SPMB vs. BIL
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, 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, SPMB returned 1.26%/yr vs 2.18%/yr for BIL. At a 0.03 correlation, their price movements are largely independent. SPMB charges 0.04%/yr vs 0.14%/yr for BIL.
Performance
SPMB vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.65% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, SPMB has underperformed BIL with an annualized return of 1.26%, while BIL has yielded a comparatively higher 2.18% annualized return.
SPMB
- 1D
- 0.14%
- 1M
- 0.22%
- YTD
- 0.65%
- 6M
- 0.95%
- 1Y
- 6.29%
- 3Y*
- 4.42%
- 5Y*
- 0.31%
- 10Y*
- 1.26%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.49%
- 6M
- 1.76%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
SPMB vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.65% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
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 SPMB and BIL is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009 | 0.03 |
The correlation between SPMB and BIL shifts across timeframes, from -0.11 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMB vs. BIL — Risk / Return Rank
SPMB
BIL
SPMB vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) 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.
| SPMB | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.22 | ||
| Sortino ratioReturn per unit of downside risk | -171.94 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 87.91 | -86.64 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 355.35 | -353.17 |
| Martin ratioReturn relative to average drawdown | 7.16 | 2,817.77 | -2,810.61 |
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
| SPMB | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 19.71 | -18.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 13.15 | -13.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 8.51 | -8.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 2.78 | -2.44 |
Drawdowns
SPMB vs. BIL - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPMB and BIL.
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Drawdown Indicators
| SPMB | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -0.78% | -17.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.01% | -2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -0.01% | -7.65% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -0.10% | -17.39% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -0.21% | -17.82% |
Current DrawdownCurrent decline from peak | -1.45% | 0.00% | -1.45% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.26% | -2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.00% | +0.88% |
Volatility
SPMB vs. BIL - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.58% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that SPMB'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
| SPMB | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.06% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 0.13% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 0.20% | +4.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 0.26% | +6.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 0.26% | +7.35% |
SPMB vs. BIL - Expense Ratio Comparison
SPMB has a 0.04% 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
SPMB vs. BIL - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, 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% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.08% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
SPMB and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.58%) compared to BIL (0.06%). In terms of maximum drawdown, SPMB dropped -18.03% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.18% vs 1.26% for SPMB. On fees, SPMB is cheaper at 0.04% 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, BIL has performed better with a 2.18% return vs 1.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.14% for BIL.
SPMB has the higher dividend yield at 4.08%, compared with 3.86% for BIL.
SPMB is categorized as Mortgage Backed Securities, while BIL is Government Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.04% for SPMB and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.49), 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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