SCZ vs. BIL
SCZ (iShares MSCI EAFE Small-Cap ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap 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, SCZ returned 8.03%/yr vs 2.18%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. SCZ charges 0.40%/yr vs 0.14%/yr for BIL.
Performance
SCZ vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, SCZ achieves a 9.56% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, SCZ has outperformed BIL with an annualized return of 8.03%, while BIL has yielded a comparatively lower 2.18% annualized return.
SCZ
- 1D
- -0.72%
- 1M
- 2.75%
- YTD
- 9.56%
- 6M
- 12.13%
- 1Y
- 24.04%
- 3Y*
- 16.13%
- 5Y*
- 5.02%
- 10Y*
- 8.03%
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%
SCZ vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCZ iShares MSCI EAFE Small-Cap ETF | 9.56% | 32.08% | 1.52% | 12.98% | -21.27% | 10.12% | 11.71% | 24.68% | -17.64% | 32.72% |
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 SCZ and BIL is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007 | -0.01 |
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Return for Risk
SCZ vs. BIL — Risk / Return Rank
SCZ
BIL
SCZ vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Small-Cap ETF (SCZ) 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.
| SCZ | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.04 | ||
| Sortino ratioReturn per unit of downside risk | -171.77 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 87.91 | -86.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 355.35 | -353.24 |
| Martin ratioReturn relative to average drawdown | 8.08 | 2,817.77 | -2,809.70 |
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
| SCZ | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.67 | 19.71 | -18.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 13.16 | -12.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 8.52 | -8.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 2.78 | -2.51 |
Drawdowns
SCZ vs. BIL - Drawdown Comparison
The maximum SCZ drawdown since its inception was -61.86%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SCZ and BIL.
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Drawdown Indicators
| SCZ | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.86% | -0.78% | -61.08% |
Max Drawdown (1Y)Largest decline over 1 year | -11.43% | -0.01% | -11.42% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -0.01% | -15.05% |
Max Drawdown (5Y)Largest decline over 5 years | -36.87% | -0.10% | -36.77% |
Max Drawdown (10Y)Largest decline over 10 years | -41.07% | -0.21% | -40.86% |
Current DrawdownCurrent decline from peak | -1.79% | 0.00% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -13.06% | -0.26% | -12.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 0.00% | +2.98% |
Volatility
SCZ vs. BIL - Volatility Comparison
iShares MSCI EAFE Small-Cap ETF (SCZ) has a higher volatility of 4.57% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that SCZ'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
| SCZ | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 0.05% | +4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 0.13% | +11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.47% | 0.20% | +14.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 0.26% | +16.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 0.26% | +17.17% |
SCZ vs. BIL - Expense Ratio Comparison
SCZ has a 0.40% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
SCZ vs. BIL - Dividend Comparison
SCZ's dividend yield for the trailing twelve months is around 3.01%, 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% |
SCZ iShares MSCI EAFE Small-Cap ETF | 3.01% | 3.30% | 3.50% | 2.96% | 1.99% | 2.96% | 1.52% | 3.52% | 2.79% | 2.38% | 2.82% | 2.06% |
Frequently Asked Questions
SCZ and BIL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCZ has higher volatility (4.57%) compared to BIL (0.05%). In terms of maximum drawdown, SCZ dropped -61.86% vs BIL's -0.78%.
On 10-year performance, SCZ leads with 8.03% 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, SCZ has performed better with a 8.03% 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 0.40% for SCZ.
BIL has the higher dividend yield at 3.86%, compared with 3.01% for SCZ.
SCZ is categorized as Foreign Small & Mid Cap Equities, while BIL is Government Bonds. SCZ tracks MSCI EAFE Small Cap Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.40% for SCZ and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.67), 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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