Relative Intelligence · Treasury Bonds
How State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BIL alone. It places BIL (State Street SPDR Bloomberg 1-3 Month T-Bill ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BIL stands in the market, and of the alternatives worth a closer look.
Period covered: BIL's full trading record, from May 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page9 sections
Key findings
- What you're buyingA correlation of 0.96 with SGOV (iShares 0-3 Month Treasury Bond ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowBIL has trailed the market, rising 1.8% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Even so, both BIL and the S&P 500 are within a few percent of a record high. At a glance ↓
- Fund or market?BIL rose 0.9% over the past 3 months, in line with the treasury bonds ETF SGOV (iShares 0-3 Month Treasury Bond ETF), which rose 0.6%. The S&P 500 rose 3.9%.
- Long termOver the past decade, BIL returned 2.3% a year against 15.5% a year for the S&P 500 (25.8% in total against 321%). BIL's 10-year return of 25.8% puts it behind 86% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross six sell-offs, BIL has typically lost about 1% as much as the S&P 500. Crash tests ↓
- DiversificationBIL is a real diversifier: a correlation of 0.17 with the S&P 500 over 5 years and 0.19 with the total US market, less closely than 97% of ETFs with at least $100 million in assets. On the flip side, it cushions stocks less than it used to: its correlation with the S&P 500 rose to 0.17 over the past 5 years, from -0.31 in the 5 years before. Market capture ↓
- Better optionsNothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than BIL with less volatility over the past 5 years.
How much would $10,000 in BIL have grown?
This chart tracks a hypothetical $10,000 investment in BIL over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BIL over the same span and BIL's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 16 years rather than BIL's full 19 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in BIL at the end of September 2010 would have grown to $12,516 by September 2026, less than the $88,503 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of BIL, and VCSH finished highest, at $14,959.
Choose a period
From the end of September 2010 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,826 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of BIL; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- SPY (S&P 500)$88,503+785% total · +14.6% a year
- VCSH$14,959+49.6% total · +2.5% a year
- TIP$14,547+45.5% total · +2.4% a year
- SPSB$14,283+42.8% total · +2.3% a year
- GSY$14,114+41.1% total · +2.2% a year
- MINT$13,987+39.9% total · +2.1% a year
- BIL$12,516+25.2% total · +1.4% a year
- SCHO$12,334+23.3% total · +1.3% a year
- SHY$12,173+21.7% total · +1.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,143 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BIL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- NVDA$110,811+1,008% total · +61.8% a year
- GOOG$25,811+158% total · +20.9% a year
- AAPL$24,129+141% total · +19.3% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- MSFT$18,958+89.6% total · +13.6% a year
- USFR$12,131+21.3% total · +3.9% a year
- ICSH$12,072+20.7% total · +3.8% a year
- GSY$12,058+20.6% total · +3.8% a year
- NEAR$12,027+20.3% total · +3.8% a year
- BIL$11,965+19.6% total · +3.7% a year
BIL at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: BIL began trading on May 30, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- BIL is trading within 1% of its all-time high.
- BIL's deepest decline since it began trading in 2007 was 0.8%, from September to October 2008. It took about nine years from the low to climb back to its old high.
- Over 18 full calendar years, BIL's best was 2024, when it returned 5.2%, and its worst was 2015, when it lost 0.1%. It lost money in seven of those years.
The fund
- Issuer
- SPDR
- Began trading
- May 2007
- Expense ratio
- 0.14%per year
- Assets
- $51B
- Category
- Bonds
Returns
- Past 1 year
- +3.7%total return
- Past 3 years
- +13.9%+4.4% a year
- Past 5 years
- +19.9%+3.7% a year
- Past 10 years
- +25.8%+2.3% a year
- Best calendar year
- +5.2%2024
- Worst calendar year
- −0.1%2015
- Losing years
- 7 of 18full calendar years
Risk
- Volatility
- 0.3%typical yearly swing, 5 years
- Sharpe ratio
- 14.05return per unit of risk, 5 years
- Worst decline ever
- −0.8%Sep 2008 to Oct 2008
- From its all-time high
- At its highwithin 1%
BIL against the whole market
Where BIL ranks among every stock and fund, and what across the market has done better.
