XBIL vs. TLT
XBIL (US Treasury 6 Month Bill ETF) and TLT (iShares 20+ 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, XBIL returned 4.59%/yr vs -1.80%/yr for TLT. Their 0.15 correlation means their historical movements had little consistent relationship. Both charge a 0.15% expense ratio.
Performance
XBIL vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, XBIL achieves a 2.05% return, which is significantly higher than TLT's -3.49% return.
XBIL
- 1D
- 0.04%
- 1M
- 0.32%
- 6M
- 1.76%
- YTD
- 2.05%
- 1Y
- 3.80%
- 3Y*
- 4.59%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.61%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $3.89M | $4.35M | $4.96M |
XBIL vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XBIL US Treasury 6 Month Bill ETF | 2.05% | 4.17% | 5.16% | 4.28% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 0.69% |
Correlation
The correlation between XBIL and TLT is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023 | 0.15 |
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Return for Risk
XBIL vs. TLT — Risk / Return Rank
XBIL
TLT
XBIL vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.87 | ||
| Sortino ratioReturn per unit of downside risk | +40.92 | ||
| Omega ratioGain probability vs. loss probability | 11.18 | 0.99 | +10.19 |
| Calmar ratioReturn relative to maximum drawdown | 65.44 | -0.14 | +65.58 |
| Martin ratioReturn relative to average drawdown | 613.97 | -0.30 | +614.27 |
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Drawdowns
XBIL vs. TLT - Drawdown Comparison
The maximum XBIL drawdown since its inception was -0.08%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for XBIL and TLT.
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Drawdown Indicators
| XBIL | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.08% | -48.35% | +48.27% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -7.74% | +7.68% |
Max Drawdown (3Y)Largest decline over 3 years | -0.07% | -14.79% | +14.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.36% | +42.36% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -13.99% | +13.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.57% | -3.56% |
Volatility
XBIL vs. TLT - Volatility Comparison
The current volatility for US Treasury 6 Month Bill ETF (XBIL) is 0.10%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that XBIL experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBIL | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 2.46% | -2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 0.21% | 6.85% | -6.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.31% | 9.32% | -9.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.37% | 15.74% | -15.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.37% | 14.83% | -14.46% |
XBIL vs. TLT - Expense Ratio Comparison
Both XBIL and TLT 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. TLT - Dividend Comparison
XBIL's dividend yield for the trailing twelve months is around 4.02%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
XBIL US Treasury 6 Month Bill ETF | 3.68% | 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 TLT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to XBIL (0.10%). In terms of maximum drawdown, XBIL dropped -0.08% vs TLT's -48.35%.
On 3-year performance, XBIL leads with 4.59% vs -1.80% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, XBIL has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XBIL has performed better with a 4.59% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBIL and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.34%, compared with 3.68% for XBIL.
XBIL is categorized as Ultrashort Bond, while TLT is Government Bonds. XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: US Benchmark Series and iShares.
XBIL currently has the higher Sharpe Ratio (12.76 vs -0.11), 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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