BIL vs SPAXX
State Street SPDR Bloomberg 1-3 Month T-Bill ETF vs Fidelity Government Money Market Fund
Which is better, BIL or SPAXX?
BIL costs less.
BIL has a lower expense ratio.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BIL | SPAXX |
|---|---|---|
| Expense Ratio | 0.14%Best | 0.42% |
| AUM | $46.8B | $423.8B |
| Dividend Yield | 3.81% | 3.15% |
| Holdings | 20 | 700 |
| Fund Family | State Street Investment Management | Fidelity Investments (US) |
| Category | Fixed Income | Money Market |
| Style | Ultrashort Term Bond | - |
| Inception | May 25, 2007 | Feb 5, 1990 |
Not shown on this pair: YTD Price Return, 1Y Price Return, 3Y Price Return (annualized), 5Y Price Return (annualized), Volatility (annualized), Max Drawdown, $10,000 over the window, Top 10 Weight.
The two price series end 1626 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. BIL has data through Sep 10, 2026 and SPAXX through Mar 29, 2022.
Fees and Cost Over Time
BIL charges 0.14% per year while SPAXX charges 0.42%. On a $10,000 position that is $14 vs $42 annually, a gap of $28 per year that compounds over a long holding period. On income, BIL currently yields 3.81% against 3.15% for SPAXX.
Structure and taxes
SPAXX is a mutual fund and BIL is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
We hold position weights for 1 holding in BIL and 34 in SPAXX, totalling 0.3% and 6.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in BIL and 34 in SPAXX, against full books of 20 and 700.
You are not choosing between two funds in isolation.
Whichever of BIL and SPAXX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BIL or SPAXX?
BIL has an expense ratio of 0.14% while SPAXX charges 0.42%. BIL is the cheaper option, by $28 a year on a $10,000 investment.
Which pays a higher dividend, BIL or SPAXX?
BIL yields 3.81% while SPAXX yields 3.15%, so BIL currently pays the higher dividend yield.
Is it better to hold SPAXX or BIL in a taxable account?
BIL is an ETF and SPAXX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is SPAXX better than BIL?
BIL has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.