ZCBE vs. BIL

Last updated Jun 26, 2026

ZCBE (Global X Zero Coupon Bond 2033 ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - ZCBE tracks the FTSE Zero Coupon U.S. Treasury STRIPS 2033 Maturity Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. At a correlation of -0.23, they often move in opposite directions. ZCBE charges 0.07%/yr vs 0.14%/yr for BIL.

Performance

ZCBE vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2033 ETF (ZCBE) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBE

• 1D: 0.06%
• 1M: 0.69%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.70%
• 6M: 1.75%
• 1Y: 3.85%
• 3Y*: 4.61%
• 5Y*: 3.45%
• 10Y*: 2.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCBE vs. BIL - Yearly Performance Comparison

	2026 (YTD)
ZCBE Global X Zero Coupon Bond 2033 ETF	0.22%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.64%

Correlation

The correlation between ZCBE and BIL is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 7, 2026	-0.23

Return for Risk

ZCBE vs. BIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCBE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZCBE vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2033 ETF (ZCBE) 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.

	ZCBE	BIL	Difference
Sharpe ratio: Return per unit of total volatility	—	19.43	—
Sortino ratio: Return per unit of downside risk	—	173.17	—
Omega ratio: Gain probability vs. loss probability	—	87.41	—
Calmar ratio: Return relative to maximum drawdown	—	353.28	—
Martin ratio: Return relative to average drawdown	—	2,801.37	—

Drawdowns

ZCBE vs. BIL - Drawdown Comparison

The maximum ZCBE drawdown since its inception was -4.24%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ZCBE and BIL.

Drawdown Indicators

	ZCBE	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-4.24%	-0.78%	-3.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-2.39%	0.00%	-2.39%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.26%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	ZCBE	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.30%	0.20%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	0.26%	+5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.30%	0.26%	+5.04%

ZCBE vs. BIL - Expense Ratio Comparison

ZCBE has a 0.07% 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

ZCBE vs. BIL - Dividend Comparison

ZCBE's dividend yield for the trailing twelve months is around 1.64%, less than BIL's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.85%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
ZCBE Global X Zero Coupon Bond 2033 ETF	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZCBE and BIL in my portfolio?

ZCBE and BIL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCBE or BIL?

On fees, ZCBE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCBE or BIL?

ZCBE is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.

Which ETF pays a higher dividend yield, ZCBE or BIL?

BIL has the higher dividend yield at 3.85%, compared with 1.64% for ZCBE.

What is the main difference between ZCBE and BIL?

ZCBE tracks FTSE Zero Coupon U.S. Treasury STRIPS 2033 Maturity Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.07% for ZCBE and 0.14% for BIL.