TBLL vs. BILS
TBLL (Invesco Short Term Treasury ETF) and BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) are both Ultrashort Bond funds - TBLL tracks the ICE U.S. Treasury Short Bond Index while BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, TBLL returned 3.47%/yr vs 3.42%/yr for BILS. Their 0.60 correlation means they have sometimes moved together and sometimes differently. TBLL charges 0.08%/yr vs 0.14%/yr for BILS.
Performance
TBLL vs. BILS - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with TBLL at 2.02% and BILS at 2.02%.
TBLL
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 1.73%
- YTD
- 2.02%
- 1Y
- 3.77%
- 3Y*
- 4.55%
- 5Y*
- 3.47%
- 10Y*
- —
- ALL TIME*
- 2.40%
BILS
- 1D
- 0.02%
- 1M
- 0.30%
- 6M
- 1.73%
- YTD
- 2.02%
- 1Y
- 3.77%
- 3Y*
- 4.57%
- 5Y*
- 3.42%
- 10Y*
- —
- ALL TIME*
- 2.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.41M | $30.83M | $33.15M | |
| $32.87M | $26.31M | $27.42M |
TBLL vs. BILS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 2.02% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.00% |
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 2.02% | 4.23% | 5.17% | 4.92% | 0.90% | -0.08% | -0.01% |
Correlation
The correlation between TBLL and BILS is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.60 |
The correlation between TBLL and BILS shifts across timeframes, from 0.45 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBLL vs. BILS — Risk / Return Rank
TBLL
BILS
TBLL vs. BILS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and State Street 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.
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.
| TBLL | BILS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +37.41 | ||
| Omega ratioGain probability vs. loss probability | 44.43 | 29.85 | +14.58 |
| Calmar ratioReturn relative to maximum drawdown | 199.85 | 125.67 | +74.18 |
| Martin ratioReturn relative to average drawdown | 1,954.23 | 1,180.37 | +773.86 |
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Drawdowns
TBLL vs. BILS - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for TBLL and BILS.
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Drawdown Indicators
| TBLL | BILS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -0.41% | -0.22% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.03% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -0.04% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -0.36% | 0.00% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -0.03% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TBLL vs. BILS - Volatility Comparison
Invesco Short Term Treasury ETF (TBLL) has a higher volatility of 0.07% compared to State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that TBLL'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
| TBLL | BILS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.06% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 0.14% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 0.22% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 0.31% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 0.29% | +0.27% |
TBLL vs. BILS - Expense Ratio Comparison
TBLL has a 0.08% expense ratio, which is lower than BILS'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. BILS - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 3.69%, less than BILS's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 3.73% | 4.08% | 5.01% | 4.98% | 1.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBLL Invesco Short Term Treasury ETF | 3.69% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% |
Frequently Asked Questions
TBLL and BILS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBLL has higher volatility (0.07%) compared to BILS (0.06%). In terms of maximum drawdown, TBLL dropped -0.63% vs BILS's -0.41%.
On 5-year performance, TBLL leads with 3.47% vs 3.42% for BILS. 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, TBLL has performed better with a 3.47% return vs 3.42%. 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 BILS.
BILS has the higher dividend yield at 3.73%, compared with 3.69% for TBLL.
TBLL tracks ICE U.S. Treasury Short Bond Index, while BILS tracks Bloomberg 3-12 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 BILS.
TBLL currently has the higher Sharpe Ratio (19.52 vs 17.34), 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.
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