XBIL vs. CLIP

Last updated Jun 4, 2026

XBIL (US Treasury 6 Month Bill ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both Ultrashort Bond funds - XBIL tracks the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross while CLIP tracks the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, XBIL returned 3.92% vs 3.96% for CLIP. At a 0.20 correlation, their price movements are largely independent. XBIL charges 0.15%/yr vs 0.07%/yr for CLIP.

Performance

XBIL vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 6 Month Bill ETF (XBIL) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XBIL having a 1.43% return and CLIP slightly higher at 1.50%.

XBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 3.92%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

CLIP

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBIL vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XBIL US Treasury 6 Month Bill ETF	1.43%	4.17%	5.16%	2.92%
CLIP Global X 1-3 Month T-Bill ETF	1.50%	4.23%	5.26%	2.82%

Correlation

The correlation between XBIL and CLIP is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.21

Return for Risk

XBIL vs. CLIP — Risk / Return Rank

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

XBIL

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

CLIP

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

XBIL vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	XBIL	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	13.50	17.26	-3.76
Sortino ratio: Return per unit of downside risk	52.26	72.02	-19.76
Omega ratio: Gain probability vs. loss probability	12.94	20.66	-7.72
Calmar ratio: Return relative to maximum drawdown	98.81	142.22	-43.42
Martin ratio: Return relative to average drawdown	777.65	1,151.15	-373.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBIL vs. CLIP - Sharpe Ratio Comparison

The current XBIL Sharpe Ratio is 13.50, which is comparable to the CLIP Sharpe Ratio of 17.26. The chart below compares the historical Sharpe Ratios of XBIL and CLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XBIL	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	13.50	17.26	-3.76
Sharpe Ratio (All Time) Calculated using the full available price history	12.48	10.71	+1.77

Drawdowns

XBIL vs. CLIP - Drawdown Comparison

The maximum XBIL drawdown since its inception was -0.08%, roughly equal to the maximum CLIP drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for XBIL and CLIP.

Drawdown Indicators

	XBIL	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-0.08%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-0.03%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.07%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

XBIL vs. CLIP - Volatility Comparison

US Treasury 6 Month Bill ETF (XBIL) has a higher volatility of 0.08% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.06%. This indicates that XBIL's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBIL	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.06%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	0.14%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	0.23%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	0.44%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	0.44%	-0.07%

XBIL vs. CLIP - Expense Ratio Comparison

XBIL has a 0.15% expense ratio, which is higher than CLIP's 0.07% 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

XBIL vs. CLIP - Dividend Comparison

XBIL's dividend yield for the trailing twelve months is around 3.77%, less than CLIP's 3.91% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%
XBIL US Treasury 6 Month Bill ETF	3.77%	4.01%	4.90%	4.30%

Frequently Asked Questions

Can I hold both XBIL and CLIP in my portfolio?

XBIL and CLIP have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBIL or CLIP?

XBIL has higher volatility (0.08%) compared to CLIP (0.06%). In terms of maximum drawdown, XBIL dropped -0.08% vs CLIP's -0.08%.

Which ETF is better, XBIL or CLIP?

On 1-year performance, CLIP leads with 3.96% vs 3.92% for XBIL. On fees, CLIP is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBIL or CLIP?

Over the 1-year period, CLIP has performed better with a 3.96% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBIL or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.15% for XBIL.

Which ETF pays a higher dividend yield, XBIL or CLIP?

CLIP has the higher dividend yield at 3.91%, compared with 3.77% for XBIL.

What is the main difference between XBIL and CLIP?

XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: US Benchmark Series and Global X. Their fees differ too: 0.15% for XBIL and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.26 vs 13.50), 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.