SPYX vs. BIL

Last updated Jun 4, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free 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, SPYX returned 15.55%/yr vs 2.18%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. SPYX charges 0.20%/yr vs 0.14%/yr for BIL.

Performance

SPYX vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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, SPYX achieves a 10.04% return, which is significantly higher than BIL's 1.49% return. Over the past 10 years, SPYX has outperformed BIL with an annualized return of 15.55%, while BIL has yielded a comparatively lower 2.18% annualized return.

SPYX

• 1D: -0.77%
• 1M: 5.02%
• YTD: 10.04%
• 6M: 10.06%
• 1Y: 27.01%
• 3Y*: 22.32%
• 5Y*: 13.41%
• 10Y*: 15.55%

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)

SPYX vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	10.04%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
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 SPYX 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	-0.05
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 Dec 2, 2015	0.01

Return for Risk

SPYX vs. BIL — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 64
SPYX Sharpe Ratio Rank: 66
SPYX Sortino Ratio Rank: 65
SPYX Omega Ratio Rank: 66
SPYX Calmar Ratio Rank: 55
SPYX Martin Ratio Rank: 68

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.

SPYX vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.

	SPYX	BIL	Difference
Sharpe ratio: Return per unit of total volatility	2.24	19.71	-17.47
Sortino ratio: Return per unit of downside risk	3.07	174.16	-171.09
Omega ratio: Gain probability vs. loss probability	1.40	87.91	-86.50
Calmar ratio: Return relative to maximum drawdown	2.76	355.35	-352.60
Martin ratio: Return relative to average drawdown	12.68	2,817.77	-2,805.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYX vs. BIL - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 2.24, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of SPYX 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

	SPYX	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	19.71	-17.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	13.16	-12.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	8.52	-7.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	2.78	-1.94

Drawdowns

SPYX vs. BIL - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPYX and BIL.

Drawdown Indicators

	SPYX	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-0.78%	-32.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-0.01%	-9.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-0.01%	-18.73%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-0.10%	-26.04%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-0.21%	-32.63%
Current Drawdown Current decline from peak	-0.77%	0.00%	-0.77%
Average Drawdown Average peak-to-trough decline	-4.53%	-0.26%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	0.00%	+2.14%

Volatility

SPYX vs. BIL - Volatility Comparison

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) has a higher volatility of 3.00% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that SPYX'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

	SPYX	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	0.05%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	0.13%	+9.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	0.20%	+11.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	0.26%	+16.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	0.26%	+17.75%

SPYX vs. BIL - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYX vs. BIL - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.84%, 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%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.84%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both SPYX and BIL in my portfolio?

SPYX 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.

Which is riskier, SPYX or BIL?

SPYX has higher volatility (3.00%) compared to BIL (0.05%). In terms of maximum drawdown, SPYX dropped -32.84% vs BIL's -0.78%.

Which ETF is better, SPYX or BIL?

On 10-year performance, SPYX leads with 15.55% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% 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, SPYX or BIL?

Over the 10-year period, SPYX has performed better with a 15.55% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.20% for SPYX.

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

BIL has the higher dividend yield at 3.86%, compared with 0.84% for SPYX.

What is the main difference between SPYX and BIL?

SPYX is categorized as S&P 500, while BIL is Government Bonds. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.20% for SPYX and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 2.24), 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.