SCYB vs. BIL

Last updated Jun 14, 2026

SCYB (Schwab High Yield Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SCYB is a High Yield Bonds fund tracking the ICE BofA US Cash Pay High Yield Constrained 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 year, SCYB returned 7.28% vs 3.85% for BIL. At a correlation of -0.07, they often move in opposite directions. SCYB charges 0.03%/yr vs 0.14%/yr for BIL.

Performance

SCYB vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab High Yield Bond ETF (SCYB) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCYB achieves a 1.86% return, which is significantly higher than BIL's 1.60% return.

SCYB

• 1D: 0.02%
• 1M: 1.09%
• YTD: 1.86%
• 6M: 2.32%
• 1Y: 7.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.03%
• 1M: 0.27%
• YTD: 1.60%
• 6M: 1.76%
• 1Y: 3.85%
• 3Y*: 4.63%
• 5Y*: 3.43%
• 10Y*: 2.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SCYB vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SCYB Schwab High Yield Bond ETF	1.86%	8.33%	8.15%	7.29%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.60%	4.15%	5.19%	2.53%

Correlation

The correlation between SCYB and BIL is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	-0.07

Return for Risk

SCYB vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCYB

SCYB Risk / Return Rank: 70
SCYB Sharpe Ratio Rank: 65
SCYB Sortino Ratio Rank: 72
SCYB Omega Ratio Rank: 71
SCYB Calmar Ratio Rank: 66
SCYB Martin Ratio Rank: 77

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SCYB vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab High Yield Bond ETF (SCYB) 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.

	SCYB	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.85	19.63	-17.78
Sortino ratio: Return per unit of downside risk	2.78	175.17	-172.38
Omega ratio: Gain probability vs. loss probability	1.36	88.41	-87.05
Calmar ratio: Return relative to maximum drawdown	2.87	357.44	-354.57
Martin ratio: Return relative to average drawdown	12.80	2,834.34	-2,821.54

SCYB vs. BIL - Sharpe Ratio Comparison

The current SCYB Sharpe Ratio is 1.85, which is lower than the BIL Sharpe Ratio of 19.63. The chart below compares the historical Sharpe Ratios of SCYB and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCYB vs. BIL - Drawdown Comparison

The maximum SCYB drawdown since its inception was -4.92%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SCYB and BIL.

Drawdown Indicators

	SCYB	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-4.92%	-0.78%	-4.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-0.01%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.26%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.00%	+0.55%

Volatility

SCYB vs. BIL - Volatility Comparison

Schwab High Yield Bond ETF (SCYB) has a higher volatility of 1.12% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that SCYB'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.

Volatility by Period

	SCYB	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.06%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	0.14%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	0.20%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.13%	0.26%	+4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	0.26%	+4.87%

SCYB vs. BIL - Expense Ratio Comparison

SCYB 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

SCYB vs. BIL - Dividend Comparison

SCYB's dividend yield for the trailing twelve months is around 6.92%, more than BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SCYB Schwab High Yield Bond ETF	6.92%	6.99%	7.06%	3.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SCYB and BIL in my portfolio?

SCYB and BIL have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCYB or BIL?

SCYB has higher volatility (1.12%) compared to BIL (0.06%). In terms of maximum drawdown, SCYB dropped -4.92% vs BIL's -0.78%.

Which ETF is better, SCYB or BIL?

On 1-year performance, SCYB leads with 7.28% vs 3.85% for BIL. On fees, SCYB 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.

Which ETF has performed better, SCYB or BIL?

Over the 1-year period, SCYB has performed better with a 7.28% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCYB or BIL?

SCYB is cheaper with a 0.03% expense ratio, compared with 0.14% for BIL.

Which ETF pays a higher dividend yield, SCYB or BIL?

SCYB has the higher dividend yield at 6.92%, compared with 3.86% for BIL.

What is the main difference between SCYB and BIL?

SCYB is categorized as High Yield Bonds, while BIL is Government Bonds. SCYB tracks ICE BofA US Cash Pay High Yield Constrained 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 SCYB and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.63 vs 1.85), 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.