WEED vs. BILS

Last updated Jun 23, 2026

WEED (Roundhill Cannabis ETF) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - WEED is a Cannabis fund actively managed by Roundhill, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. WEED is actively managed, while BILS is passively managed. Over the past 3 years, WEED returned -3.49%/yr vs 4.61%/yr for BILS. At a 0.00 correlation, their price movements are largely independent. WEED charges 0.40%/yr vs 0.14%/yr for BILS.

Performance

WEED vs. BILS - Performance Comparison

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

Returns By Period

In the year-to-date period, WEED achieves a 1.75% return, which is significantly higher than BILS's 1.57% return.

WEED

• 1D: -5.54%
• 1M: 3.43%
• YTD: 1.75%
• 6M: 5.21%
• 1Y: 121.95%
• 3Y*: -3.49%
• 5Y*: —
• 10Y*: —

BILS

• 1D: 0.01%
• 1M: 0.24%
• YTD: 1.57%
• 6M: 1.67%
• 1Y: 3.86%
• 3Y*: 4.61%
• 5Y*: 3.33%
• 10Y*: —

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

WEED vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WEED Roundhill Cannabis ETF	1.75%	19.40%	-44.93%	0.87%	-61.19%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.57%	4.23%	5.17%	4.92%	1.08%

Correlation

The correlation between WEED and BILS is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 20, 2022	0.00

Return for Risk

WEED vs. BILS — Risk / Return Rank

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

WEED

WEED Risk / Return Rank: 39
WEED Sharpe Ratio Rank: 31
WEED Sortino Ratio Rank: 47
WEED Omega Ratio Rank: 42
WEED Calmar Ratio Rank: 47
WEED Martin Ratio Rank: 30

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.

WEED vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Cannabis ETF (WEED) 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.

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.

	WEED	BILS	Difference
Sharpe ratio: Return per unit of total volatility	1.08	16.76	-15.68
Sortino ratio: Return per unit of downside risk	2.26	88.16	-85.90
Omega ratio: Gain probability vs. loss probability	1.27	34.42	-33.15
Calmar ratio: Return relative to maximum drawdown	2.27	128.51	-126.24
Martin ratio: Return relative to average drawdown	4.20	1,292.26	-1,288.06

WEED vs. BILS - Sharpe Ratio Comparison

The current WEED Sharpe Ratio is 1.08, which is lower than the BILS Sharpe Ratio of 16.76. The chart below compares the historical Sharpe Ratios of WEED and BILS, 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

WEED vs. BILS - Drawdown Comparison

The maximum WEED drawdown since its inception was -88.37%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for WEED and BILS.

Drawdown Indicators

	WEED	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-88.37%	-0.41%	-87.96%
Max Drawdown (1Y) Largest decline over 1 year	-54.01%	-0.03%	-53.98%
Max Drawdown (3Y) Largest decline over 3 years	-81.50%	-0.04%	-81.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.37%	—
Current Drawdown Current decline from peak	-73.81%	0.00%	-73.81%
Average Drawdown Average peak-to-trough decline	-63.67%	-0.04%	-63.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.15%	0.00%	+29.15%

Volatility

WEED vs. BILS - Volatility Comparison

Roundhill Cannabis ETF (WEED) has a higher volatility of 21.13% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that WEED's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WEED	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.13%	0.06%	+21.07%
Volatility (6M) Calculated over the trailing 6-month period	65.25%	0.14%	+65.11%
Volatility (1Y) Calculated over the trailing 1-year period	113.63%	0.23%	+113.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.52%	0.31%	+82.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.52%	0.30%	+82.22%

WEED vs. BILS - Expense Ratio Comparison

WEED has a 0.40% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

WEED vs. BILS - Dividend Comparison

WEED has not paid dividends to shareholders, while BILS's dividend yield for the trailing twelve months is around 3.81%.

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%
WEED Roundhill Cannabis ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WEED and BILS in my portfolio?

WEED and BILS have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WEED or BILS?

WEED has higher volatility (21.13%) compared to BILS (0.06%). In terms of maximum drawdown, WEED dropped -88.37% vs BILS's -0.41%.

Which ETF is better, WEED or BILS?

On 3-year performance, BILS leads with 4.61% vs -3.49% for WEED. On fees, BILS is cheaper at 0.14% per year. On volatility, BILS has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WEED or BILS?

Over the 3-year period, BILS has performed better with a 4.61% return vs -3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WEED or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.40% for WEED.

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

BILS has the higher dividend yield at 3.81%, compared with 0.00% for WEED.

What is the main difference between WEED and BILS?

WEED is categorized as Cannabis, while BILS is Ultrashort Bond. They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.40% for WEED and 0.14% for BILS.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.76 vs 1.08), 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.