TBIL vs. BILS
Compare and contrast key facts about US Treasury 3 Month Bill ETF (TBIL) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS).
TBIL and BILS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. BILS is a passively managed fund by State Street that tracks the performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index. It was launched on Sep 24, 2020. Both TBIL and BILS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TBIL vs. BILS - Performance Comparison
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TBIL vs. BILS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 0.87% | 4.19% | 5.15% | 5.12% | 1.30% |
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 0.80% | 4.23% | 5.17% | 4.92% | 1.06% |
Returns By Period
In the year-to-date period, TBIL achieves a 0.87% return, which is significantly higher than BILS's 0.80% return.
TBIL
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 0.87%
- 6M
- 1.89%
- 1Y
- 4.05%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
BILS
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 0.80%
- 6M
- 1.82%
- 1Y
- 3.99%
- 3Y*
- 4.67%
- 5Y*
- 3.17%
- 10Y*
- —
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TBIL vs. BILS - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is higher than BILS'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%.
Return for Risk
TBIL vs. BILS — Risk / Return Rank
TBIL
BILS
TBIL vs. BILS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.
| TBIL | BILS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 14.34 | 16.39 | -2.05 |
Sortino ratioReturn per unit of downside risk | 63.08 | 75.13 | -12.05 |
Omega ratioGain probability vs. loss probability | 19.16 | 26.69 | -7.53 |
Calmar ratioReturn relative to maximum drawdown | 204.06 | 132.67 | +71.39 |
Martin ratioReturn relative to average drawdown | 1,017.13 | 1,118.82 | -101.69 |
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
| TBIL | BILS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.34 | 16.39 | -2.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 10.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 14.17 | 9.65 | +4.51 |
Correlation
The correlation between TBIL and BILS is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TBIL vs. BILS - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 4.28%, more than BILS's 3.96% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 4.28% | 4.07% | 5.02% | 5.00% | 1.10% |
BILS SPDR Bloomberg 3-12 Month T-Bill ETF | 3.96% | 4.08% | 5.01% | 4.98% | 1.61% |
Drawdowns
TBIL vs. BILS - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum BILS drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for TBIL and BILS.
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Drawdown Indicators
| TBIL | BILS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -0.41% | +0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.03% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.40% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.04% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TBIL vs. BILS - Volatility Comparison
US Treasury 3 Month Bill ETF (TBIL) has a higher volatility of 0.09% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.05%. This indicates that TBIL's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | BILS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.05% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.15% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 0.24% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.31% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 0.30% | +0.02% |