BIL vs SHV: returns, risk and drawdowns compared
SPDR Bloomberg 1-3 Month T-Bill ETF against iShares Short Treasury Bond ETF, over the same 19 years (June 2007 to October 2026) with dividends reinvested.
Data updated October 2026
From June 2007 to October 2026, BIL returned 1.6% a year and SHV 1.5% a year on average, so BIL came out ahead by 0.1% a year. BIL was the more volatile of the two (0.7% against 0.6% a year), and the deepest falls from a month-end high were 0.4% for BIL and 0.3% for SHV.
The correlation of monthly returns was 0.86: they usually moved together. Over 198 rolling 3-year periods, BIL did better in 40% and SHV in 60%.
Side by side
| BIL | SHV | |
|---|---|---|
| Annual return (CAGR) | +1.6% | +1.5% |
| Total return | +37% | +35% |
| Annual volatility | 0.7% | 0.6% |
| Maximum drawdown (month-end) | −0.4% | −0.3% |
| Worst month | −0.1% | −0.1% |
| Best month | +0.9% | +0.9% |
| Positive months | 62% | 71% |
| Best year | 2024: +5.2% | 2024: +5.1% |
| Worst year | 2015: −0.1% | 2021: −0.1% |
| 1-year return | +3.7% | +3.6% |
| 5 years, a year | +3.7% | +3.6% |
| 10 years, a year | +2.4% | +2.4% |
| Trading currency | USD | USD |
First nine rows: the same 233 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: BIL vs SHV
Returns by calendar year
| Year | BIL | SHV |
|---|---|---|
| 2025 | +4.2% | +4.2% |
| 2024 | +5.2% | +5.1% |
| 2023 | +5.0% | +5.0% |
| 2022 | +1.4% | +0.9% |
| 2021 | −0.1% | −0.1% |
| 2020 | +0.4% | +0.8% |
| 2019 | +2.0% | +2.4% |
| 2018 | +1.7% | +1.7% |
| 2017 | +1.2% | +0.7% |
| 2016 | +0.2% | +0.4% |
| 2015 | −0.1% | 0.0% |
| 2014 | −0.1% | 0.0% |
| 2013 | −0.1% | 0.0% |
| 2012 | −0.0% | +0.0% |
| 2011 | −0.0% | +0.1% |
| 2010 | −0.0% | +0.1% |
| 2009 | +0.4% | +0.2% |
| 2008 | +3.2% | +2.8% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, BIL or SHV?
From June 2007 to October 2026, BIL returned +1.6% a year and SHV +1.5% a year, with dividends reinvested. Over rolling 3-year periods BIL did better in 40% of cases. Past returns do not predict future returns.
Which is riskier, BIL or SHV?
Over the same months annual volatility was 0.7% for BIL and 0.6% for SHV; the deepest fall from a month-end high was 0.4% and 0.3%, and the worst single month −0.1% and −0.1%.
How correlated are BIL and SHV?
The correlation of their monthly returns was 0.86: they usually moved together. Combining them has historically given some diversification.
More comparisons
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.