SPYD vs. BIL
SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend 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, SPYD returned 8.76%/yr vs 2.20%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. SPYD charges 0.07%/yr vs 0.14%/yr for BIL.
Performance
SPYD vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, SPYD achieves a 11.52% return, which is significantly higher than BIL's 1.66% return. Over the past 10 years, SPYD has outperformed BIL with an annualized return of 8.76%, while BIL has yielded a comparatively lower 2.20% annualized return.
SPYD
- 1D
- 0.52%
- 1M
- 0.07%
- YTD
- 11.52%
- 6M
- 11.31%
- 1Y
- 17.94%
- 3Y*
- 14.80%
- 5Y*
- 7.99%
- 10Y*
- 8.76%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
SPYD vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 11.52% | 4.65% | 15.34% | 3.91% | -1.17% | 32.73% | -11.64% | 21.20% | -4.89% | 12.67% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between SPYD and BIL is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015 | -0.00 |
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Return for Risk
SPYD vs. BIL — Risk / Return Rank
SPYD
BIL
SPYD vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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.
| SPYD | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.85 | ||
| Sortino ratioReturn per unit of downside risk | -170.89 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 87.41 | -86.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 353.28 | -350.73 |
| Martin ratioReturn relative to average drawdown | 7.37 | 2,801.35 | -2,793.98 |
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Drawdowns
SPYD vs. BIL - Drawdown Comparison
The maximum SPYD drawdown since its inception was -46.42%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPYD and BIL.
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Drawdown Indicators
| SPYD | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.42% | -0.78% | -45.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -0.01% | -7.04% |
Max Drawdown (3Y)Largest decline over 3 years | -16.13% | -0.01% | -16.12% |
Max Drawdown (5Y)Largest decline over 5 years | -22.25% | -0.09% | -22.16% |
Max Drawdown (10Y)Largest decline over 10 years | -46.42% | -0.21% | -46.21% |
Current DrawdownCurrent decline from peak | -2.80% | 0.00% | -2.80% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -0.26% | -5.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 0.00% | +2.44% |
Volatility
SPYD vs. BIL - Volatility Comparison
State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a higher volatility of 3.59% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that SPYD'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
| SPYD | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 0.07% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 8.02% | 0.14% | +7.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.87% | 0.20% | +11.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 0.26% | +15.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.80% | 0.26% | +19.54% |
SPYD vs. BIL - Expense Ratio Comparison
SPYD has a 0.07% 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
SPYD vs. BIL - Dividend Comparison
SPYD's dividend yield for the trailing twelve months is around 5.36%, 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% |
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 5.36% | 4.52% | 4.31% | 4.66% | 5.01% | 3.68% | 4.95% | 4.42% | 4.75% | 4.63% | 4.34% | 1.13% |
Frequently Asked Questions
SPYD and BIL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYD has higher volatility (3.59%) compared to BIL (0.07%). In terms of maximum drawdown, SPYD dropped -46.42% vs BIL's -0.78%.
On 10-year performance, SPYD leads with 8.76% vs 2.20% for BIL. On fees, SPYD is cheaper at 0.07% 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, SPYD has performed better with a 8.76% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYD is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.
SPYD has the higher dividend yield at 5.36%, compared with 3.85% for BIL.
SPYD is categorized as S&P 500, while BIL is Government Bonds. SPYD tracks S&P 500 High Dividend Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.07% for SPYD and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 1.52), 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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