RWO vs. BIL
RWO (SPDR Dow Jones Global Real Estate ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - RWO is a REIT fund tracking the Dow Jones Global Select Real Estate Securities 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, RWO returned 3.42%/yr vs 2.18%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. RWO charges 0.50%/yr vs 0.14%/yr for BIL.
Performance
RWO vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, RWO achieves a 7.94% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, RWO has outperformed BIL with an annualized return of 3.42%, while BIL has yielded a comparatively lower 2.18% annualized return.
RWO
- 1D
- -0.14%
- 1M
- -1.07%
- YTD
- 7.94%
- 6M
- 7.05%
- 1Y
- 12.86%
- 3Y*
- 9.49%
- 5Y*
- 1.93%
- 10Y*
- 3.42%
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%
RWO vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWO SPDR Dow Jones Global Real Estate ETF | 7.94% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
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 RWO and BIL is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 23, 2008 | -0.02 |
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Return for Risk
RWO vs. BIL — Risk / Return Rank
RWO
BIL
RWO vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) 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.
| RWO | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.69 | ||
| Sortino ratioReturn per unit of downside risk | -172.71 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 87.91 | -86.73 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 355.35 | -354.00 |
| Martin ratioReturn relative to average drawdown | 5.27 | 2,817.77 | -2,812.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RWO | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 19.71 | -18.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 13.16 | -13.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 8.52 | -8.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 2.78 | -2.61 |
Drawdowns
RWO vs. BIL - Drawdown Comparison
The maximum RWO drawdown since its inception was -67.69%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for RWO and BIL.
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Drawdown Indicators
| RWO | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.69% | -0.78% | -66.91% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -0.01% | -9.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.66% | -0.01% | -17.65% |
Max Drawdown (5Y)Largest decline over 5 years | -32.85% | -0.10% | -32.75% |
Max Drawdown (10Y)Largest decline over 10 years | -43.27% | -0.21% | -43.06% |
Current DrawdownCurrent decline from peak | -3.23% | 0.00% | -3.23% |
Average DrawdownAverage peak-to-trough decline | -12.68% | -0.26% | -12.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 0.00% | +2.45% |
Volatility
RWO vs. BIL - Volatility Comparison
SPDR Dow Jones Global Real Estate ETF (RWO) has a higher volatility of 3.93% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that RWO'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
| RWO | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 0.05% | +3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 0.13% | +9.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.69% | 0.20% | +12.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 0.26% | +16.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.21% | 0.26% | +17.95% |
RWO vs. BIL - Expense Ratio Comparison
RWO has a 0.50% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
RWO vs. BIL - Dividend Comparison
RWO's dividend yield for the trailing twelve months is around 3.35%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RWO SPDR Dow Jones Global Real Estate ETF | 3.35% | 3.62% | 3.68% | 3.53% | 3.69% | 2.79% | 3.25% | 3.97% | 3.90% | 3.26% | 3.77% | 2.97% |
Frequently Asked Questions
RWO and BIL have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWO has higher volatility (3.93%) compared to BIL (0.05%). In terms of maximum drawdown, RWO dropped -67.69% vs BIL's -0.78%.
On 10-year performance, RWO leads with 3.42% 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, RWO has performed better with a 3.42% 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 0.50% for RWO.
BIL has the higher dividend yield at 3.86%, compared with 3.35% for RWO.
RWO is categorized as REIT, while BIL is Government Bonds. RWO tracks Dow Jones Global Select Real Estate Securities Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.50% for RWO and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.02), 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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