BIL vs XEON: returns, risk and drawdowns compared
SPDR Bloomberg 1-3 Month T-Bill ETF against Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C, over the same 16 years (February 2010 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2010 to October 2026, BIL returned 1.4% a year and XEON 0.5% a year on average, so BIL came out ahead by 0.9% a year. BIL was the more volatile of the two (0.6% against 0.4% a year), and the deepest falls from a month-end high were 0.4% for BIL and 3.7% for XEON.
The correlation of monthly returns was 0.69: they moved together only in part. Over 166 rolling 3-year periods, BIL did better in 78% and XEON in 22%.
BIL trades in USD and XEON in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| BIL | XEON | |
|---|---|---|
| Annual return (CAGR) | +1.4% | +0.5% |
| Total return | +26% | +9% |
| Annual volatility | 0.6% | 0.4% |
| Maximum drawdown (month-end) | −0.4% | −3.7% |
| Worst month | −0.0% | −0.4% |
| Best month | +0.9% | +0.5% |
| Positive months | 58% | 47% |
| Best year | 2024: +5.2% | 2024: +3.7% |
| Worst year | 2015: −0.1% | 2021: −0.6% |
| 1-year return | +3.7% | +2.1% |
| 5 years, a year | +3.7% | +2.2% |
| 10 years, a year | +2.4% | +0.8% |
| Trading currency | USD | EUR |
First nine rows: the same 201 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: BIL vs XEON
Returns by calendar year
| Year | BIL | XEON |
|---|---|---|
| 2025 | +4.2% | +2.2% |
| 2024 | +5.2% | +3.7% |
| 2023 | +5.0% | +3.3% |
| 2022 | +1.4% | +0.0% |
| 2021 | −0.1% | −0.6% |
| 2020 | +0.4% | −0.6% |
| 2019 | +2.0% | −0.5% |
| 2018 | +1.7% | −0.5% |
| 2017 | +1.2% | −0.5% |
| 2016 | +0.2% | −0.5% |
| 2015 | −0.1% | −0.2% |
| 2014 | −0.1% | 0.0% |
| 2013 | −0.1% | −0.0% |
| 2012 | −0.0% | +0.1% |
| 2011 | −0.0% | +0.7% |
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 XEON?
From February 2010 to October 2026, BIL returned +1.4% a year and XEON +0.5% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods BIL did better in 78% of cases. Past returns do not predict future returns.
Which is riskier, BIL or XEON?
Over the same months annual volatility was 0.6% for BIL and 0.4% for XEON; the deepest fall from a month-end high was 0.4% and 3.7%, and the worst single month −0.0% and −0.4%.
How correlated are BIL and XEON?
The correlation of their monthly returns was 0.69: they moved together only in part. 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.