SPSM vs. BIL

Last updated Jun 4, 2026

SPSM (SPDR Portfolio S&P 600 Small Cap ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 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, SPSM returned 10.77%/yr vs 2.18%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. SPSM charges 0.05%/yr vs 0.14%/yr for BIL.

Performance

SPSM vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPSM achieves a 15.28% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, SPSM has outperformed BIL with an annualized return of 10.77%, while BIL has yielded a comparatively lower 2.18% annualized return.

SPSM

• 1D: -0.92%
• 1M: 1.62%
• YTD: 15.28%
• 6M: 14.19%
• 1Y: 31.50%
• 3Y*: 14.42%
• 5Y*: 5.71%
• 10Y*: 10.77%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPSM vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPSM SPDR Portfolio S&P 600 Small Cap ETF	15.28%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%
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 SPSM and BIL is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jul 10, 2013	-0.02

Return for Risk

SPSM vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPSM

SPSM Risk / Return Rank: 58
SPSM Sharpe Ratio Rank: 52
SPSM Sortino Ratio Rank: 54
SPSM Omega Ratio Rank: 49
SPSM Calmar Ratio Rank: 72
SPSM Martin Ratio Rank: 65

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPSM vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) 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.

	SPSM	BIL	Difference
Sharpe ratio Return per unit of total volatility	1.82	19.71	-17.89
Sortino ratio Return per unit of downside risk	2.64	174.16	-171.53
Omega ratio Gain probability vs. loss probability	1.32	87.91	-86.59
Calmar ratio Return relative to maximum drawdown	3.63	355.35	-351.73
Martin ratio Return relative to average drawdown	12.14	2,817.77	-2,805.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPSM vs. BIL - Sharpe Ratio Comparison

The current SPSM Sharpe Ratio is 1.82, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of SPSM and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPSM	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	19.71	-17.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	13.16	-12.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	8.52	-8.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	2.78	-2.33

Drawdowns

SPSM vs. BIL - Drawdown Comparison

The maximum SPSM drawdown since its inception was -42.89%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPSM and BIL.

Drawdown Indicators

	SPSM	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-42.89%	-0.78%	-42.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-0.01%	-8.71%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-0.01%	-27.93%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-0.10%	-27.84%
Max Drawdown (10Y) Largest decline over 10 years	-42.89%	-0.21%	-42.68%
Current Drawdown Current decline from peak	-0.97%	0.00%	-0.97%
Average Drawdown Average peak-to-trough decline	-7.93%	-0.26%	-7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	0.00%	+2.60%

Volatility

SPSM vs. BIL - Volatility Comparison

SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 4.44% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that SPSM'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.

Volatility by Period

	SPSM	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	0.05%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	0.13%	+11.51%
Volatility (1Y) Calculated over the trailing 1-year period	17.47%	0.20%	+17.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	0.26%	+21.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	0.26%	+22.73%

SPSM vs. BIL - Expense Ratio Comparison

SPSM 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

SPSM vs. BIL - Dividend Comparison

SPSM's dividend yield for the trailing twelve months is around 1.43%, 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%
SPSM SPDR Portfolio S&P 600 Small Cap ETF	1.43%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both SPSM and BIL in my portfolio?

SPSM and BIL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPSM or BIL?

SPSM has higher volatility (4.44%) compared to BIL (0.05%). In terms of maximum drawdown, SPSM dropped -42.89% vs BIL's -0.78%.

Which ETF is better, SPSM or BIL?

On 10-year performance, SPSM leads with 10.77% vs 2.18% for BIL. On fees, SPSM 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.

Which ETF has performed better, SPSM or BIL?

Over the 10-year period, SPSM has performed better with a 10.77% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSM or BIL?

SPSM is cheaper with a 0.05% expense ratio, compared with 0.14% for BIL.

Which ETF pays a higher dividend yield, SPSM or BIL?

BIL has the higher dividend yield at 3.86%, compared with 1.43% for SPSM.

What is the main difference between SPSM and BIL?

SPSM is categorized as Small Cap Blend Equities, while BIL is Government Bonds. SPSM tracks S&P SmallCap 600 Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.05% for SPSM and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 1.82), 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.