How does BIL rank among all ETFs?
This section ranks BIL on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how BIL stacks up against its peers, these rankings show where it stands in the market as a whole.
- BIL is among the steadier ETFs: its price swings rank in the top 1% of the 1,560 ETFs with at least $100 million in assets, where the top is the calmest.
- BIL's 3-year return ranks in the bottom 8% of the 1,949 ETFs with at least $100 million in assets with 3 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | BIL | Rank | Standing |
|---|---|---|---|
| 1-year return | +3.7% | 1,670 of 2,485 | bottom 34% |
| 3-year return | +13.9% | 1,799 of 1,949 | bottom 9% |
| 5-year return | +19.9% | 1,115 of 1,560 | bottom 30% |
| 10-year return | +25.8% | 824 of 958 | bottom 15% |
| Volatility, 5 years | 0.3% | 1 of 1,560 | top 1% |
| Sharpe ratio, 5 years | 14.05 | 1 of 1,560 | top 1% |
| Worst decline, past 10 years | −0.2% | 2 of 951 | top 1% |
BIL against its popular alternatives
The investments people most often weigh against BIL, compared period by period and year by year.
How do BIL's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at BIL, which divides the map into what did better or worse on each measure.
- None of the 13 popular alternatives earned more than BIL over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, BIL returned 3.7% a year, less than the S&P 500's 12.7%, with lower volatility (0.3% against 17.1%).
Green points earned more than BIL with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | +21.2% | 43.5% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| USFR WisdomTree Floating Rate Treasury Fund | +4.0% | 0.4% |
| ICSH iShares Ultra Short Duration Bond Active ETF | +3.9% | 0.5% |
| GSY Invesco Ultra Short Duration ETF | +3.9% | 0.6% |
| NEAR iShares Short Duration Bond Active ETF | +3.9% | 1.4% |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | +3.8% | 0.6% |
| SGOV iShares 0-3 Month Treasury Bond ETF | +3.8% | 0.3% |
| BIL This pageState Street SPDR Bloomberg 1-3 Month T-Bill ETF | +3.7% | 0.3% |
| GBIL Goldman Sachs Access Treasury 0-1 Year ETF | +3.6% | 0.6% |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | +2.8% | 2.0% |
| VCSH Vanguard Short-Term Corporate Bond ETF | +2.3% | 2.9% |
| SCHO Schwab Short-Term U.S. Treasury ETF | +1.9% | 2.0% |
| SHY iShares 1-3 Year Treasury Bond ETF | +1.8% | 2.0% |
| TIP iShares TIPS Bond ETF | −0.1% | 6.2% |
Has BIL consistently beaten its popular alternatives?
This section compares BIL with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than BIL helps separate lasting outperformance from a single strong stretch.
- None of the 22 popular alternatives outperformed BIL in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was GSY.
- USFR outperformed BIL over all three long-term periods but in none of the five short-term ones, so BIL has had the better of it lately.
