SPY vs XBIL
State Street SPDR S&P 500 ETF Trust vs F/m US Treasury 6 Month Bill ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | XBIL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.15% | |
| AUM | $789.1B | $742M | |
| Dividend Yield | 1.01% | 4.07% | |
| Holdings | 505 | 3 | |
| YTD Return | +14.47% | +2.16% | |
| 1Y Return | +21.96% | +3.80% | |
| 3Y Return (annualized) | +21.70% | +4.99% | |
| 5Y Return (annualized) | +13.30% | - | |
| Volatility (annualized) | 15.3% | 0.5% | |
| Max Drawdown | -56.5% | -0.1% | |
| Fund Family | State Street Investment Management | US Benchmark Series | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Mar 7, 2023 |
SPY vs XBIL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and F/m US Treasury 6 Month Bill ETF (XBIL) is a ETF from US Benchmark Series. Over the past year SPY returned +21.96% while XBIL returned +3.80%. Year to date, SPY is up 14.47% versus a gain of 2.16% for XBIL.
Over three years, SPY compounded at +21.70% per year against +4.99% for XBIL. Across the full 3-year window we track, SPY has the edge at +8.87% annualized vs +4.98%. 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 0.5% for XBIL. 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 XBIL. 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 0.16. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while XBIL 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 4.07% for XBIL.
Holdings Overlap
SPY and XBIL 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 XBIL?
SPY has an expense ratio of 0.09% while XBIL 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 XBIL?
Over the past year SPY returned +21.96% vs +3.80% for XBIL, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.87% vs +4.98% for XBIL. Past performance does not guarantee future results.
Which is riskier, SPY or XBIL?
SPY has been the more volatile fund at 15.3% annualized versus 0.5% for XBIL. Worst drawdown: SPY -56.5% vs XBIL -0.1%.
Should I hold both SPY and XBIL?
SPY and XBIL have a monthly-return correlation of 0.16, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and XBIL?
SPY and XBIL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or XBIL?
SPY yields 1.01% while XBIL yields 4.07%, so XBIL currently pays the higher dividend yield.
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