BIL vs SGOV
State Street SPDR Bloomberg 1-3 Month T-Bill ETF vs iShares 0-3 Month Treasury Bond ETF
Quick Verdict
SGOV has a lower expense ratio. SGOV delivered stronger 1-year returns. SGOV offers more diversification with 2 holdings.
Side-by-Side Comparison
| Metric | BIL | SGOV | Winner |
|---|---|---|---|
| Expense Ratio | 0.14% | 0.09% | |
| AUM | $47.2B | $99.7B | |
| Dividend Yield | 3.85% | 3.85% | |
| Holdings | 20 | 23 | |
| YTD Return | +1.82% | +1.85% | |
| 1Y Return | +3.49% | +3.55% | |
| 3Y Return (annualized) | +4.33% | +4.53% | |
| 5Y Return (annualized) | +3.41% | +3.62% | |
| Volatility (annualized) | 0.6% | 0.7% | |
| Max Drawdown | -1.2% | -0.3% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Fixed Income | Fixed Income | |
| Inception | May 25, 2007 | May 26, 2020 |
BIL vs SGOV Performance
State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is a ETF from State Street Investment Management and iShares 0-3 Month Treasury Bond ETF (SGOV) is a ETF from iShares by BlackRock (US). Over the past year BIL returned +3.49% while SGOV returned +3.55%. Year to date, BIL is up 1.82% versus a gain of 1.85% for SGOV.
Over three years, BIL compounded at +4.33% per year against +4.53% for SGOV; over five years the annualized figures are +3.41% and +3.62% respectively. Across the full 6-year window we track, SGOV has the edge at +2.91% annualized vs +0.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SGOV has been the more volatile fund, with annualized monthly volatility of 0.7% compared with 0.6% for BIL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -1.2% for BIL and -0.3% for SGOV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BIL charges 0.14% per year while SGOV charges 0.09%. On a $10,000 position that is $14 vs $9 annually, a gap of $5 per year that compounds over a long holding period. On income, BIL currently yields 3.85% against 3.85% for SGOV.
Holdings Overlap
BIL and SGOV share 0 holdings out of 3 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BIL or SGOV?
BIL has an expense ratio of 0.14% while SGOV charges 0.09%. SGOV is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, BIL or SGOV?
Over the past year BIL returned +3.49% vs +3.55% for SGOV, so SGOV leads on 1-year performance. Over the longest common window we track (6 years), BIL annualized +0.87% vs +2.91% for SGOV. Past performance does not guarantee future results.
Which is riskier, BIL or SGOV?
SGOV has been the more volatile fund at 0.7% annualized versus 0.6% for BIL. Worst drawdown: BIL -1.2% vs SGOV -0.3%.
Should I hold both BIL and SGOV?
BIL and SGOV have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BIL and SGOV?
BIL and SGOV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 3 unique securities.
Which pays a higher dividend, BIL or SGOV?
BIL yields 3.85% while SGOV yields 3.85%, so BIL currently pays the higher dividend yield.
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