SPGP vs. BIL
SPGP (Invesco S&P 500 GARP ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP 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, SPGP returned 14.90%/yr vs 2.19%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. SPGP charges 0.36%/yr vs 0.14%/yr for BIL.
Performance
SPGP vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, SPGP achieves a 5.49% return, which is significantly higher than BIL's 1.54% return. Over the past 10 years, SPGP has outperformed BIL with an annualized return of 14.90%, while BIL has yielded a comparatively lower 2.19% annualized return.
SPGP
- 1D
- 0.36%
- 1M
- 1.99%
- YTD
- 5.49%
- 6M
- 6.49%
- 1Y
- 16.35%
- 3Y*
- 12.58%
- 5Y*
- 7.86%
- 10Y*
- 14.90%
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.54%
- 6M
- 1.78%
- 1Y
- 3.88%
- 3Y*
- 4.62%
- 5Y*
- 3.42%
- 10Y*
- 2.19%
SPGP vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP Invesco S&P 500 GARP ETF | 5.49% | 9.80% | 8.48% | 20.29% | -13.83% | 35.72% | 15.92% | 39.16% | 1.68% | 36.24% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.54% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between SPGP and BIL is -0.09, 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 | -0.09 |
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 Jun 17, 2011 | -0.00 |
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Return for Risk
SPGP vs. BIL — Risk / Return Rank
SPGP
BIL
SPGP vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) 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.
| SPGP | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.56 | ||
| Sortino ratioReturn per unit of downside risk | -173.03 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 88.16 | -86.97 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 356.40 | -354.93 |
| Martin ratioReturn relative to average drawdown | 5.65 | 2,826.06 | -2,820.41 |
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
| SPGP | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 19.64 | -18.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 13.23 | -12.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 8.57 | -7.86 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 2.78 | -2.05 |
Drawdowns
SPGP vs. BIL - Drawdown Comparison
The maximum SPGP drawdown since its inception was -42.08%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPGP and BIL.
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Drawdown Indicators
| SPGP | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -0.78% | -41.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.15% | -0.01% | -11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -0.01% | -22.86% |
Max Drawdown (5Y)Largest decline over 5 years | -22.87% | -0.09% | -22.78% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -0.21% | -41.87% |
Current DrawdownCurrent decline from peak | -1.59% | 0.00% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -0.26% | -4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 0.00% | +2.90% |
Volatility
SPGP vs. BIL - Volatility Comparison
Invesco S&P 500 GARP ETF (SPGP) has a higher volatility of 4.04% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that SPGP'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
| SPGP | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 0.06% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 11.76% | 0.14% | +11.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.23% | 0.20% | +15.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 0.26% | +18.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 0.26% | +20.95% |
SPGP vs. BIL - Expense Ratio Comparison
SPGP has a 0.36% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
SPGP vs. BIL - Dividend Comparison
SPGP's dividend yield for the trailing twelve months is around 0.88%, 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% |
SPGP Invesco S&P 500 GARP ETF | 0.88% | 1.04% | 1.38% | 1.24% | 1.22% | 0.69% | 1.10% | 0.86% | 0.95% | 0.68% | 0.89% | 1.12% |
Frequently Asked Questions
SPGP and BIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGP has higher volatility (4.04%) compared to BIL (0.06%). In terms of maximum drawdown, SPGP dropped -42.08% vs BIL's -0.78%.
On 10-year performance, SPGP leads with 14.90% vs 2.19% for BIL. On fees, BIL is cheaper at 0.14% 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.
Over the 10-year period, SPGP has performed better with a 14.90% return vs 2.19%. 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 0.36% for SPGP.
BIL has the higher dividend yield at 3.86%, compared with 0.88% for SPGP.
SPGP is categorized as Multi-factor, while BIL is Government Bonds. SPGP tracks S&P 500 GARP Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.36% for SPGP and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.64 vs 1.08), 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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