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 (+3.96% vs +3.87% 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 score | 47.0 | 51.0 |
| Latest close | $91.57 | $100.59 |
| 1M return | +0.32% | +0.32% |
| 6M return | +1.80% | +1.83% |
| 1Y return | +3.87% | +3.96% |
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 | $10.8K (+8.0%) started 2025-06-18 | $10.81K (+8.1%) started 2025-06-18 |
| 5Y ago | $14.23K (+42.3%) started 2021-06-18 | $14.34K (+43.4%) started 2021-06-18 |
| 10Y ago | $15.81K (+58.1%) started 2016-06-20 | $14.36K (+43.6%) started 2020-06-01 |
Hypothetical — past performance does not guarantee future results.
| Metric | BIL | SGOV |
|---|---|---|
| Expense ratio | 0.14% | 0.09% |
| Total assets (AUM) | $46.12B | $91.9B |
| Dividend yield | 3.90% | 3.90% |
| Trailing P/E | N/A | N/A |
| Beta | 0.00 | 0.00 |
| 52-week change | 3.87% | 3.96% |
| Metric | BIL | SGOV |
|---|---|---|
| 1Y return | +3.87% | +3.96% |
| 6M return | +1.80% | +1.83% |
| 1M return | +0.32% | +0.32% |
| 1Y Sharpe ratio | -3.45 | -3.09 |
| Beta | 0.00 | 0.00 |
| Dividend yield | 3.90% | 3.90% |
| 5Y CAGR | +3.45% | +3.58% |
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 | Growth | +3.87% | +3.96% |
| CAGR | +3.87% | +3.96% | |
| Sharpe ratio | -3.45 | -3.09 | |
| Max drawdown | 0.01% | 0.01% | |
| Max daily drop | 0.01% | 0.01% | |
| Max wkly drop | 0.00% | 0.00% | |
| 5Y | Growth | +18.46% | +19.20% |
| CAGR | +3.45% | +3.58% | |
| Sharpe ratio | -4.22 | -4.04 | |
| Max drawdown | 0.09% | 0.03% | |
| Max daily drop | 0.03% | 0.03% | |
| Max wkly drop | 0.03% | 0.02% | |
| 10Y | Growth | +24.31% | +19.27% |
| CAGR | +2.20% | +2.96% | |
| Sharpe ratio | -9.03 | -6.68 | |
| Max drawdown | 0.21% | 0.03% | |
| Max daily drop | 0.04% | 0.03% | |
| Max wkly drop | 0.09% | 0.02% |
| 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 ratio | 0.14% | 0.09% |
| Total assets (AUM) | $46.12B | $91.9B |
| Dividend yield | 3.90% | 3.90% |
- →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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