TLDR vs. BILS

Last updated Jun 5, 2026

TLDR (The Laddered T-Bill ETF) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both Ultrashort Bond funds. TLDR is actively managed, while BILS is passively managed. At a 0.07 correlation, their price movements are largely independent. TLDR charges 0.20%/yr vs 0.14%/yr for BILS.

Performance

TLDR vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Laddered T-Bill ETF (TLDR) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TLDR

• 1D: -0.02%
• 1M: 0.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILS

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.42%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.66%
• 5Y*: 3.30%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TLDR vs. BILS - Yearly Performance Comparison

	2026 (YTD)
TLDR The Laddered T-Bill ETF	1.23%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.26%

Correlation

The correlation between TLDR and BILS is 0.07, 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 (All Time) Calculated using the full available price history since Jan 22, 2026	0.07

Return for Risk

TLDR vs. BILS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TLDR vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Laddered T-Bill ETF (TLDR) and 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TLDR	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	16.92	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	8.54	9.80	-1.26

Drawdowns

TLDR vs. BILS - Drawdown Comparison

The maximum TLDR drawdown since its inception was -0.05%, smaller than the maximum BILS drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for TLDR and BILS.

Drawdown Indicators

	TLDR	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-0.05%	-0.41%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.04%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	TLDR	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.40%	0.23%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.40%	0.31%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.40%	0.30%	+0.10%

TLDR vs. BILS - Expense Ratio Comparison

TLDR has a 0.20% expense ratio, which is higher than BILS'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

TLDR vs. BILS - Dividend Comparison

TLDR's dividend yield for the trailing twelve months is around 1.22%, less than BILS's 3.81% yield.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
TLDR The Laddered T-Bill ETF	1.22%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLDR and BILS in my portfolio?

TLDR and BILS have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLDR or BILS?

On fees, BILS is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLDR or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.20% for TLDR.

Which ETF pays a higher dividend yield, TLDR or BILS?

BILS has the higher dividend yield at 3.81%, compared with 1.22% for TLDR.

What is the main difference between TLDR and BILS?

They also come from different issuers: REX Shares and State Street. Their fees differ too: 0.20% for TLDR and 0.14% for BILS.