TBLL vs. BIL
TBLL (Invesco Short Term Treasury ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond 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 5 years, TBLL returned 3.35%/yr vs 3.41%/yr for BIL. At a 0.33 correlation, their price movements are largely independent. TBLL charges 0.08%/yr vs 0.14%/yr for BIL.
Performance
TBLL vs. BIL - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with TBLL having a 1.43% return and BIL slightly higher at 1.49%.
TBLL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.43%
- 6M
- 1.74%
- 1Y
- 3.93%
- 3Y*
- 4.66%
- 5Y*
- 3.35%
- 10Y*
- —
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%
TBLL vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 1.43% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
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% | 0.64% |
Correlation
The correlation between TBLL and BIL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017 | 0.33 |
The correlation between TBLL and BIL shifts across timeframes, from 0.32 (3 years) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBLL vs. BIL — Risk / Return Rank
TBLL
BIL
TBLL vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.
| TBLL | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +44.15 | ||
| Omega ratioGain probability vs. loss probability | 102.92 | 87.91 | +15.01 |
| Calmar ratioReturn relative to maximum drawdown | 416.84 | 355.35 | +61.49 |
| Martin ratioReturn relative to average drawdown | 3,533.11 | 2,817.77 | +715.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TBLL | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 20.94 | 19.71 | +1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.53 | 13.16 | -5.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.26 | 2.78 | +1.48 |
Drawdowns
TBLL vs. BIL - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TBLL and BIL.
Loading charts...
Drawdown Indicators
| TBLL | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -0.78% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.01% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -0.01% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -0.10% | -0.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.14% | -0.26% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TBLL vs. BIL - Volatility Comparison
Invesco Short Term Treasury ETF (TBLL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBLL | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.05% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 0.13% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 0.20% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 0.26% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 0.26% | +0.30% |
TBLL vs. BIL - Expense Ratio Comparison
TBLL has a 0.08% 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
TBLL vs. BIL - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 3.81%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% |
Frequently Asked Questions
TBLL and BIL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIL has higher volatility (0.05%) compared to TBLL (0.05%). In terms of maximum drawdown, TBLL dropped -0.63% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.41% vs 3.35% for TBLL. On fees, TBLL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIL has performed better with a 3.41% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBLL is cheaper with a 0.08% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.86%, compared with 3.81% for TBLL.
TBLL is categorized as Ultrashort Bond, while BIL is Government Bonds. TBLL tracks ICE U.S. Treasury Short Bond Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.08% for TBLL and 0.14% for BIL.
TBLL currently has the higher Sharpe Ratio (20.94 vs 19.71), 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.
Find the right allocation for TBLL and BIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer