SPHY vs. BIL
SPHY (SPDR Portfolio High Yield Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield 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, SPHY returned 5.15%/yr vs 2.18%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.14%/yr for BIL.
Performance
SPHY vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPHY having a 1.54% return and BIL slightly lower at 1.49%. Over the past 10 years, SPHY has outperformed BIL with an annualized return of 5.15%, while BIL has yielded a comparatively lower 2.18% annualized return.
SPHY
- 1D
- -0.21%
- 1M
- 0.42%
- YTD
- 1.54%
- 6M
- 1.93%
- 1Y
- 7.16%
- 3Y*
- 8.97%
- 5Y*
- 4.39%
- 10Y*
- 5.15%
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%
SPHY vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.54% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
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 SPHY and BIL is -0.10, 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 | -0.10 |
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 | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012 | 0.01 |
The correlation between SPHY and BIL shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHY vs. BIL — Risk / Return Rank
SPHY
BIL
SPHY vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) 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.
| SPHY | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.75 | ||
| Sortino ratioReturn per unit of downside risk | -171.18 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 87.91 | -86.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 355.35 | -352.37 |
| Martin ratioReturn relative to average drawdown | 13.52 | 2,817.77 | -2,804.26 |
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
| SPHY | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 19.71 | -17.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 13.16 | -12.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 8.52 | -7.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 2.78 | -2.14 |
Drawdowns
SPHY vs. BIL - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPHY and BIL.
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Drawdown Indicators
| SPHY | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -0.78% | -21.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -0.01% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -0.01% | -4.84% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -0.10% | -15.19% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -0.21% | -21.76% |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.26% | -2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.00% | +0.53% |
Volatility
SPHY vs. BIL - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.14% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that SPHY'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
| SPHY | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.05% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 0.13% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 0.20% | +3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.17% | 0.26% | +6.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 0.26% | +7.63% |
SPHY vs. BIL - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPHY vs. BIL - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.27%, more 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% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.27% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
SPHY and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.14%) compared to BIL (0.05%). In terms of maximum drawdown, SPHY dropped -21.97% vs BIL's -0.78%.
On 10-year performance, SPHY leads with 5.15% vs 2.18% for BIL. On fees, SPHY is cheaper at 0.05% 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, SPHY has performed better with a 5.15% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.14% for BIL.
SPHY has the higher dividend yield at 7.27%, compared with 3.86% for BIL.
SPHY is categorized as High Yield Bonds, while BIL is Government Bonds. SPHY tracks ICE BofA US High Yield Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.05% for SPHY and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.96), 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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