TAXM vs. BIL

Last updated Jun 23, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TAXM is a Municipal Bonds fund actively managed by BondBloxx, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. TAXM is actively managed, while BIL is passively managed. Over the past year, TAXM returned 6.25% vs 3.85% for BIL. At a correlation of -0.19, they often move in opposite directions. TAXM charges 0.35%/yr vs 0.14%/yr for BIL.

Performance

TAXM vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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, TAXM achieves a 1.43% return, which is significantly lower than BIL's 1.66% return.

TAXM

• 1D: 0.04%
• 1M: 1.26%
• YTD: 1.43%
• 6M: 1.72%
• 1Y: 6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

TAXM vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.43%	3.90%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.66%	3.33%

Correlation

The correlation between TAXM and BIL is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	-0.19

Return for Risk

TAXM vs. BIL — Risk / Return Rank

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

TAXM

TAXM Risk / Return Rank: 68
TAXM Sharpe Ratio Rank: 77
TAXM Sortino Ratio Rank: 82
TAXM Omega Ratio Rank: 85
TAXM Calmar Ratio Rank: 49
TAXM Martin Ratio Rank: 49

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.

TAXM vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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.

	TAXM	BIL	Difference
Sharpe ratio: Return per unit of total volatility	2.36	19.37	-17.01
Sortino ratio: Return per unit of downside risk	3.46	173.17	-169.71
Omega ratio: Gain probability vs. loss probability	1.49	87.41	-85.92
Calmar ratio: Return relative to maximum drawdown	2.32	353.28	-350.96
Martin ratio: Return relative to average drawdown	7.96	2,801.35	-2,793.39

TAXM vs. BIL - Sharpe Ratio Comparison

The current TAXM Sharpe Ratio is 2.36, which is lower than the BIL Sharpe Ratio of 19.37. The chart below compares the historical Sharpe Ratios of TAXM 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.

Drawdowns

TAXM vs. BIL - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TAXM and BIL.

Drawdown Indicators

	TAXM	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-0.78%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-0.01%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.55%	0.00%	-0.55%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.26%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.00%	+0.79%

Volatility

TAXM vs. BIL - Volatility Comparison

BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) has a higher volatility of 0.67% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that TAXM'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

	TAXM	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.07%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	0.14%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	0.20%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	0.26%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	0.26%	+3.25%

TAXM vs. BIL - Expense Ratio Comparison

TAXM has a 0.35% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

TAXM vs. BIL - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.28%, less than BIL's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.28%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAXM and BIL in my portfolio?

TAXM and BIL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAXM or BIL?

TAXM has higher volatility (0.67%) compared to BIL (0.07%). In terms of maximum drawdown, TAXM dropped -3.10% vs BIL's -0.78%.

Which ETF is better, TAXM or BIL?

On 1-year performance, TAXM leads with 6.25% vs 3.85% for BIL. On fees, BIL is cheaper at 0.14% 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.

Which ETF has performed better, TAXM or BIL?

Over the 1-year period, TAXM has performed better with a 6.25% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAXM or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for TAXM.

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

BIL has the higher dividend yield at 3.85%, compared with 3.28% for TAXM.

What is the main difference between TAXM and BIL?

TAXM is categorized as Municipal Bonds, while BIL is Government Bonds. They also come from different issuers: BondBloxx and State Street. Their fees differ too: 0.35% for TAXM and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.37 vs 2.36), 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.