A green cell means the alternative earned more than BIL over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF (this page) | — | +0.3% | +0.9% | +1.8% | +2.8% | +3.7% | +13.9% | +19.9% | +25.8% | 0.3% | 14.05 | — | 0.14% | $51B | — |
| GSY BondsInvesco Ultra Short Duration ETF | 0/5 short3/3 long | +0.3% | +0.7% | +1.7% | +2.8% | +3.7% | +16.4% | +21.1% | +32.8% | 0.6% | 6.38 | −5.2% | 0.22% | $3.9B | — |
| ICSH BondsiShares Ultra Short Duration Bond Active ETF | 0/5 short3/3 long | +0.3% | +0.7% | +1.6% | +2.7% | +3.5% | +15.3% | +21.1% | +32.2% | 0.5% | 7.61 | −3.9% | 0.08% | $8.9B | — |
| NEAR BondsiShares Short Duration Bond Active ETF | 0/5 short3/3 long | 0.0% | −0.1% | +0.1% | +0.8% | +1.6% | +15.5% | +20.9% | +31.8% | 1.4% | 2.71 | −9.6% | 0.25% | $5.1B | — |
| USFR BondsWisdomTree Floating Rate Treasury Fund | 0/5 short3/3 long | +0.3% | +1.0% | +2.0% | +3.1% | +4.0% | +14.5% | +21.6% | +28.2% | 0.4% | 9.69 | −0.8% | 0.15% | $21B | — |
| MINT BondsPIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 1/5 short2/3 long | +0.2% | +0.9% | +2.0% | +3.2% | +4.2% | +15.8% | +20.3% | +31.4% | 0.6% | 6.29 | −4.6% | 0.36% | $18B | — |
| XONE BondsBondBloxx Bloomberg One Year Target Duration US Treasury ETF | 0/5 short2/3 long | +0.3% | +0.7% | +1.3% | +2.1% | +2.9% | +13.6% | +161% | +379% | 43.5% | 0.68 | −75.4% | 0.03% | $847M | — |
| SPSB BondsState Street SPDR Portfolio Short Term Corporate Bond ETF | 0/5 short2/3 long | +0.1% | 0.0% | +0.5% | +1.2% | +2.0% | +16.3% | +14.9% | +29.2% | 2.0% | 1.38 | −11.8% | 0.04% | $11B | — |
| VCSH BondsVanguard Short-Term Corporate Bond ETF | 0/5 short2/3 long | −0.1% | −0.8% | −0.8% | −0.1% | +0.7% | +17.0% | +12.1% | +28.6% | 2.9% | 0.80 | −12.9% | 0.03% | $51B | — |
| TFLO BondsiShares Treasury Floating Rate Bond ETF | 0/5 short2/3 long | +0.3% | +1.0% | +2.0% | +3.1% | +4.0% | +14.3% | +21.4% | +28.0% | 0.4% | 10.49 | −0.2% | 0.15% | $7.2B | — |
| JPST BondsJPMorgan Ultra-Short Income ETF | 0/5 short2/3 long | +0.3% | +0.7% | +1.6% | +2.5% | +3.4% | +15.5% | +20.8% | — | 0.6% | 6.34 | −3.3% | 0.18% | $43B | — |
| GBIL BondsGoldman Sachs Access Treasury 0-1 Year ETF | 0/5 short0/3 long | +0.3% | +0.9% | +1.7% | +2.7% | +3.6% | +13.9% | +19.3% | +26.2% | 0.6% | 6.20 | −0.8% | 0.14% | $7.9B | — |
| SHV BondsiShares Trust iShares 0-1 Year Treasury Bond ETF | 0/5 short0/3 long | +0.3% | +0.9% | +1.8% | +2.8% | +3.6% | +13.9% | +19.4% | +26.1% | 0.3% | 12.09 | −0.4% | 0.15% | $23B | — |
| TIP BondsiShares TIPS Bond ETF | 0/5 short0/3 long | −0.2% | −1.7% | −2.1% | −0.7% | −1.5% | +13.3% | −0.3% | +23.5% | 6.2% | 0.02 | −14.5% | 0.18% | $14B | — |
| SCHO BondsSchwab Short-Term U.S. Treasury ETF | 0/5 short0/3 long | +0.3% | +0.1% | +0.2% | +0.9% | +1.5% | +12.8% | +10.1% | +18.9% | 2.0% | 0.96 | −5.7% | 0.03% | $16B | — |
