RAVI vs. BIL
RAVI (FlexShares Ultra-Short Income ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - RAVI is a Ultrashort Bond fund actively managed by FlexShares, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. RAVI is actively managed, while BIL is passively managed. Over the past 10 years, RAVI returned 2.67%/yr vs 2.20%/yr for BIL. At a 0.12 correlation, their price movements are largely independent. RAVI charges 0.25%/yr vs 0.14%/yr for BIL.
Performance
RAVI vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with RAVI having a 1.69% return and BIL slightly lower at 1.67%. Over the past 10 years, RAVI has outperformed BIL with an annualized return of 2.67%, while BIL has yielded a comparatively lower 2.20% annualized return.
RAVI
- 1D
- 0.05%
- 1M
- 0.30%
- YTD
- 1.69%
- 6M
- 1.79%
- 1Y
- 4.37%
- 3Y*
- 5.17%
- 5Y*
- 3.54%
- 10Y*
- 2.67%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.84%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
RAVI vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RAVI FlexShares Ultra-Short Income ETF | 1.69% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 3.49% | 1.65% | 1.22% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.67% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between RAVI and BIL is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.12 |
The correlation between RAVI and BIL shifts across timeframes, from -0.04 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
RAVI vs. BIL — Risk / Return Rank
RAVI
BIL
RAVI vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Ultra-Short Income ETF (RAVI) 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.
| RAVI | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.59 | ||
| Sortino ratioReturn per unit of downside risk | -149.19 | ||
| Omega ratioGain probability vs. loss probability | 5.23 | 87.16 | -81.93 |
| Calmar ratioReturn relative to maximum drawdown | 37.51 | 352.24 | -314.74 |
| Martin ratioReturn relative to average drawdown | 214.85 | 2,793.11 | -2,578.26 |
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Drawdowns
RAVI vs. BIL - Drawdown Comparison
The maximum RAVI drawdown since its inception was -3.72%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for RAVI and BIL.
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Drawdown Indicators
| RAVI | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.72% | -0.78% | -2.94% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -0.01% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -0.01% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -3.28% | -0.09% | -3.19% |
Max Drawdown (10Y)Largest decline over 10 years | -3.72% | -0.21% | -3.51% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.26% | +0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.00% | +0.02% |
Volatility
RAVI vs. BIL - Volatility Comparison
FlexShares Ultra-Short Income ETF (RAVI) has a higher volatility of 0.13% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that RAVI'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
| RAVI | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.07% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 0.14% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 0.20% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.41% | 0.26% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 0.26% | +1.02% |
RAVI vs. BIL - Expense Ratio Comparison
RAVI has a 0.25% 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
RAVI vs. BIL - Dividend Comparison
RAVI's dividend yield for the trailing twelve months is around 4.37%, more 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% |
RAVI FlexShares Ultra-Short Income ETF | 4.37% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% |
Frequently Asked Questions
RAVI and BIL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAVI has higher volatility (0.13%) compared to BIL (0.07%). In terms of maximum drawdown, RAVI dropped -3.72% vs BIL's -0.78%.
On 10-year performance, RAVI leads with 2.67% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RAVI has performed better with a 2.67% 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 0.25% for RAVI.
RAVI has the higher dividend yield at 4.37%, compared with 3.85% for BIL.
RAVI is categorized as Ultrashort Bond, while BIL is Government Bonds. They also come from different issuers: FlexShares and State Street. Their fees differ too: 0.25% for RAVI and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs 10.73), 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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