TLDR vs. BILS

Last updated Aug 2, 2026

TLDR (The Laddered T-Bill ETF) and BILS (State Street SPDR Bloomberg 3-12 Month T-Bill ETF) are both Ultrashort Bond funds. TLDR is actively managed, while BILS is passively managed. Their 0.06 correlation means their historical movements had little consistent relationship. 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 State Street 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: 0.33%
• 6M: 1.76%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BILS

• 1D: 0.02%
• 1M: 0.28%
• 6M: 1.72%
• YTD: 2.00%
• 1Y: 3.76%
• 3Y*: 4.58%
• 5Y*: 3.42%
• 10Y*: —
• ALL TIME*: 2.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	$29.26M	$30.42M	$33.30M
TLDR The Laddered T-Bill ETF	$4.55M	$2.20M	$886.93K

TLDR vs. BILS - Yearly Performance Comparison

	2026 (YTD)
TLDR The Laddered T-Bill ETF	1.82%
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	1.85%

Correlation

The correlation between TLDR and BILS is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026	0.06

Return for Risk

TLDR vs. BILS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TLDR

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

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 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.

	TLDR	BILS	Difference
Sharpe ratio: Return per unit of total volatility	—	16.36	—
Sortino ratio: Return per unit of downside risk	—	85.49	—
Omega ratio: Gain probability vs. loss probability	—	30.56	—
Calmar ratio: Return relative to maximum drawdown	—	128.82	—
Martin ratio: Return relative to average drawdown	—	1,210.03	—

Drawdowns

TLDR vs. BILS - Drawdown Comparison

The maximum TLDR drawdown since its inception was -0.06%, 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	-0.06%	-0.41%	+0.35%
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	—	-0.36%	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
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	—	0.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.42%	0.24%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.42%	0.31%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.42%	0.29%	+0.13%

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 1.76%, less than BILS's 3.76% yield.

Position	TTM	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.41%	4.08%	5.01%	4.98%	1.61%
TLDR The Laddered T-Bill ETF	1.76%	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 0.06, 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 3.41%, compared with 1.76% 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.