| VGSH BondsVanguard Short-Term Treasury ETF | 0/5 short0/3 long | +0.3% | −0.1% | 0.0% | +0.6% | +1.2% | +12.5% | +9.9% | +18.8% | 2.0% | 0.95 | −5.6% | 0.03% | $40B | — |
| SHY BondsiShares 1-3 Year Treasury Bond ETF | 0/5 short0/3 long | +0.3% | −0.2% | −0.1% | +0.5% | +1.1% | +12.1% | +9.3% | +17.7% | 2.0% | 0.89 | −5.7% | 0.15% | $27B | — |
| BILS BondsState Street SPDR Bloomberg 3-12 Month T-Bill ETF | 0/5 short0/3 long | +0.3% | +0.9% | +1.8% | +2.7% | +3.6% | +13.9% | +19.2% | — | 0.3% | 11.25 | −0.4% | 0.14% | $3.9B | — |
| BILZ BondsPIMCO Ultra Short Government Active Exchange-Traded Fund | 0/5 short0/3 long | +0.3% | +0.9% | +1.8% | +2.9% | +3.7% | +14.0% | — | — | — | — | −0.5% | 0.14% | $860M | — |
| CLIP BondsGlobal X - 1-3 Month T-Bill ETF | 0/5 short0/3 long | +0.3% | +0.9% | +1.8% | +2.9% | +3.7% | +14.1% | — | — | — | — | −0.1% | 0.07% | $2.3B | — |
| SGOV BondsiShares 0-3 Month Treasury Bond ETF | 0/5 short0/3 long | +0.3% | +0.6% | +1.5% | +2.6% | +3.4% | +13.8% | +20.3% | — | 0.3% | 13.25 | −0.3% | 0.09% | $116B | — |
| TBIL BondsF/m US Treasury 3 Month Bill Fund | 0/5 short0/3 long | +0.3% | +0.9% | +1.8% | +2.9% | +3.7% | +13.9% | — | — | — | — | −0.1% | 0.15% | $7.6B | — |
| XHLF BondsBondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 0/5 short0/3 long | +0.3% | +0.8% | +1.7% | +2.6% | +3.5% | +13.8% | — | — | — | — | −0.1% | 0.03% | $2.0B | — |
How did BIL do year by year?
This table shows each investment's total return in every full calendar year since 2008, along with where BIL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BIL and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: BIL began trading on May 30, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.
- BIL finished ahead of the S&P 500 in three of its 18 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, BIL finished in the top quarter in one of 16 years and in the bottom quarter in eight. In 2025, it ranked 13 of 14.
- Among its popular alternatives, MINT came out ahead of BIL most often, in 12 of the 16 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of BIL; gray means the two finished within a fraction of a point. The rank row places BIL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BIL | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BIL This pageState Street SPDR Bloomberg 1-3 Month T-Bill ETF | — | +4.1% | +5.2% | +5.0% | +1.4% | −0.1% | +0.4% | +2.0% | +1.7% | +0.7% | +0.1% | −0.1% | −0.1% | −0.1% | −0.1% | 0.0% | −0.1% | +0.3% | +1.6% |
| Rank among alternatives | Top quarter in 1 of 16 | 13 of 14 | 8 of 14 | 9 of 14 | 3 of 13 | 9 of 13 | 13 of 13 | 13 of 13 | 5 of 13 | 8 of 13 | 11 of 12 | 9 of 12 | 10 of 11 | 7 of 8 | 8 of 8 | 8 of 8 | 6 of 7 | — | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 of 18 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% |
