SJB vs. BIL
SJB (ProShares Short High Yield) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), 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, SJB returned -3.85%/yr vs 2.18%/yr for BIL. At a 0.02 correlation, their price movements are largely independent. SJB charges 0.95%/yr vs 0.14%/yr for BIL.
Performance
SJB vs. BIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SJB achieves a 0.67% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, SJB has underperformed BIL with an annualized return of -3.85%, while BIL has yielded a comparatively higher 2.18% annualized return.
SJB
- 1D
- 0.20%
- 1M
- -0.20%
- YTD
- 0.67%
- 6M
- 0.75%
- 1Y
- -0.44%
- 3Y*
- -1.91%
- 5Y*
- -0.54%
- 10Y*
- -3.85%
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%
SJB vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.67% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
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 SJB and BIL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2011 | 0.02 |
The correlation between SJB and BIL shifts across timeframes, from 0.02 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SJB vs. BIL — Risk / Return Rank
SJB
BIL
SJB vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.83 | ||
| Sortino ratioReturn per unit of downside risk | -174.30 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 87.91 | -86.92 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 355.35 | -355.52 |
| Martin ratioReturn relative to average drawdown | -0.31 | 2,817.77 | -2,818.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SJB | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.12 | 19.71 | -19.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 13.16 | -13.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.45 | 8.52 | -8.98 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 2.78 | -3.38 |
Drawdowns
SJB vs. BIL - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SJB and BIL.
Loading charts...
Drawdown Indicators
| SJB | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -0.78% | -57.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -0.01% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -0.01% | -10.53% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -0.10% | -13.20% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -0.21% | -34.36% |
Current DrawdownCurrent decline from peak | -57.42% | 0.00% | -57.42% |
Average DrawdownAverage peak-to-trough decline | -42.47% | -0.26% | -42.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 0.00% | +1.44% |
Volatility
SJB vs. BIL - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 1.23% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that SJB'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.
Loading charts...
Volatility by Period
| SJB | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.05% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 0.13% | +2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 0.20% | +3.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 0.26% | +7.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.52% | 0.26% | +8.26% |
SJB vs. BIL - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
SJB vs. BIL - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.44%, less 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% |
SJB ProShares Short High Yield | 3.44% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% |
Frequently Asked Questions
SJB and BIL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.23%) compared to BIL (0.05%). In terms of maximum drawdown, SJB dropped -58.06% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.18% vs -3.85% for SJB. 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, BIL has performed better with a 2.18% return vs -3.85%. 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 0.95% for SJB.
BIL has the higher dividend yield at 3.86%, compared with 3.44% for SJB.
SJB is categorized as Inverse Bonds, while BIL is Government Bonds. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SJB and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs -0.12), 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.
Find the right allocation for SJB and BIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer