XLF vs. BIL
XLF (State Street Financial Select Sector SPDR ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - XLF is a Financials Equities fund tracking the Financial Select Sector Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, XLF returned 12.38%/yr vs 2.18%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. XLF charges 0.08%/yr vs 0.14%/yr for BIL.
Performance
XLF vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, XLF achieves a -6.64% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, XLF has outperformed BIL with an annualized return of 12.38%, while BIL has yielded a comparatively lower 2.18% annualized return.
XLF
- 1D
- -1.15%
- 1M
- -1.38%
- YTD
- -6.64%
- 6M
- -4.18%
- 1Y
- 1.13%
- 3Y*
- 17.64%
- 5Y*
- 7.61%
- 10Y*
- 12.38%
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%
XLF vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLF State Street Financial Select Sector SPDR ETF | -6.64% | 14.90% | 30.56% | 12.03% | -10.59% | 34.80% | -1.74% | 31.88% | -13.06% | 22.00% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between XLF and BIL is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | -0.02 |
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Return for Risk
XLF vs. BIL — Risk / Return Rank
XLF
BIL
XLF vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Financial Select Sector SPDR ETF (XLF) 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.
| XLF | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.63 | ||
| Sortino ratioReturn per unit of downside risk | -173.96 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 87.91 | -86.88 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 355.35 | -355.28 |
| Martin ratioReturn relative to average drawdown | 0.20 | 2,817.77 | -2,817.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XLF | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 19.71 | -19.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 13.16 | -12.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 8.52 | -7.96 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 2.78 | -2.57 |
Drawdowns
XLF vs. BIL - Drawdown Comparison
The maximum XLF drawdown since its inception was -82.69%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for XLF and BIL.
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Drawdown Indicators
| XLF | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.69% | -0.78% | -81.91% |
Max Drawdown (1Y)Largest decline over 1 year | -14.79% | -0.01% | -14.78% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | -0.01% | -15.53% |
Max Drawdown (5Y)Largest decline over 5 years | -25.81% | -0.10% | -25.71% |
Max Drawdown (10Y)Largest decline over 10 years | -42.86% | -0.21% | -42.65% |
Current DrawdownCurrent decline from peak | -9.34% | 0.00% | -9.34% |
Average DrawdownAverage peak-to-trough decline | -20.03% | -0.26% | -19.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.66% | 0.00% | +5.66% |
Volatility
XLF vs. BIL - Volatility Comparison
State Street Financial Select Sector SPDR ETF (XLF) has a higher volatility of 3.29% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that XLF'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.
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Volatility by Period
| XLF | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 0.05% | +3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 0.13% | +10.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.41% | 0.20% | +14.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.63% | 0.26% | +18.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.16% | 0.26% | +21.90% |
XLF vs. BIL - Expense Ratio Comparison
XLF has a 0.08% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XLF vs. BIL - Dividend Comparison
XLF's dividend yield for the trailing twelve months is around 1.56%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
XLF State Street Financial Select Sector SPDR ETF | 1.56% | 1.31% | 1.42% | 1.71% | 2.04% | 1.63% | 2.03% | 1.87% | 2.08% | 1.48% | 21.10% | 1.95% |
Frequently Asked Questions
XLF and BIL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLF has higher volatility (3.29%) compared to BIL (0.05%). In terms of maximum drawdown, XLF dropped -82.69% vs BIL's -0.78%.
On 10-year performance, XLF leads with 12.38% vs 2.18% for BIL. On fees, XLF is cheaper at 0.08% 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 10-year period, XLF has performed better with a 12.38% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLF is cheaper with a 0.08% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.86%, compared with 1.56% for XLF.
XLF is categorized as Financials Equities, while BIL is Government Bonds. XLF tracks Financial Select Sector Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.08% for XLF and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 0.08), 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.
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