RLY vs. BIL
RLY (State Street Multi-Asset Real Return ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - RLY is a Global Allocation fund tracking the Bloomberg U.S. Government Inflation-Linked Bond 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, RLY returned 8.16%/yr vs 2.24%/yr for BIL. Their 0.02 correlation means their historical movements had little consistent relationship. RLY charges 0.50%/yr vs 0.14%/yr for BIL.
Performance
RLY vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 15.29% return, which is significantly higher than BIL's 2.10% return. Over the past 10 years, RLY has outperformed BIL with an annualized return of 8.16%, while BIL has yielded a comparatively lower 2.24% annualized return.
RLY
- 1D
- -0.42%
- 1M
- 3.64%
- 6M
- 8.40%
- YTD
- 15.29%
- 1Y
- 27.11%
- 3Y*
- 12.93%
- 5Y*
- 10.64%
- 10Y*
- 8.16%
- ALL TIME*
- 4.75%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- 6M
- 1.78%
- YTD
- 2.10%
- 1Y
- 3.78%
- 3Y*
- 4.54%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $915.12M | $889.94M | $918.56M | |
| $5.13M | $7.99M | $7.88M |
RLY vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY State Street Multi-Asset Real Return ETF | 15.29% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.10% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between RLY and BIL is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | 0.02 |
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Return for Risk
RLY vs. BIL — Risk / Return Rank
RLY
BIL
RLY vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Multi-Asset Real Return ETF (RLY) 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.
| RLY | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.60 | ||
| Sortino ratioReturn per unit of downside risk | -148.45 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 68.82 | -67.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 346.53 | -342.92 |
| Martin ratioReturn relative to average drawdown | 12.56 | 2,457.45 | -2,444.89 |
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Drawdowns
RLY vs. BIL - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for RLY and BIL.
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Drawdown Indicators
| RLY | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -0.78% | -36.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -0.01% | -7.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -0.01% | -10.07% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -0.08% | -18.86% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -0.21% | -33.96% |
Current DrawdownCurrent decline from peak | -3.15% | 0.00% | -3.15% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -0.26% | -9.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 0.00% | +2.16% |
Volatility
RLY vs. BIL - Volatility Comparison
State Street Multi-Asset Real Return ETF (RLY) has a higher volatility of 2.61% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that RLY'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
| RLY | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 0.06% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 8.06% | 0.14% | +7.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.61% | 0.20% | +10.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.46% | 0.26% | +13.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 0.26% | +13.54% |
RLY vs. BIL - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
RLY vs. BIL - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 3.07%, less than BIL's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.77% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
RLY State Street Multi-Asset Real Return ETF | 3.07% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
Frequently Asked Questions
RLY and BIL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (2.61%) compared to BIL (0.06%). In terms of maximum drawdown, RLY dropped -37.75% vs BIL's -0.78%.
On 10-year performance, RLY leads with 8.16% vs 2.24% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RLY has performed better with a 8.16% return vs 2.24%. 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 0.50% for RLY.
BIL has the higher dividend yield at 3.77%, compared with 3.07% for RLY.
RLY is categorized as Global Allocation, while BIL is Government Bonds. RLY tracks Bloomberg U.S. Government Inflation-Linked Bond Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.50% for RLY and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.17 vs 2.57), 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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