SJNK vs. BIL
SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SJNK is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped 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, SJNK returned 5.65%/yr vs 2.21%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. SJNK charges 0.40%/yr vs 0.14%/yr for BIL.
Performance
SJNK vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SJNK having a 1.65% return and BIL slightly higher at 1.70%. Over the past 10 years, SJNK has outperformed BIL with an annualized return of 5.65%, while BIL has yielded a comparatively lower 2.21% annualized return.
SJNK
- 1D
- 0.08%
- 1M
- 0.21%
- YTD
- 1.65%
- 6M
- 1.65%
- 1Y
- 5.61%
- 3Y*
- 8.31%
- 5Y*
- 4.76%
- 10Y*
- 5.65%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.70%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.61%
- 5Y*
- 3.45%
- 10Y*
- 2.21%
SJNK vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 1.65% | 7.68% | 8.24% | 11.63% | -5.50% | 5.06% | 5.82% | 9.49% | -0.27% | 5.27% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.70% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between SJNK and BIL is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2012 | -0.00 |
The correlation between SJNK and BIL shifts across timeframes, from -0.13 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SJNK vs. BIL — Risk / Return Rank
SJNK
BIL
SJNK vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) 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.
| SJNK | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.69 | ||
| Sortino ratioReturn per unit of downside risk | -170.50 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 87.41 | -86.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 353.28 | -350.03 |
| Martin ratioReturn relative to average drawdown | 13.99 | 2,801.37 | -2,787.38 |
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Drawdowns
SJNK vs. BIL - Drawdown Comparison
The maximum SJNK drawdown since its inception was -19.74%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SJNK and BIL.
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Drawdown Indicators
| SJNK | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.74% | -0.78% | -18.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.73% | -0.01% | -1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -0.01% | -4.76% |
Max Drawdown (5Y)Largest decline over 5 years | -10.18% | -0.09% | -10.09% |
Max Drawdown (10Y)Largest decline over 10 years | -19.74% | -0.21% | -19.53% |
Current DrawdownCurrent decline from peak | -0.16% | 0.00% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -0.26% | -1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.00% | +0.40% |
Volatility
SJNK vs. BIL - Volatility Comparison
SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) has a higher volatility of 0.85% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that SJNK'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
| SJNK | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.07% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 0.14% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 0.20% | +3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.84% | 0.26% | +5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.47% | 0.26% | +6.21% |
SJNK vs. BIL - Expense Ratio Comparison
SJNK has a 0.40% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
SJNK vs. BIL - Dividend Comparison
SJNK's dividend yield for the trailing twelve months is around 7.00%, more than 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% |
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 7.00% | 7.12% | 7.47% | 7.20% | 5.85% | 4.21% | 5.34% | 5.64% | 5.69% | 5.64% | 5.65% | 5.81% |
Frequently Asked Questions
SJNK and BIL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJNK has higher volatility (0.85%) compared to BIL (0.07%). In terms of maximum drawdown, SJNK dropped -19.74% vs BIL's -0.78%.
On 10-year performance, SJNK leads with 5.65% vs 2.21% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SJNK has performed better with a 5.65% return vs 2.21%. 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 SJNK.
SJNK has the higher dividend yield at 7.00%, compared with 3.85% for BIL.
SJNK is categorized as High Yield Bonds, while BIL is Government Bonds. SJNK tracks Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.40% for SJNK and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.43 vs 1.74), 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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