UTEN vs. BIL
UTEN (US Treasury 10 Year Note ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - UTEN tracks the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 3 years, UTEN returned 1.86%/yr vs 4.64%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. UTEN charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
UTEN vs. BIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UTEN achieves a -0.69% return, which is significantly lower than BIL's 1.49% return.
UTEN
- 1D
- -0.26%
- 1M
- 0.01%
- YTD
- -0.69%
- 6M
- -1.30%
- 1Y
- 4.26%
- 3Y*
- 1.86%
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
UTEN vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -0.69% | 7.82% | -1.67% | 3.18% | -7.79% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.19% |
Correlation
The correlation between UTEN and BIL is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.00 |
The correlation between UTEN and BIL shifts across timeframes, from -0.17 (1 year) to -0.00 (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
UTEN vs. BIL — Risk / Return Rank
UTEN
BIL
UTEN vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) 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.
| UTEN | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.89 | ||
| Sortino ratioReturn per unit of downside risk | -172.94 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 87.91 | -86.77 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 355.35 | -354.42 |
| Martin ratioReturn relative to average drawdown | 2.82 | 2,817.77 | -2,814.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UTEN | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 19.71 | -18.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 13.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 2.78 | -2.77 |
Drawdowns
UTEN vs. BIL - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for UTEN and BIL.
Loading charts...
Drawdown Indicators
| UTEN | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -0.78% | -12.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -0.01% | -4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -0.01% | -8.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.10% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -3.05% | 0.00% | -3.05% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -0.26% | -4.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 0.00% | +1.51% |
Volatility
UTEN vs. BIL - Volatility Comparison
US Treasury 10 Year Note ETF (UTEN) has a higher volatility of 1.71% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that UTEN'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
| UTEN | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 0.05% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 0.13% | +3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.24% | 0.20% | +5.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 0.26% | +7.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.05% | 0.26% | +7.79% |
UTEN vs. BIL - Expense Ratio Comparison
UTEN 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
UTEN vs. BIL - Dividend Comparison
UTEN's dividend yield for the trailing twelve months is around 4.05%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
UTEN US Treasury 10 Year Note ETF | 4.05% | 4.11% | 4.13% | 3.62% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTEN and BIL have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTEN has higher volatility (1.71%) compared to BIL (0.05%). In terms of maximum drawdown, UTEN dropped -13.36% vs BIL's -0.78%.
On 3-year performance, BIL leads with 4.64% vs 1.86% for UTEN. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BIL has performed better with a 4.64% return vs 1.86%. 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 UTEN.
UTEN has the higher dividend yield at 4.05%, compared with 3.86% for BIL.
UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: US Benchmark Series and State Street. Their fees differ too: 0.15% for UTEN and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 0.82), 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 UTEN 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