XSW vs. BIL
XSW (SPDR S&P Software & Services ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry 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, XSW returned 13.43%/yr vs 2.24%/yr for BIL. Their -0.01 correlation means they have often moved in opposite directions in the past. XSW charges 0.35%/yr vs 0.14%/yr for BIL.
Performance
XSW vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, XSW achieves a -2.35% return, which is significantly lower than BIL's 2.08% return. Over the past 10 years, XSW has outperformed BIL with an annualized return of 13.43%, while BIL has yielded a comparatively lower 2.24% annualized return.
XSW
- 1D
- 0.60%
- 1M
- 3.56%
- 6M
- 9.30%
- YTD
- -2.35%
- 1Y
- 0.97%
- 3Y*
- 8.86%
- 5Y*
- 1.40%
- 10Y*
- 13.43%
- ALL TIME*
- 14.98%
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.76%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $8.95M | $8.27M | $10.07M |
XSW vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -2.35% | -0.90% | 25.81% | 38.60% | -34.22% | 7.47% | 52.41% | 36.50% | 7.67% | 27.94% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between XSW and BIL is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011 | -0.01 |
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Return for Risk
XSW vs. BIL — Risk / Return Rank
XSW
BIL
XSW vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.
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.
| XSW | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.21 | ||
| Sortino ratioReturn per unit of downside risk | -153.04 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 69.35 | -68.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 349.28 | -349.34 |
| Martin ratioReturn relative to average drawdown | -0.13 | 2,476.90 | -2,477.03 |
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Drawdowns
XSW vs. BIL - Drawdown Comparison
The maximum XSW drawdown since its inception was -45.38%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for XSW and BIL.
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Drawdown Indicators
| XSW | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -0.78% | -44.60% |
Max Drawdown (1Y)Largest decline over 1 year | -33.75% | -0.01% | -33.74% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | -0.01% | -33.74% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -0.08% | -45.30% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | -0.21% | -45.17% |
Current DrawdownCurrent decline from peak | -10.96% | 0.00% | -10.96% |
Average DrawdownAverage peak-to-trough decline | -9.90% | -0.26% | -9.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.92% | 0.00% | +16.92% |
Volatility
XSW vs. BIL - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) has a higher volatility of 8.03% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that XSW'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
| XSW | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 0.07% | +7.96% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 0.14% | +24.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.79% | 0.20% | +29.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.15% | 0.26% | +28.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.36% | 0.26% | +26.10% |
XSW vs. BIL - Expense Ratio Comparison
XSW has a 0.35% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
XSW vs. BIL - Dividend Comparison
XSW has not paid dividends to shareholders, while BIL's dividend yield for the trailing twelve months is around 3.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.46% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
XSW SPDR S&P Software & Services ETF | 0.00% | 0.06% | 0.07% | 0.20% | 0.09% | 0.13% | 0.26% | 0.12% | 0.31% | 0.46% | 0.87% | 0.54% |
Frequently Asked Questions
XSW and BIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSW has higher volatility (8.03%) compared to BIL (0.07%). In terms of maximum drawdown, XSW dropped -45.38% vs BIL's -0.78%.
On 10-year performance, XSW leads with 13.43% vs 2.24% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL 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 10-year period, XSW has performed better with a 13.43% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for XSW.
BIL has the higher dividend yield at 3.46%, compared with 0.00% for XSW.
XSW is categorized as Technology Equities, while BIL is Government Bonds. XSW tracks S&P Software & Services Select Industry Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.35% for XSW and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.13 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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