BILS vs IVV
State Street SPDR Bloomberg 3-12 Month T-Bill ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BILS | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.14% | 0.03% | |
| AUM | $3.9B | $865.2B | |
| Dividend Yield | 3.80% | 1.09% | |
| Holdings | 25 | 508 | |
| YTD Return | +1.76% | +13.43% | |
| 1Y Return | +3.44% | +22.61% | |
| 3Y Return (annualized) | +4.46% | +21.47% | |
| 5Y Return (annualized) | +3.38% | +13.26% | |
| Volatility (annualized) | 0.7% | 15.1% | |
| Max Drawdown | -0.4% | -56.5% | |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) | |
| Category | Fixed Income | Equity | |
| Inception | Sep 24, 2020 | May 15, 2000 |
BILS vs IVV Performance
State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is a ETF from State Street Investment Management and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year BILS returned +3.44% while IVV returned +22.61%. Year to date, BILS is up 1.76% versus a gain of 13.43% for IVV.
Over three years, BILS compounded at +4.46% per year against +21.47% for IVV; over five years the annualized figures are +3.38% and +13.26% respectively. Across the full 6-year window we track, IVV has the edge at +7.03% annualized vs +2.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 0.7% for BILS. 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 -0.4% for BILS and -56.5% for IVV. 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 0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BILS charges 0.14% per year while IVV charges 0.03%. On a $10,000 position that is $14 vs $3 annually, a gap of $11 per year that compounds over a long holding period. On income, BILS currently yields 3.80% against 1.09% for IVV.
Holdings Overlap
BILS and IVV share 0 holdings out of 507 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, BILS or IVV?
BILS has an expense ratio of 0.14% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, BILS or IVV?
Over the past year BILS returned +3.44% vs +22.61% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (6 years), BILS annualized +2.86% vs +7.03% for IVV. Past performance does not guarantee future results.
Which is riskier, BILS or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 0.7% for BILS. Worst drawdown: BILS -0.4% vs IVV -56.5%.
Should I hold both BILS and IVV?
BILS and IVV have a monthly-return correlation of 0.09, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BILS and IVV?
BILS and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, BILS or IVV?
BILS yields 3.80% while IVV yields 1.09%, so BILS currently pays the higher dividend yield.
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