THYF vs. BIL
THYF (T. Rowe Price U.S. High Yield ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - THYF is a High Yield Bonds fund actively managed by T. Rowe Price, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. THYF is actively managed, while BIL is passively managed. Over the past 3 years, THYF returned 8.42%/yr vs 4.63%/yr for BIL. At a correlation of -0.07, they often move in opposite directions. THYF charges 0.56%/yr vs 0.14%/yr for BIL.
Performance
THYF vs. BIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, THYF achieves a 1.97% return, which is significantly higher than BIL's 1.66% return.
THYF
- 1D
- 0.14%
- 1M
- 0.62%
- YTD
- 1.97%
- 6M
- 2.18%
- 1Y
- 6.66%
- 3Y*
- 8.42%
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.04%
- 1M
- 0.29%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.63%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
THYF vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
THYF T. Rowe Price U.S. High Yield ETF | 1.97% | 7.77% | 8.51% | 11.32% | 1.69% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 0.72% |
Correlation
The correlation between THYF and BIL is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022 | -0.07 |
The correlation between THYF and BIL shifts across timeframes, from -0.18 (1 year) to -0.07 (all time), 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
THYF vs. BIL — Risk / Return Rank
THYF
BIL
THYF vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. High Yield ETF (THYF) 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.
| THYF | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.57 | ||
| Sortino ratioReturn per unit of downside risk | -171.15 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 87.91 | -86.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 355.36 | -352.87 |
| Martin ratioReturn relative to average drawdown | 11.36 | 2,817.85 | -2,806.49 |
Loading charts...
Drawdowns
THYF vs. BIL - Drawdown Comparison
The maximum THYF drawdown since its inception was -5.24%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for THYF and BIL.
Loading charts...
Drawdown Indicators
| THYF | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.24% | -0.78% | -4.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -0.01% | -2.79% |
Max Drawdown (3Y)Largest decline over 3 years | -5.07% | -0.01% | -5.06% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.09% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -0.81% | -0.26% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.00% | +0.62% |
Volatility
THYF vs. BIL - Volatility Comparison
T. Rowe Price U.S. High Yield ETF (THYF) has a higher volatility of 1.10% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that THYF'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.
Loading charts...
Volatility by Period
| THYF | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.07% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 0.14% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 0.20% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 0.26% | +5.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 0.26% | +5.53% |
THYF vs. BIL - Expense Ratio Comparison
THYF has a 0.56% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
THYF vs. BIL - Dividend Comparison
THYF's dividend yield for the trailing twelve months is around 6.99%, more than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
THYF T. Rowe Price U.S. High Yield ETF | 6.99% | 7.17% | 7.30% | 8.02% | 1.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
THYF and BIL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THYF has higher volatility (1.10%) compared to BIL (0.07%). In terms of maximum drawdown, THYF dropped -5.24% vs BIL's -0.78%.
On 3-year performance, THYF leads with 8.42% vs 4.63% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, THYF has performed better with a 8.42% return vs 4.63%. 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 0.56% for THYF.
THYF has the higher dividend yield at 6.99%, compared with 3.85% for BIL.
THYF is categorized as High Yield Bonds, while BIL is Government Bonds. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.56% for THYF and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.53 vs 1.96), 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 THYF 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