SCHQ vs. BIL
SCHQ (Schwab Long-Term U.S. Treasury ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - SCHQ tracks the Bloomberg U.S. Long Treasury Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, SCHQ returned -7.19%/yr vs 3.54%/yr for BIL. Their -0.00 correlation means they have often moved in opposite directions in the past. SCHQ charges 0.03%/yr vs 0.14%/yr for BIL.
Performance
SCHQ vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -2.90% return, which is significantly lower than BIL's 2.10% return.
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
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 | |
| $13.53M | $14.79M | $18.63M |
SCHQ vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.10% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 0.34% |
Correlation
The correlation between SCHQ and BIL is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | -0.00 |
The correlation between SCHQ and BIL shifts across timeframes, from -0.19 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SCHQ vs. BIL — Risk / Return Rank
SCHQ
BIL
SCHQ vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Long-Term U.S. Treasury ETF (SCHQ) 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.
| SCHQ | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.33 | ||
| Sortino ratioReturn per unit of downside risk | -152.13 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 68.82 | -67.84 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 346.53 | -346.72 |
| Martin ratioReturn relative to average drawdown | -0.41 | 2,457.45 | -2,457.86 |
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Drawdowns
SCHQ vs. BIL - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SCHQ and BIL.
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Drawdown Indicators
| SCHQ | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -0.78% | -45.35% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -0.01% | -7.04% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -0.01% | -13.37% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -0.08% | -40.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -38.39% | 0.00% | -38.39% |
Average DrawdownAverage peak-to-trough decline | -26.61% | -0.26% | -26.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 0.00% | +3.23% |
Volatility
SCHQ vs. BIL - Volatility Comparison
Schwab Long-Term U.S. Treasury ETF (SCHQ) has a higher volatility of 2.30% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that SCHQ'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
| SCHQ | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 0.06% | +2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 0.14% | +6.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 0.20% | +8.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.41% | 0.26% | +14.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 0.26% | +14.94% |
SCHQ vs. BIL - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SCHQ vs. BIL - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.92%, more than BIL's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCHQ and BIL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHQ has higher volatility (2.30%) compared to BIL (0.06%). In terms of maximum drawdown, SCHQ dropped -46.13% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.54% vs -7.19% for SCHQ. On fees, SCHQ is cheaper at 0.03% 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 5-year period, BIL has performed better with a 3.54% return vs -7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.14% for BIL.
SCHQ has the higher dividend yield at 4.92%, compared with 3.77% for BIL.
SCHQ tracks Bloomberg U.S. Long Treasury Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.03% for SCHQ and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.17 vs -0.16), 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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