TFI vs. BIL
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TFI is a Municipal Bonds fund tracking the Bloomberg US Municipal Managed Money (1-25 Y), 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 10 years, TFI returned 1.51%/yr vs 2.18%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. TFI charges 0.23%/yr vs 0.14%/yr for BIL.
Performance
TFI vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, TFI achieves a 1.19% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, TFI has underperformed BIL with an annualized return of 1.51%, while BIL has yielded a comparatively higher 2.18% annualized return.
TFI
- 1D
- -0.02%
- 1M
- 0.63%
- YTD
- 1.19%
- 6M
- 1.64%
- 1Y
- 6.67%
- 3Y*
- 2.99%
- 5Y*
- -0.07%
- 10Y*
- 1.51%
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%
TFI vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.19% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 0.52% | 5.50% |
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% | 0.69% |
Correlation
The correlation between TFI and BIL is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2007 | -0.01 |
The correlation between TFI and BIL shifts across timeframes, from -0.09 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TFI vs. BIL — Risk / Return Rank
TFI
BIL
TFI vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.
| TFI | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.33 | ||
| Sortino ratioReturn per unit of downside risk | -170.72 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 87.91 | -86.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 355.35 | -352.95 |
| Martin ratioReturn relative to average drawdown | 7.91 | 2,817.77 | -2,809.87 |
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
| TFI | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.38 | 19.71 | -17.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 13.16 | -13.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 8.52 | -8.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 2.78 | -2.26 |
Drawdowns
TFI vs. BIL - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TFI and BIL.
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Drawdown Indicators
| TFI | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -0.78% | -14.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.01% | -2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -6.81% | -0.01% | -6.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -0.10% | -15.31% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | -0.21% | -15.28% |
Current DrawdownCurrent decline from peak | -1.21% | 0.00% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -0.26% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.00% | +0.85% |
Volatility
TFI vs. BIL - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.90% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that TFI'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.
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Volatility by Period
| TFI | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.05% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 0.13% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 0.20% | +2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 0.26% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 0.26% | +4.74% |
TFI vs. BIL - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is higher than BIL'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%.
Dividends
TFI vs. BIL - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.48%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.48% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and BIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFI has higher volatility (0.90%) compared to BIL (0.05%). In terms of maximum drawdown, TFI dropped -15.49% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.18% vs 1.51% for TFI. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.18% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.23% for TFI.
BIL has the higher dividend yield at 3.86%, compared with 3.48% for TFI.
TFI is categorized as Municipal Bonds, while BIL is Government Bonds. TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.23% for TFI and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 2.38), 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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