| GSY Invesco Ultra Short Duration ETF | 11 of 17 | +5.0% | +6.0% | +6.0% | 0.0% | 0.0% | +1.9% | +3.4% | +1.8% | +1.9% | +1.8% | +1.0% | +0.8% | +1.4% | +1.5% | +0.1% | −0.2% | 0.0% | — |
| ICSH iShares Ultra Short Duration Bond Active ETF | 7 of 12 | +5.0% | +5.5% | +5.6% | +1.0% | +0.2% | +1.6% | +3.2% | +2.3% | +1.6% | +1.3% | +0.2% | +0.1% | — | — | — | — | — | — |
| NEAR iShares Short Duration Bond Active ETF | 8 of 12 | +5.9% | +5.1% | +7.4% | +0.4% | +0.3% | +1.4% | +3.5% | +1.7% | +1.4% | +1.4% | +0.8% | +0.6% | — | — | — | — | — | — |
| USFR WisdomTree Floating Rate Treasury Fund | 2 of 11 | +4.2% | +5.5% | +5.2% | +1.9% | 0.0% | +0.5% | +2.1% | +2.0% | +0.6% | +0.8% | −0.1% | — | — | — | — | — | — | — |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 12 of 16 | +4.7% | +5.9% | +6.3% | −1.0% | 0.0% | +1.6% | +3.3% | +1.7% | +1.8% | +2.1% | +0.4% | +0.5% | +0.7% | +2.4% | +0.4% | +1.6% | — | — |
| XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 2 of 10 | +4.4% | +4.9% | +4.7% | — | — | +27.1% | +12.7% | −21.1% | −10.1% | −6.9% | −40.2% | −72.2% | — | — | — | — | — | — |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | 12 of 16 | +5.9% | +5.3% | +5.6% | −3.3% | −0.2% | +3.8% | +5.2% | +1.5% | +1.6% | +2.1% | +0.9% | +0.9% | +1.3% | +3.6% | +1.5% | +2.8% | — | — |
| VCSH Vanguard Short-Term Corporate Bond ETF | 12 of 16 | +6.8% | +4.9% | +6.2% | −5.5% | −0.6% | +5.1% | +7.0% | +0.9% | +2.2% | +2.6% | +1.3% | +1.8% | +1.4% | +5.6% | +3.1% | +5.3% | — | — |
| GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 0 of 9 | +4.1% | +5.2% | +4.9% | +1.0% | −0.1% | +0.8% | +2.3% | +1.8% | +0.7% | — | — | — | — | — | — | — | — | — |
| TIP iShares TIPS Bond ETF | 11 of 18 | +6.8% | +1.7% | +3.8% | −12.3% | +5.7% | +10.8% | +8.4% | −1.4% | +2.9% | +4.7% | −1.8% | +3.6% | −8.5% | +6.4% | +13.3% | +6.1% | +8.9% | +0.1% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 7 of 15 | +5.5% | +3.6% | +4.3% | −3.9% | −0.6% | +3.1% | +3.4% | +1.5% | +0.4% | +0.9% | +0.4% | +0.5% | +0.4% | +0.3% | +1.5% | — | — | — |
| SHY iShares 1-3 Year Treasury Bond ETF | 9 of 18 | +5.0% | +3.9% | +4.2% | −3.9% | −0.7% | +3.0% | +3.4% | +1.5% | +0.3% | +0.8% | +0.4% | +0.4% | +0.2% | +0.3% | +1.5% | +2.3% | +0.4% | +6.6% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0 of 5 | +4.2% | +5.3% | +5.1% | +1.6% | +0.1% | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How BIL has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
How did BIL do in stock market crashes?
This section measures how far BIL, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: BIL began trading on May 30, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- BIL fell less than the S&P 500 in all nine crashes it has traded through. The clearest case was the 2008 financial crisis, when BIL fell 0.8% and the S&P 500 fell 55.2%.
