BIL vs SGOV ETF Comparison: AI Score, Valuation, Performance and Upside
BIL and SGOV are nearly identical ultra-short Treasury bill ETFs — both provide money market-like yields from U.S. Treasury bills, near-zero duration risk, and zero credit risk. BIL (State Street/SPDR) tracks 1-3 month T-bills; SGOV (iShares/BlackRock) covers 0-3 months including very short-dated bills. The practical difference for most investors is negligible — the choice typically comes down to brokerage platform, commission-free access, or existing ETF family preferences. Both yield slightly below raw T-bill rates due to expense ratios.
BIL vs SGOV is a cash equivalent ETF comparison where the differences are minimal — SPDR's BIL (Bloomberg 1-3 Month T-Bill Index, one of the most widely traded cash ETFs in existence) versus iShares' SGOV (ICE 0-3 Month T-bill index, including very short bills that BIL excludes) — both providing high-yield cash alternatives with zero credit risk and no meaningful duration risk, distinguished primarily by expense ratio, brokerage access, and index provider.
SGOV holds the edge across 4 of 5 key metrics in this comparison. SGOV has delivered stronger 1-year price return (+3.10% vs +3.02% for BIL).
- Use Schwab, Fidelity, or other platforms where BIL trades commission-free and who prefer SPDR's established brand as the original widely-traded T-bill ETF
- Need maximum trading liquidity for institutional or large-position cash management — BIL's enormous trading volume makes it the most liquid T-bill ETF with the tightest bid-ask spreads
- Already use State Street/SPDR ETFs across their portfolio and prefer BIL's consistent SPDR family integration
- Use iShares products across their portfolio and prefer SGOV's iShares integration — SGOV pairs naturally with other iShares bond ETFs in a BlackRock-managed portfolio
- Value SGOV's marginally broader 0-3 month maturity range that includes very short-dated bills potentially providing different yield characteristics at certain yield curve shapes
- Prefer iShares' competitively-priced expense ratio or have commission-free SGOV access through their brokerage's iShares partnership
| Metric | BIL | SGOV |
|---|---|---|
| ETF scorei | 24.5 | 23.8 |
| Latest closei | $91.42 | $100.45 |
| 1M returni | -0.02% | 0.00% |
| 3M returni | +0.30% | +0.31% |
| 6M returni | +1.20% | +1.22% |
| 1Y returni | +3.02% | +3.10% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | BIL | SGOV |
|---|---|---|
| 1Y ago | $10.63K (+6.3%) started 2025-11-04 | $10.63K (+6.3%) started 2025-11-04 |
| 5Y ago | $14.49K (+44.9%) started 2021-11-05 | $14.6K (+46.0%) started 2021-11-05 |
| 10Y ago | $16.1K (+61.0%) started 2016-11-07 | $14.62K (+46.2%) started 2020-06-01 |
Hypothetical — past performance does not guarantee future results.
| Metric | BIL | SGOV |
|---|---|---|
| Expense ratioi | 0.14% | 0.09% |
| Total assets (AUM)i | $48.51B | $116.84B |
| Dividend yieldi | 3.66% | 3.64% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.00 | 0.00 |
| 52-week change | 3.02% | 3.10% |
| Metric | BIL | SGOV |
|---|---|---|
| 1Y returni | +3.02% | +3.10% |
| 6M returni | +1.20% | +1.22% |
| 3M returni | +0.30% | +0.31% |
| 1M returni | -0.02% | 0.00% |
| 1Y Sharpe ratio | -3.23 | -3.15 |
| Betai | 0.00 | 0.00 |
| Dividend yieldi | 3.66% | 3.64% |
| 5Y CAGR | +3.61% | +3.73% |
Over the past year, BIL and SGOV have moved strongly in the same direction (correlation of 0.94), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | BIL | SGOV |
|---|---|---|---|
| 1Y | Growthi | +3.02% | +3.10% |
| CAGRi | +3.03% | +3.10% | |
| Volatilityi | 0.47% | 0.46% | |
| Sharpe ratioi | -3.23 | -3.15 | |
| Sortino ratioi | -3.27 | -3.19 | |
| Max drawdowni | 0.32% | 0.30% | |
| Current drawdowni | 0.31% | 0.28% | |
