TVAL vs. BIL

Last updated Jun 24, 2026

TVAL (T. Rowe Price Value ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - TVAL is a Large Cap Value Equities 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. TVAL is actively managed, while BIL is passively managed. Over the past 3 years, TVAL returned 19.63%/yr vs 4.60%/yr for BIL. At a correlation of -0.08, they often move in opposite directions. TVAL charges 0.33%/yr vs 0.14%/yr for BIL.

Performance

TVAL vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Value ETF (TVAL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TVAL achieves a 17.15% return, which is significantly higher than BIL's 1.67% return.

TVAL

• 1D: -1.03%
• 1M: 1.78%
• YTD: 17.15%
• 6M: 16.52%
• 1Y: 29.45%
• 3Y*: 19.63%
• 5Y*: —
• 10Y*: —

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%

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

TVAL vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TVAL T. Rowe Price Value ETF	17.15%	15.59%	14.54%	8.45%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.67%	4.15%	5.19%	2.88%

Correlation

The correlation between TVAL and BIL 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 (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	-0.08

Return for Risk

TVAL vs. BIL — Risk / Return Rank

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

TVAL

TVAL Risk / Return Rank: 86
TVAL Sharpe Ratio Rank: 88
TVAL Sortino Ratio Rank: 89
TVAL Omega Ratio Rank: 85
TVAL Calmar Ratio Rank: 83
TVAL Martin Ratio Rank: 87

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

TVAL vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Value ETF (TVAL) 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.

	TVAL	BIL	Difference
Sharpe ratio: Return per unit of total volatility	2.70	19.32	-16.62
Sortino ratio: Return per unit of downside risk	3.76	172.67	-168.90
Omega ratio: Gain probability vs. loss probability	1.48	87.16	-85.68
Calmar ratio: Return relative to maximum drawdown	4.14	352.24	-348.11
Martin ratio: Return relative to average drawdown	17.29	2,793.11	-2,775.82

TVAL vs. BIL - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 2.70, which is lower than the BIL Sharpe Ratio of 19.32. The chart below compares the historical Sharpe Ratios of TVAL and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TVAL vs. BIL - Drawdown Comparison

The maximum TVAL drawdown since its inception was -14.84%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TVAL and BIL.

Drawdown Indicators

	TVAL	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-14.84%	-0.78%	-14.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-0.01%	-7.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	-0.01%	-14.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-1.03%	0.00%	-1.03%
Average Drawdown Average peak-to-trough decline	-2.03%	-0.26%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.00%	+1.71%

Volatility

TVAL vs. BIL - Volatility Comparison

T. Rowe Price Value ETF (TVAL) has a higher volatility of 3.62% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that TVAL'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.

Volatility by Period

	TVAL	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	0.07%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	0.14%	+8.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	0.20%	+10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	0.26%	+12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	0.26%	+12.35%

TVAL vs. BIL - Expense Ratio Comparison

TVAL has a 0.33% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

TVAL vs. BIL - Dividend Comparison

TVAL's dividend yield for the trailing twelve months is around 0.98%, less 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%
TVAL T. Rowe Price Value ETF	0.98%	1.15%	1.16%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TVAL and BIL in my portfolio?

TVAL and BIL 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 is riskier, TVAL or BIL?

TVAL has higher volatility (3.62%) compared to BIL (0.07%). In terms of maximum drawdown, TVAL dropped -14.84% vs BIL's -0.78%.

Which ETF is better, TVAL or BIL?

On 3-year performance, TVAL leads with 19.63% vs 4.60% 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.

Which ETF has performed better, TVAL or BIL?

Over the 3-year period, TVAL has performed better with a 19.63% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TVAL or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.33% for TVAL.

Which ETF pays a higher dividend yield, TVAL or BIL?

BIL has the higher dividend yield at 3.85%, compared with 0.98% for TVAL.

What is the main difference between TVAL and BIL?

TVAL is categorized as Large Cap Value Equities, while BIL is Government Bonds. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.33% for TVAL and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.32 vs 2.70), 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.