XBIL vs. SHV
XBIL (US Treasury 6 Month Bill ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - XBIL is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 3 years, XBIL returned 4.60%/yr vs 4.61%/yr for SHV. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.
Performance
XBIL vs. SHV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XBIL having a 1.57% return and SHV slightly higher at 1.60%.
XBIL
- 1D
- 0.01%
- 1M
- 0.22%
- YTD
- 1.57%
- 6M
- 1.67%
- 1Y
- 3.82%
- 3Y*
- 4.60%
- 5Y*
- —
- 10Y*
- —
SHV
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 1.60%
- 6M
- 1.70%
- 1Y
- 3.83%
- 3Y*
- 4.61%
- 5Y*
- 3.35%
- 10Y*
- 2.23%
XBIL vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XBIL US Treasury 6 Month Bill ETF | 1.57% | 4.17% | 5.16% | 4.28% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.60% | 4.21% | 5.12% | 4.31% |
Correlation
The correlation between XBIL and SHV is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023 | 0.58 |
The correlation between XBIL and SHV has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
XBIL vs. SHV — Risk / Return Rank
XBIL
SHV
XBIL vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.
| XBIL | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.00 | ||
| Sortino ratioReturn per unit of downside risk | -59.54 | ||
| Omega ratioGain probability vs. loss probability | 10.10 | 35.59 | -25.49 |
| Calmar ratioReturn relative to maximum drawdown | 64.01 | 141.48 | -77.47 |
| Martin ratioReturn relative to average drawdown | 592.11 | 1,585.41 | -993.30 |
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Drawdowns
XBIL vs. SHV - Drawdown Comparison
The maximum XBIL drawdown since its inception was -0.08%, smaller than the maximum SHV drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for XBIL and SHV.
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Drawdown Indicators
| XBIL | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.08% | -0.45% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -0.03% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.07% | -0.03% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.03% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.00% | +0.01% |
Volatility
XBIL vs. SHV - Volatility Comparison
US Treasury 6 Month Bill ETF (XBIL) has a higher volatility of 0.12% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that XBIL's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBIL | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 0.07% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.13% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.31% | 0.21% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.38% | 0.29% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.38% | 0.28% | +0.10% |
XBIL vs. SHV - Expense Ratio Comparison
Both XBIL and SHV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
XBIL vs. SHV - Dividend Comparison
XBIL's dividend yield for the trailing twelve months is around 3.76%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
XBIL US Treasury 6 Month Bill ETF | 3.76% | 4.01% | 4.90% | 4.30% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XBIL and SHV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XBIL has higher volatility (0.12%) compared to SHV (0.07%). In terms of maximum drawdown, XBIL dropped -0.08% vs SHV's -0.45%.
On 3-year performance, SHV leads with 4.61% vs 4.60% for XBIL. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SHV has performed better with a 4.61% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBIL and SHV have the same expense ratio: 0.15% per year.
SHV has the higher dividend yield at 3.83%, compared with 3.76% for XBIL.
XBIL is categorized as Ultrashort Bond, while SHV is Government Bonds. XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: US Benchmark Series and iShares.
SHV currently has the higher Sharpe Ratio (18.56 vs 12.56), 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.
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