XLP vs. TBIL
XLP (State Street Consumer Staples Select Sector SPDR ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - XLP is a Consumer Staples Equities fund tracking the Consumer Staples Select Sector Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, XLP returned 8.26%/yr vs 4.63%/yr for TBIL. At a 0.10 correlation, their price movements are largely independent. XLP charges 0.08%/yr vs 0.15%/yr for TBIL.
Performance
XLP vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, XLP achieves a 11.10% return, which is significantly higher than TBIL's 1.61% return.
XLP
- 1D
- 0.65%
- 1M
- 0.99%
- YTD
- 11.10%
- 6M
- 9.54%
- 1Y
- 8.93%
- 3Y*
- 8.26%
- 5Y*
- 6.65%
- 10Y*
- 7.60%
TBIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
XLP vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XLP State Street Consumer Staples Select Sector SPDR ETF | 11.10% | 1.52% | 12.20% | -0.82% | 1.30% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.61% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between XLP and TBIL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.10 |
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Return for Risk
XLP vs. TBIL — Risk / Return Rank
XLP
TBIL
XLP vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Consumer Staples Select Sector SPDR ETF (XLP) and F/m US Treasury 3 Month Bill ETF (TBIL). 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.
| XLP | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.28 | ||
| Sortino ratioReturn per unit of downside risk | -57.76 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 17.24 | -16.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 197.88 | -197.09 |
| Martin ratioReturn relative to average drawdown | 1.52 | 939.34 | -937.82 |
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Drawdowns
XLP vs. TBIL - Drawdown Comparison
The maximum XLP drawdown since its inception was -35.90%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for XLP and TBIL.
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Drawdown Indicators
| XLP | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.90% | -0.10% | -35.80% |
Max Drawdown (1Y)Largest decline over 1 year | -9.69% | -0.02% | -9.67% |
Max Drawdown (3Y)Largest decline over 3 years | -12.39% | -0.02% | -12.37% |
Max Drawdown (5Y)Largest decline over 5 years | -16.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.51% | — | — |
Current DrawdownCurrent decline from peak | -4.12% | 0.00% | -4.12% |
Average DrawdownAverage peak-to-trough decline | -7.06% | -0.00% | -7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 0.00% | +5.01% |
Volatility
XLP vs. TBIL - Volatility Comparison
State Street Consumer Staples Select Sector SPDR ETF (XLP) has a higher volatility of 4.53% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.07%. This indicates that XLP's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLP | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 0.07% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.14% | 0.19% | +9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.90% | 0.29% | +12.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.34% | 0.32% | +13.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.75% | 0.32% | +14.43% |
XLP vs. TBIL - Expense Ratio Comparison
XLP has a 0.08% expense ratio, which is lower than TBIL's 0.15% 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
XLP vs. TBIL - Dividend Comparison
XLP's dividend yield for the trailing twelve months is around 2.53%, less than TBIL's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XLP State Street Consumer Staples Select Sector SPDR ETF | 2.53% | 2.75% | 2.77% | 2.63% | 2.47% | 2.28% | 2.50% | 2.57% | 3.04% | 2.62% | 2.53% | 2.52% |
Frequently Asked Questions
XLP and TBIL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLP has higher volatility (4.53%) compared to TBIL (0.07%). In terms of maximum drawdown, XLP dropped -35.90% vs TBIL's -0.10%.
On 3-year performance, XLP leads with 8.26% vs 4.63% for TBIL. On fees, XLP is cheaper at 0.08% per year. On volatility, TBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XLP has performed better with a 8.26% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLP is cheaper with a 0.08% expense ratio, compared with 0.15% for TBIL.
TBIL has the higher dividend yield at 3.82%, compared with 2.53% for XLP.
XLP is categorized as Consumer Staples Equities, while TBIL is Ultrashort Bond. XLP tracks Consumer Staples Select Sector Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: State Street and F/m Investments. Their fees differ too: 0.08% for XLP and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.87 vs 0.59), 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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