- None of its popular alternatives fell less than BIL in most of the crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BIL.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BIL This pageState Street SPDR Bloomberg 1-3 Month T-Bill ETF | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | −0.1% | 0.0% | 0.0% | −0.8% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| GSY Invesco Ultra Short Duration ETF | 0 of 8 | 0.0% | −1.2% | −5.2% | −0.3% | 0.0% | −0.2% | −0.2% | −0.1% | — | — |
| ICSH iShares Ultra Short Duration Bond Active ETF | 0 of 6 | 0.0% | −0.6% | −3.9% | −0.1% | −0.1% | −0.5% | — | — | — | — |
| NEAR iShares Short Duration Bond Active ETF | 0 of 6 | 0.0% | −1.1% | −9.6% | −0.1% | −0.1% | −0.2% | — | — | — | — |
| USFR WisdomTree Floating Rate Treasury Fund | 0 of 6 | 0.0% | −0.2% | −0.2% | −0.1% | −0.1% | −1.3% | — | — | — | — |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0 of 8 | 0.0% | −2.1% | −4.6% | −0.1% | −0.1% | −0.3% | −0.8% | 0.0% | — | — |
| XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 0 of 6 | 0.0% | −0.2% | −48.5% | −45.0% | −8.3% | −44.5% | — | — | — | — |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | 0 of 8 | 0.0% | −4.8% | −11.8% | −0.2% | −0.2% | −0.8% | −0.9% | −0.2% | — | — |
| VCSH Vanguard Short-Term Corporate Bond ETF | 0 of 8 | 0.0% | −7.6% | −12.9% | −0.3% | −0.2% | −1.0% | −1.6% | −0.3% | — | — |
| GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 0 of 5 | 0.0% | −0.2% | −0.1% | 0.0% | 0.0% | — | — | — | — | — |
| TIP iShares TIPS Bond ETF | 0 of 9 | 0.0% | −14.3% | −11.2% | −2.0% | −1.1% | −2.5% | −3.8% | −0.2% | −14.4% | — |
| SCHO Schwab Short-Term U.S. Treasury ETF | 0 of 7 | 0.0% | −4.7% | −0.3% | −0.3% | −0.2% | −0.7% | −0.2% | — | — | — |
| SHY iShares 1-3 Year Treasury Bond ETF | 0 of 9 | 0.0% | −4.7% | −0.7% | −0.2% | −0.1% | −0.7% | −0.2% | −0.1% | −2.2% | — |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0 of 2 | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
How closely does BIL move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares BIL with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, BIL captured 5% of the S&P 500's gains in rising months and -5% of its losses in falling months, with a beta of -0.00. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than BIL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BIL This pageState Street SPDR Bloomberg 1-3 Month T-Bill ETF | 5% | -5% | — | 0.00 |
| NEAR iShares Short Duration Bond Active ETF | 9% | 0% | 49.49 | 0.05 |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | 10% | 4% | 2.93 | 0.07 |
| VCSH Vanguard Short-Term Corporate Bond ETF | 13% | 9% | 1.47 | 0.11 |
| TIP iShares TIPS Bond ETF | 15% | 17% | 0.87 | 0.18 |
| GSY Invesco Ultra Short Duration ETF | 8% | -2% | — | 0.03 |
| ICSH iShares Ultra Short Duration Bond Active ETF | 7% | -4% | — | 0.02 |
| USFR WisdomTree Floating Rate Treasury Fund | 6% | -6% | — | 0.00 |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 8% | -2% | — | 0.04 |
| GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 6% | -4% | — | 0.00 |
| SCHO Schwab Short-Term U.S. Treasury ETF | 5% | -1% | — | 0.01 |
| SHY iShares 1-3 Year Treasury Bond ETF | 5% | -1% | — | 0.01 |
What diversifies BIL?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with BIL's. Because such investments tend not to fall at the same time, pairing BIL with them can reduce a portfolio's overall swings.
