%
• 1M: 0.28%
• 6M: 1.78%
• YTD: 1.88%
• 1Y: 3.82%
• 3Y*: 4.60%
• 5Y*: 3.49%
• 10Y*: 2.22%

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

PUSH vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PUSH PGIM Ultra Short Municipal Bond ETF	1.62%	4.16%	1.74%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.88%	4.15%	2.56%

Correlation

The correlation between PUSH and BIL is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	-0.06

Return for Risk

PUSH vs. BIL — Risk / Return Rank

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

PUSH

PUSH Risk / Return Rank: 92
PUSH Sharpe Ratio Rank: 88
PUSH Sortino Ratio Rank: 91
PUSH Omega Ratio Rank: 95
PUSH Calmar Ratio Rank: 96
PUSH Martin Ratio Rank: 91

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.

PUSH vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Municipal Bond ETF (PUSH) 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.

	PUSH	BIL	Difference
Sharpe ratio: Return per unit of total volatility	2.26	19.22	-16.96
Sortino ratio: Return per unit of downside risk	3.41	154.48	-151.07
Omega ratio: Gain probability vs. loss probability	1.61	69.95	-68.34
Calmar ratio: Return relative to maximum drawdown	6.89	352.38	-345.50
Martin ratio: Return relative to average drawdown	17.08	2,498.94	-2,481.87

PUSH vs. BIL - Sharpe Ratio Comparison

The current PUSH Sharpe Ratio is 2.26, which is lower than the BIL Sharpe Ratio of 19.22. The chart below compares the historical Sharpe Ratios of PUSH 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

PUSH vs. BIL - Drawdown Comparison

The maximum PUSH drawdown since its inception was -0.85%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for PUSH and BIL.

Drawdown Indicators

	PUSH	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.85%	-0.78%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-0.01%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.26%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.00%	+0.20%

Volatility

PUSH vs. BIL - Volatility Comparison

PGIM Ultra Short Municipal Bond ETF (PUSH) has a higher volatility of 0.28% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that PUSH'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

	PUSH	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.07%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	0.14%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	1.53%	0.20%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.28%	0.26%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.28%	0.26%	+1.02%

PUSH vs. BIL - Expense Ratio Comparison

PUSH has a 0.15% 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

PUSH vs. BIL - Dividend Comparison

PUSH's dividend yield for the trailing twelve months is around 3.21%, less than BIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.81%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
PUSH PGIM Ultra Short Municipal Bond ETF	3.21%	3.45%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PUSH and BIL in my portfolio?

PUSH and BIL have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PUSH or BIL?

PUSH has higher volatility (0.28%) compared to BIL (0.07%). In terms of maximum drawdown, PUSH dropped -0.85% vs BIL's -0.78%.

Which ETF is better, PUSH or BIL?

On 1-year performance, BIL leads with 3.82% vs 3.51% for PUSH. 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, PUSH or BIL?

Over the 1-year period, BIL has performed better with a 3.82% return vs 3.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PUSH or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.15% for PUSH.

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

BIL has the higher dividend yield at 3.81%, compared with 3.21% for PUSH.

What is the main difference between PUSH and BIL?

PUSH is categorized as Municipal Bonds, while BIL is Government Bonds. They also come from different issuers: PGIM and State Street. Their fees differ too: 0.15% for PUSH and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.22 vs 2.26), 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.