BIL: SPDR Bloomberg 1-3 Month T-Bill ETF returns, drawdowns and risk
Funds on very short-term government bills or overnight rates: close to cash, with a return that follows short-term interest rates.
Data updated October 2026
BIL · US exchange · USDCategory: Cash and T-bill ETFsData from May 2007
From May 2007 to October 2026 BIL returned 1.6% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $13,734.
Its deepest fall was 0.6%, from September 2008 to October 2008, and it took about 2 months to get back to the previous high. Annual volatility was 0.6%; at the last close it was at or near its high.
Against AGG (iShares Core U.S. Aggregate Bond ETF), over the 233 months both have data, the correlation of monthly returns was 0.06: they moved largely independently. Beta was 0.01. In months when AGG rose, BIL moved 13% as much on average; in months when AGG fell, -15% as much.
Key figures
- Annual return (CAGR)
- +1.6%
- 1-year return
- +3.7%
- 5 years, a year
- +3.7%
- 10 years, a year
- +2.4%
- Annual volatility
- 0.6%
- Maximum drawdown
- −0.6%
- Sharpe ratio
- -0.71
- Worst year
- 2015: −0.1%
Trailing returns
| Period | BIL | AGG |
|---|---|---|
| 1 year | +3.7% | −1.9% |
| 3 years, a year | +4.4% | +5.2% |
| 5 years, a year | +3.7% | −0.3% |
| 10 years, a year | +2.4% | +1.2% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: BIL vs AGG
Month-end values from June 2007, the first month both funds have data.
BIL drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | BIL | AGG |
|---|---|---|
| 2026(partial) | +2.9% | −1.8% |
| 2025 | +4.2% | +7.2% |
| 2024 | +5.2% | +1.3% |
| 2023 | +5.0% | +5.7% |
| 2022 | +1.4% | −13.0% |
| 2021 | −0.1% | −1.8% |
| 2020 | +0.4% | +7.5% |
| 2019 | +2.0% | +8.5% |
| 2018 | +1.7% | +0.1% |
| 2017 | +1.2% | +3.5% |
| 2016 | +0.2% | +2.4% |
| 2015 | −0.1% | +0.5% |
| 2014 | −0.1% | +6.0% |
| 2013 | −0.1% | −2.0% |
| 2012 | −0.0% | +3.8% |
| 2011 | −0.0% | +7.7% |
| 2010 | −0.0% | +6.4% |
| 2009 | +0.4% | +3.0% |
| 2008 | +3.2% | +7.9% |
| 2007(partial) | +5.1% | — |
BIL compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of BIL?
From May 2007 to October 2026 BIL returned 1.6% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +3.7% a year. Over the last 12 months: +3.7%.
What was the worst drawdown of BIL?
0.6%, from September 2008 to October 2008; it took about 2 months from the previous high to get back to it.
How volatile is BIL?
Annual volatility was 0.6% over the period. Its worst month was −0.1% and 62% of months were positive. Worst calendar year: 2015 (−0.1%).
How closely does BIL follow AGG?
Over 233 months the correlation of monthly returns was 0.06, so they moved largely independently, with a beta of 0.01.
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Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.