TBIL vs. SPTU

Last updated Jun 4, 2026

TBIL (US Treasury 3 Month Bill ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds - TBIL tracks the ICE BofA US Treasury Bill 3 Month Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. At a 0.45 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.05%/yr for SPTU.

Performance

TBIL vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Month Bill ETF (TBIL) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TBIL having a 1.49% return and SPTU slightly lower at 1.48%.

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.49%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL US Treasury 3 Month Bill ETF	1.49%	0.93%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between TBIL and SPTU is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.45

Return for Risk

TBIL vs. SPTU — Risk / Return Rank

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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL 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.

TBIL vs. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio Return per unit of total volatility	13.78	—	—
Sortino ratio Return per unit of downside risk	58.40	—	—
Omega ratio Gain probability vs. loss probability	17.16	—	—
Calmar ratio Return relative to maximum drawdown	196.84	—	—
Martin ratio Return relative to average drawdown	934.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TBIL	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	14.07	11.82	+2.25

Drawdowns

TBIL vs. SPTU - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for TBIL and SPTU.

Drawdown Indicators

	TBIL	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-0.04%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	TBIL	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.32%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.32%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.32%	0.00%

TBIL vs. SPTU - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is higher than SPTU's 0.05% 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

TBIL vs. SPTU - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 3.82%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024	2023	2022
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%	0.00%
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and SPTU in my portfolio?

TBIL and SPTU have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBIL or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBIL or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.15% for TBIL.

Which ETF pays a higher dividend yield, TBIL or SPTU?

TBIL has the higher dividend yield at 3.82%, compared with 2.36% for SPTU.

What is the main difference between TBIL and SPTU?

TBIL tracks ICE BofA US Treasury Bill 3 Month Index, while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: US Benchmark Series and State Street. Their fees differ too: 0.15% for TBIL and 0.05% for SPTU.