| Avg drawdowni | 0.01% | 0.01% | |
| Ulcer Indexi | 0.05% | 0.05% | |
| Max daily dropi | 0.32% | 0.30% | |
| Max wkly dropi | 0.26% | 0.25% | |
| 5Y | Growthi | +19.39% | +20.09% |
| CAGRi | +3.61% | +3.73% | |
| Volatilityi | 0.32% | 0.30% | |
| Sharpe ratioi | -2.94 | -2.71 | |
| Sortino ratioi | -3.42 | -3.15 | |
| Max drawdowni | 0.32% | 0.30% | |
| Current drawdowni | 0.31% | 0.28% | |
| Avg drawdowni | 0.01% | 0.00% | |
| Ulcer Indexi | 0.03% | 0.02% | |
| Max daily dropi | 0.32% | 0.30% | |
| Max wkly dropi | 0.26% | 0.25% | |
| 10Y | Growthi | +25.17% | +20.19% |
| CAGRi | +2.27% | +2.90% | |
| Volatilityi | 0.29% | 0.29% | |
| Sharpe ratioi | -7.86 | -5.72 | |
| Sortino ratioi | -7.72 | -6.10 | |
| Max drawdowni | 0.32% | 0.30% | |
| Current drawdowni | 0.31% | 0.28% | |
| Avg drawdowni | 0.03% | 0.00% | |
| Ulcer Indexi | 0.06% | 0.02% | |
| Max daily dropi | 0.32% | 0.30% | |
| Max wkly dropi | 0.26% | 0.25% |
| Category | BIL | SGOV |
|---|---|---|
| Fund name | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | iShares 0-3 Month Treasury Bond ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.14% | 0.09% |
| Total assets (AUM)i | $48.51B | $116.84B |
| Dividend yieldi | 3.66% | 3.64% |
- Essentially zero interest rate risk — T-bills maturing in 1-3 months have duration near zero; BIL's NAV barely moves with interest rate changes; the fund is not affected by rising rates like intermediate or long-term bond ETFs
- Extremely high credit quality — U.S. Treasury bills are the world's safest short-term instruments; BIL has no credit risk whatsoever
- High liquidity as one of the most traded fixed income ETFs — BIL's enormous AUM and daily trading volume provide institutional liquidity; investors can convert BIL to cash efficiently at any time during market hours
- Includes 0-1 month T-bills in addition to 1-3 month bills — SGOV's broader 0-3 month range means it holds the very short end of the T-bill curve, which may provide slightly higher average yield in certain rate environments (where very short rates are above 1-3 month rates)
- iShares brand with competitive expense ratio — iShares offers SGOV at a competitive expense ratio matching or beating BIL; iShares has been aggressively pricing ultra-short Treasury ETFs
- Part of iShares' complete short-term Treasury suite — SGOV pairs naturally with other iShares bond ETFs (SHY, IEF, TLT) for complete portfolio construction within the iShares family
- Yield declines immediately when the Fed cuts rates — BIL's yield tracks the federal funds rate closely; rate cuts (which the Fed began in 2024) reduce BIL's yield within weeks as maturing T-bills are replaced with new T-bills at lower rates
- Expense ratio reduces net yield below the T-bill rate — BIL's net yield is the gross T-bill yield minus the expense ratio; investors comparing BIL to Treasury Direct T-bill purchases should account for the expense ratio drag
- Not FDIC-insured unlike bank deposits — BIL holds Treasury securities, which are extremely safe but technically not FDIC-insured (though no one reasonably considers U.S. Treasury bills at risk of default)
- Same rate sensitivity as BIL — SGOV's yield will decline with rate cuts as quickly as BIL's; both funds track the federal funds rate with a short lag
- Minimal difference from BIL in practice — the choice between SGOV and BIL for most retail investors comes down to which brokerage offers commission-free trading or which has fractional share support; the investment characteristics are nearly identical
- Like BIL, not FDIC insured — same non-FDIC status as all Treasury-holding ETFs; the credit risk is essentially zero (U.S. government), but technically not covered by FDIC insurance
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