BIL vs SPY
BIL vs SPY
State Street SPDR Bloomberg 1-3 Month T-Bill ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BIL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.14% | 0.09% | |
| AUM | $47.2B | $789.1B | |
| Dividend Yield | 3.85% | 1.01% | |
| Holdings | 20 | 505 | |
| YTD Return | +1.82% | +13.79% | |
| 1Y Return | +3.49% | +23.66% | |
| 3Y Return (annualized) | +4.33% | +21.40% | |
| 5Y Return (annualized) | +3.41% | +13.37% | |
| Volatility (annualized) | 0.6% | 15.3% | |
| Max Drawdown | -1.2% | -56.5% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 25, 2007 | Jan 22, 1993 |
BIL vs SPY Performance
State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is a ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BIL returned +3.49% while SPY returned +23.66%. Year to date, BIL is up 1.82% versus a gain of 13.79% for SPY.
Over three years, BIL compounded at +4.33% per year against +21.40% for SPY; over five years the annualized figures are +3.41% and +13.37% respectively. Across the full 19-year window we track, SPY has the edge at +8.85% annualized vs +0.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. 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 0.05. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BIL charges 0.14% per year while SPY charges 0.09%. On a $10,000 position that is $14 vs $9 annually, a gap of $4 per year that compounds over a long holding period. On income, BIL currently yields 3.85% against 1.01% for SPY.
Holdings Overlap
BIL and SPY share 0 holdings out of 504 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 SPY?
BIL has an expense ratio of 0.14% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $4 per year of difference.
Which performed better, BIL or SPY?
Over the past year BIL returned +3.49% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), BIL annualized +0.87% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BIL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.6% for BIL. Worst drawdown: BIL -1.2% vs SPY -56.5%.
Should I hold both BIL and SPY?
BIL and SPY have a monthly-return correlation of 0.05, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BIL and SPY?
BIL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, BIL or SPY?
BIL yields 3.85% while SPY yields 1.01%, so BIL currently pays the higher dividend yield.
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