SPY vs TBIL
State Street SPDR S&P 500 ETF Trust vs F/m US Treasury 3 Month Bill ETF
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 | SPY | TBIL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.15% | |
| AUM | $789.1B | $7.2B | |
| Dividend Yield | 1.01% | 4.12% | |
| Holdings | 505 | 4 | |
| YTD Return | +13.75% | +2.15% | |
| 1Y Return | +22.91% | +3.82% | |
| 3Y Return (annualized) | +21.67% | +4.54% | |
| 5Y Return (annualized) | +13.32% | - | |
| Volatility (annualized) | 15.3% | 0.3% | |
| Max Drawdown | -56.5% | -0.1% | |
| Fund Family | State Street Investment Management | US Benchmark Series | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Aug 8, 2022 |
SPY vs TBIL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and F/m US Treasury 3 Month Bill ETF (TBIL) is a ETF from US Benchmark Series. Over the past year SPY returned +22.91% while TBIL returned +3.82%. Year to date, SPY is up 13.75% versus a gain of 2.15% for TBIL.
Over three years, SPY compounded at +21.67% per year against +4.54% for TBIL. Across the full 4-year window we track, SPY has the edge at +8.85% annualized vs +4.50%. 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 0.3% for TBIL. 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 -56.5% for SPY and -0.1% for TBIL. 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 -0.04. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TBIL charges 0.15%. On a $10,000 position that is $9 vs $15 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 4.12% for TBIL.
Holdings Overlap
SPY and TBIL 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, SPY or TBIL?
SPY has an expense ratio of 0.09% while TBIL charges 0.15%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or TBIL?
Over the past year SPY returned +22.91% vs +3.82% for TBIL, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +8.85% vs +4.50% for TBIL. Past performance does not guarantee future results.
Which is riskier, SPY or TBIL?
SPY has been the more volatile fund at 15.3% annualized versus 0.3% for TBIL. Worst drawdown: SPY -56.5% vs TBIL -0.1%.
Should I hold both SPY and TBIL?
SPY and TBIL have a monthly-return correlation of -0.04, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TBIL?
SPY and TBIL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or TBIL?
SPY yields 1.01% while TBIL yields 4.12%, so TBIL currently pays the higher dividend yield.
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