RWR vs. BIL
RWR (SPDR Dow Jones REIT ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - RWR is a REIT fund tracking the Dow Jones U.S. Select REIT 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, RWR returned 5.51%/yr vs 2.20%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. RWR charges 0.25%/yr vs 0.14%/yr for BIL.
Performance
RWR vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, RWR achieves a 16.14% return, which is significantly higher than BIL's 1.67% return. Over the past 10 years, RWR has outperformed BIL with an annualized return of 5.51%, while BIL has yielded a comparatively lower 2.20% annualized return.
RWR
- 1D
- 1.31%
- 1M
- 1.96%
- YTD
- 16.14%
- 6M
- 16.59%
- 1Y
- 19.02%
- 3Y*
- 13.63%
- 5Y*
- 4.96%
- 10Y*
- 5.51%
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%
RWR vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWR SPDR Dow Jones REIT ETF | 16.14% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
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 RWR and BIL is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
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 30, 2007 | -0.02 |
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Return for Risk
RWR vs. BIL — Risk / Return Rank
RWR
BIL
RWR vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) 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.
| RWR | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.95 | ||
| Sortino ratioReturn per unit of downside risk | -170.77 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 87.16 | -85.92 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 352.24 | -349.87 |
| Martin ratioReturn relative to average drawdown | 8.03 | 2,793.11 | -2,785.08 |
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Drawdowns
RWR vs. BIL - Drawdown Comparison
The maximum RWR drawdown since its inception was -74.92%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for RWR and BIL.
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Drawdown Indicators
| RWR | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.92% | -0.78% | -74.14% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -0.01% | -8.03% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -0.01% | -18.84% |
Max Drawdown (5Y)Largest decline over 5 years | -32.58% | -0.09% | -32.49% |
Max Drawdown (10Y)Largest decline over 10 years | -44.39% | -0.21% | -44.18% |
Current DrawdownCurrent decline from peak | -0.46% | 0.00% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -13.08% | -0.26% | -12.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 0.00% | +2.38% |
Volatility
RWR vs. BIL - Volatility Comparison
SPDR Dow Jones REIT ETF (RWR) has a higher volatility of 5.42% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that RWR'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
| RWR | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.42% | 0.07% | +5.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.37% | 0.14% | +10.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.05% | 0.20% | +13.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 0.26% | +18.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 0.26% | +21.29% |
RWR vs. BIL - Expense Ratio Comparison
RWR 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
RWR vs. BIL - Dividend Comparison
RWR's dividend yield for the trailing twelve months is around 3.36%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
RWR SPDR Dow Jones REIT ETF | 3.36% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
Frequently Asked Questions
RWR and BIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWR has higher volatility (5.42%) compared to BIL (0.07%). In terms of maximum drawdown, RWR dropped -74.92% vs BIL's -0.78%.
On 10-year performance, RWR leads with 5.51% vs 2.20% for BIL. 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.
Over the 10-year period, RWR has performed better with a 5.51% 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 RWR.
BIL has the higher dividend yield at 3.85%, compared with 3.36% for RWR.
RWR is categorized as REIT, while BIL is Government Bonds. RWR tracks Dow Jones U.S. Select REIT Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.25% for RWR and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs 1.37), 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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