SHV vs. BIL
SHV (iShares 0-1 Year Treasury Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - SHV tracks the ICE Short US Treasury Securities Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, SHV returned 2.23%/yr vs 2.20%/yr for BIL. At a 0.28 correlation, their price movements are largely independent. SHV charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
SHV vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SHV having a 1.56% return and BIL slightly higher at 1.61%. Both investments have delivered pretty close results over the past 10 years, with SHV having a 2.23% annualized return and BIL not far behind at 2.20%.
SHV
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.56%
- 6M
- 1.73%
- 1Y
- 3.89%
- 3Y*
- 4.61%
- 5Y*
- 3.35%
- 10Y*
- 2.23%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.61%
- 6M
- 1.76%
- 1Y
- 3.86%
- 3Y*
- 4.61%
- 5Y*
- 3.44%
- 10Y*
- 2.20%
SHV vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 1.56% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.61% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between SHV and BIL is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | 0.28 |
Over the past year, SHV and BIL have become more correlated (0.50) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
SHV vs. BIL — Risk / Return Rank
SHV
BIL
SHV vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) 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.
| SHV | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -24.48 | ||
| Omega ratioGain probability vs. loss probability | 53.64 | 87.66 | -34.02 |
| Calmar ratioReturn relative to maximum drawdown | 430.34 | 354.32 | +76.02 |
| Martin ratioReturn relative to average drawdown | 2,413.95 | 2,809.57 | -395.62 |
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Drawdowns
SHV vs. BIL - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SHV and BIL.
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Drawdown Indicators
| SHV | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -0.78% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.01% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -0.01% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -0.39% | -0.09% | -0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | -0.21% | -0.24% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -0.26% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
SHV vs. BIL - Volatility Comparison
The current volatility for iShares 0-1 Year Treasury Bond ETF (SHV) is 0.03%, while SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a volatility of 0.06%. This indicates that SHV experiences smaller price fluctuations and is considered to be less risky 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
| SHV | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.03% | 0.06% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 0.14% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.20% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 0.26% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 0.26% | +0.02% |
SHV vs. BIL - Expense Ratio Comparison
SHV has a 0.15% 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
SHV vs. BIL - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.83%, which matches 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% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
SHV and BIL have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.06%) compared to SHV (0.03%). In terms of maximum drawdown, SHV dropped -0.45% vs BIL's -0.78%.
On 10-year performance, SHV leads with 2.23% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.23% 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 0.15% for SHV.
BIL has the higher dividend yield at 3.85%, compared with 3.83% for SHV.
SHV tracks ICE Short US Treasury Securities 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: 0.15% for SHV and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.66 vs 19.60), 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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