TFLO vs. BIL
TFLO (iShares Treasury Floating Rate Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, TFLO returned 2.38%/yr vs 2.20%/yr for BIL. At a 0.21 correlation, their price movements are largely independent. TFLO charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
TFLO vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, TFLO achieves a 1.81% return, which is significantly higher than BIL's 1.67% return. Over the past 10 years, TFLO has outperformed BIL with an annualized return of 2.38%, while BIL has yielded a comparatively lower 2.20% annualized return.
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.81%
- 6M
- 1.91%
- 1Y
- 3.99%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.84%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
TFLO vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.81% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.67% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between TFLO and BIL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | 0.21 |
Over the past year, TFLO and BIL have become more correlated (0.44) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
TFLO vs. BIL — Risk / Return Rank
TFLO
BIL
TFLO vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) 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.
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.
| TFLO | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.21 | ||
| Sortino ratioReturn per unit of downside risk | -121.55 | ||
| Omega ratioGain probability vs. loss probability | 14.01 | 87.16 | -73.15 |
| Calmar ratioReturn relative to maximum drawdown | 202.27 | 352.24 | -149.98 |
| Martin ratioReturn relative to average drawdown | 827.47 | 2,793.11 | -1,965.64 |
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Drawdowns
TFLO vs. BIL - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TFLO and BIL.
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Drawdown Indicators
| TFLO | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -0.78% | -4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.01% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.01% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.09% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | -0.21% | +0.05% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.26% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TFLO vs. BIL - Volatility Comparison
iShares Treasury Floating Rate Bond ETF (TFLO) has a higher volatility of 0.08% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that TFLO'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
| TFLO | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.07% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.14% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 0.20% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 0.26% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 0.26% | +0.20% |
TFLO vs. BIL - Expense Ratio Comparison
TFLO has a 0.15% 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
TFLO vs. BIL - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.89%, more than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
TFLO and BIL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFLO has higher volatility (0.08%) compared to BIL (0.07%). In terms of maximum drawdown, TFLO dropped -5.01% vs BIL's -0.78%.
On 10-year performance, TFLO leads with 2.38% vs 2.20% for BIL. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TFLO has performed better with a 2.38% return vs 2.20%. 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 0.15% for TFLO.
TFLO has the higher dividend yield at 3.89%, compared with 3.85% for BIL.
TFLO tracks Bloomberg U.S. Treasury Floating Rate Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for TFLO and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.32 vs 14.11), 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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