- MCK made money in six of the seven calendar years in which BIL lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BIL over the past 5 years, with correlations of 0.17 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of BIL over the past 5 years, with correlations of 0.17 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which BIL lost money. The last two columns show a portfolio that is 80% BIL and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2021 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF (this page) | 1.00 | +19.9% | 14.05 | −0.1% | −0.1% | −0.1% | −0.1% | −0.1% | 0.0% | −0.1% | 0.5% | +3.6% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.10 | +119% | 1.48 | +17.8% | — | — | — | — | — | — | 2.0% | +6.3% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.17 | +225% | 1.34 | +18.0% | +7.7% | +8.1% | +41.3% | +19.6% | −16.1% | −1.8% | 2.6% | +8.1% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | -0.05 | +101% | 1.04 | +23.1% | −25.3% | +23.8% | +16.6% | — | — | — | 2.9% | +6.1% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | -0.05 | +83.3% | 1.00 | +19.6% | −0.3% | +12.6% | +23.8% | +9.6% | — | — | 2.8% | +5.5% |
| SMH TechnologyVanEck Semiconductor ETF | 0.15 | +323% | 0.97 | +42.1% | −0.3% | +30.2% | +33.4% | +8.6% | +6.8% | +19.0% | 7.0% | +10.7% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.14 | +85.0% | 0.96 | +19.6% | +4.1% | +3.4% | +26.4% | +20.9% | — | — | 2.3% | +5.7% |
| GLD CommoditiesSPDR Gold Shares | 0.15 | +126% | 0.96 | −4.2% | −10.7% | −2.2% | −28.3% | +6.6% | +9.6% | +29.3% | 3.5% | +6.7% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.18 | +136% | 0.93 | +22.7% | — | — | — | — | — | — | 4.2% | +7.4% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2021 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF (this page) | 1.00 | +19.9% | 14.05 | −0.1% | −0.1% | −0.1% | −0.1% | −0.1% | 0.0% | −0.1% | 0.5% | +3.6% |
| CAH Medical - DistributionCardinal Health, Inc. | -0.04 | +479% | 1.55 | −0.4% | +12.6% | +23.0% | +66.0% | +3.8% | +8.1% | +21.4% | 5.3% | +10.3% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.17 | +3,143% | 1.47 | +37.9% | −6.0% | +12.9% | +27.6% | +11.2% | −24.4% | +2.8% | 11.8% | +22.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.03 | +1,636% | 1.46 | +89.0% | +67.7% | −10.4% | +61.7% | +15.7% | −17.0% | +8.7% | 9.0% | +18.7% |
| MCK Medical - DistributionMcKesson Corporation | -0.20 | +413% | 1.44 | +44.2% | −4.5% | +29.3% | +67.7% | +25.6% | +11.8% | +13.8% | 5.0% | +9.8% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | -0.17 | +690% | 1.41 | +61.0% | +17.4% | +0.4% | +48.6% | +94.3% | — | — | 6.4% | +12.3% |
Common questions
What was BIL's worst drawdown?
BIL's deepest decline since it began trading in 2007 was 0.8%, from September to October 2008. It took about nine years from the low to climb back to its old high. Because BIL launched in May 2007, that record does not include the dot-com bust.
What were BIL's best and worst years?
Over 18 full calendar years, BIL's best year was 2024, when it returned 5.2%. Its worst was 2015, with a return of -0.1%.
What are the best alternatives to BIL?
None of the 22 popular alternatives we compared outperformed BIL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about BIL's strength than about its alternatives.
Did BIL outperform the S&P 500?
BIL finished ahead of the S&P 500 (SPY) in three of 18 full calendar years. In 2025, it returned +4.1%, against +17.7% for the index.
How did BIL do in stock market crashes?
BIL fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when BIL fell 0.8% and the S&P 500 fell 55.2%.
What diversifies BIL?
These had a low correlation with BIL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.10), DXJ (correlation 0.17) and EMLP (correlation -0.05); among large stocks, CAH (correlation -0.04), CLS (correlation 0.17) and FIX (correlation 0.03). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BIL's. Returns within 0.5 points or 3% of BIL's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to BIL
VCSHVanguard Short-Term Corporate Bond ETF
JPSTJPMorgan Ultra-Short Income ETF
SGOViShares 0-3 Month Treasury Bond ETF
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