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QUS vs. BIL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUS vs. BIL

Last updated Jun 4, 2026

QUS (SPDR MSCI USA StrategicFactors ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - QUS is a Large Cap Growth Equities fund tracking the MSCI USA Factor Mix A-Series Capped (USD), 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, QUS returned 13.67%/yr vs 2.18%/yr for BIL. At a 0.00 correlation, their price movements are largely independent. QUS charges 0.15%/yr vs 0.14%/yr for BIL.

Performance

QUS vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI USA StrategicFactors ETF (QUS) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QUS achieves a 6.67% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, QUS has outperformed BIL with an annualized return of 13.67%, while BIL has yielded a comparatively lower 2.18% annualized return.

QUS

1D
-0.43%
1M
2.68%
YTD
6.67%
6M
6.93%
1Y
17.65%
3Y*
17.53%
5Y*
11.08%
10Y*
13.67%

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)

QUS vs. BIL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUS
SPDR MSCI USA StrategicFactors ETF		6.67%14.13%18.99%21.78%-14.15%26.72%12.40%32.45%-3.66%21.67%
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 QUS 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

-0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.00

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2015

0.00

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI USA StrategicFactors ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

Often compared with QUS:
QUS vs. IVVQUS vs. QUALQUS vs. SPYQUS vs. JQUAQUS vs. VOOQUS vs. DGTQUS vs. BERZ
Often compared with BIL:
BIL vs. SGOVBIL vs. SHVBIL vs. SPAXXBIL vs. VBILBIL vs. TFLOBIL vs. TBILBIL vs. SHY

Return for Risk

QUS vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUS
QUS Risk / Return Rank: 5757
Overall Rank
QUS Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
QUS Sortino Ratio Rank: 5858
Sortino Ratio Rank
QUS Omega Ratio Rank: 5555
Omega Ratio Rank
QUS Calmar Ratio Rank: 5252
Calmar Ratio Rank
QUS Martin Ratio Rank: 6363
Martin Ratio Rank
BIL
BIL Risk / Return Rank: 100100
Overall Rank
BIL Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
BIL Sortino Ratio Rank: 100100
Sortino Ratio Rank
BIL Omega Ratio Rank: 100100
Omega Ratio Rank
BIL Calmar Ratio Rank: 100100
Calmar Ratio Rank
BIL Martin Ratio Rank: 100100
Martin Ratio Rank
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.

QUS vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI USA StrategicFactors ETF (QUS) 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.

QUSBILDifference

Sharpe ratio

Return per unit of total volatility

1.95

19.71

-17.76

Sortino ratio

Return per unit of downside risk

2.81

174.16

-171.36

Omega ratio

Gain probability vs. loss probability

1.35

87.91

-86.56

Calmar ratio

Return relative to maximum drawdown

2.59

355.35

-352.77

Martin ratio

Return relative to average drawdown

11.54

2,817.77

-2,806.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QUS vs. BIL - Sharpe Ratio Comparison

The current QUS Sharpe Ratio is 1.95, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of QUS 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.

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Sharpe Ratios by Period

QUSBILDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

19.71

-17.76

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

13.16

-12.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

8.52

-7.69

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

2.78

-2.00

Drawdowns

QUS vs. BIL - Drawdown Comparison

The maximum QUS drawdown since its inception was -33.78%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for QUS and BIL.

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Drawdown Indicators

QUSBILDifference

Max Drawdown

Largest peak-to-trough decline

-33.78%

-0.78%

-33.00%

Max Drawdown (1Y)

Largest decline over 1 year

-6.85%

-0.01%

-6.84%

Max Drawdown (3Y)

Largest decline over 3 years

-13.94%

-0.01%

-13.93%

Max Drawdown (5Y)

Largest decline over 5 years

-22.30%

-0.10%

-22.20%

Max Drawdown (10Y)

Largest decline over 10 years

-33.78%

-0.21%

-33.57%

Current Drawdown

Current decline from peak

-0.50%

0.00%

-0.50%

Average Drawdown

Average peak-to-trough decline

-3.70%

-0.26%

-3.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.53%

0.00%

+1.53%

Volatility

QUS vs. BIL - Volatility Comparison

SPDR MSCI USA StrategicFactors ETF (QUS) has a higher volatility of 1.78% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that QUS'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

QUSBILDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.78%

0.05%

+1.73%

Volatility (6M)

Calculated over the trailing 6-month period

6.66%

0.13%

+6.53%

Volatility (1Y)

Calculated over the trailing 1-year period

9.09%

0.20%

+8.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.33%

0.26%

+14.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.42%

0.26%

+16.16%

QUS vs. BIL - Expense Ratio Comparison

QUS 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

QUS vs. BIL - Dividend Comparison

QUS's dividend yield for the trailing twelve months is around 1.31%, less than BIL's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QUS
SPDR MSCI USA StrategicFactors ETF		1.31%1.38%1.49%1.57%1.68%1.27%1.73%1.81%2.12%1.86%2.07%1.48%

Frequently Asked Questions

QUS 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.

QUS has higher volatility (1.78%) compared to BIL (0.05%). In terms of maximum drawdown, QUS dropped -33.78% vs BIL's -0.78%.

On 10-year performance, QUS leads with 13.67% 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.

Over the 10-year period, QUS has performed better with a 13.67% return vs 2.18%. 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 0.15% for QUS.

BIL has the higher dividend yield at 3.86%, compared with 1.31% for QUS.

QUS is categorized as Large Cap Growth Equities, while BIL is Government Bonds. QUS tracks MSCI USA Factor Mix A-Series Capped (USD), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.15% for QUS and 0.14% for BIL.

BIL currently has the higher Sharpe Ratio (19.71 vs 1.95), 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.

Portfolio Optimizer

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