# BIL alternatives: 6 similar ETFs compared

> ETFs similar to BIL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as BIL. Updated daily.

The ETFs most like BIL are SGOV, SHV and TFLO. SGOV, SHV and TFLO hold US government bills and notes that pay back within months, so the price barely moves, like BIL. SGOV costs less: 0.09% a year against 0.1353%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- 6 funds can stand in for BIL: 4 of the same kind and 2 related funds.
- BIL charges 0.1353% a year (about $13.53 on $10,000). The cheapest alternative here, VGSH, charges 0.03%.
- SGOV moved most like BIL: a daily correlation of 0.68 over about the last five years.
- Returns and drops for each pair use the same dates for both funds.

## BIL alternatives at a glance

Each fund below can stand in for BIL, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way.

| ETF | How close | Yearly fee | Fee on $10,000 | Tracks |
| --- | --- | --- | --- | --- |
| **BIL** | This fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index |
| [SGOV](https://tactfolio.com/etf/sgov.md) | Same kind of fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index |
| [SHV](https://tactfolio.com/etf/shv.md) | Same kind of fund | 0.15% | $15 | ICE Short US Treasury Securities Index |
| [TFLO](https://tactfolio.com/etf/tflo.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index |
| [USFR](https://tactfolio.com/etf/usfr.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index |
| [VGSH](https://tactfolio.com/etf/vgsh.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index |
| [SHY](https://tactfolio.com/etf/shy.md) | Related fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index |

Fees come from each fund company, checked on the dates shown on each fund's page.

## How BIL and its alternatives did over the same dates

Each row measures the alternative and BIL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

| ETF | Moves with BIL | Per year | BIL per year | Worst drop | BIL worst drop | Since |
| --- | --- | --- | --- | --- | --- | --- |
| [SGOV](https://tactfolio.com/etf/sgov.md) | 0.68 | 3.0% | 2.9% | 0.0% | −0.1% | June 2020 |
| [SHV](https://tactfolio.com/etf/shv.md) | 0.62 | 1.5% | 1.4% | −0.4% | −0.8% | May 2007 |
| [TFLO](https://tactfolio.com/etf/tflo.md) | 0.41 | 2.0% | 1.8% | −5.0% | −0.2% | February 2014 |
| [USFR](https://tactfolio.com/etf/usfr.md) | 0.33 | 2.0% | 1.8% | −2.2% | −0.2% | February 2014 |
| [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.14 | 1.4% | 1.4% | −5.7% | −0.4% | November 2009 |
| [SHY](https://tactfolio.com/etf/shy.md) | 0.14 | 1.8% | 1.4% | −5.7% | −0.8% | May 2007 |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## Each BIL alternative, compared

### SGOV: iShares 0-3 Month Treasury Bond ETF

SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index.

It charges 0.09% a year, about $9 on $10,000, against $13.53 for BIL.

From June 2020 to October 2026, SGOV returned about 3.0% a year and BIL returned about 2.9% a year. Over about the last five years they often moved together, but not always (correlation 0.68).

Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop.

### SHV: iShares 0-1 Year Treasury Bond ETF

SHV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE Short US Treasury Securities Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index.

It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 19 holdings, against 34 for BIL.

From May 2007 to October 2026, SHV returned about 1.5% a year and BIL returned about 1.4% a year. Over about the last five years they often moved together, but not always (correlation 0.62).

Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop.

### TFLO: iShares Treasury Floating Rate Bond ETF

TFLO also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index.

It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 8 holdings, against 34 for BIL.

From February 2014 to October 2026, TFLO returned about 2.0% a year and BIL returned about 1.8% a year. Over about the last five years they often moved in different ways (correlation 0.41).

Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop.

### USFR: WisdomTree Floating Rate Treasury Fund

USFR also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index.

It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 5 holdings, against 34 for BIL.

From February 2014 to October 2026, USFR returned about 2.0% a year and BIL returned about 1.8% a year. Over about the last five years they often moved in different ways (correlation 0.33).

Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop.

### VGSH: Vanguard Short-Term Treasury ETF

VGSH is a looser match. It holds US government bonds that pay back in 1 to 3 years, while BIL holds US government bills and notes that pay back within months, so the price barely moves.

It charges 0.03% a year, about $3 on $10,000, against $13.53 for BIL. It held 92 holdings, against 34 for BIL.

From November 2009 to October 2026, VGSH returned about 1.4% a year and BIL returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.14).

Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop.

### SHY: iShares 1-3 Year Treasury Bond ETF

SHY is a looser match. It holds US government bonds that pay back in 1 to 3 years, while BIL holds US government bills and notes that pay back within months, so the price barely moves.

It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 90 holdings, against 34 for BIL.

From May 2007 to October 2026, SHY returned about 1.8% a year and BIL returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.14).

Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop.

## BIL versions from other fund companies

Some people keep all their funds with one company. Here is the closest fund to BIL from each other company on this page:

- **iShares (BlackRock):** [SGOV](https://tactfolio.com/etf/sgov.md), iShares 0-3 Month Treasury Bond ETF (same kind of fund, 0.09% a year)
- **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (same kind of fund, 0.15% a year)
- **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (related fund, 0.03% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here.

## How to choose between BIL and its alternatives

- **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix.
- **The fee.** The difference is often small. On $10,000, BIL costs about $13.53 a year. VGSH costs about $3.
- **History.** An older fund has been through more bad markets, so you can see how far it fell.
- **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

## Swapping BIL to harvest a tax loss

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SGOV, SHV or TFLO, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550).

## Test BIL and its alternatives in a backtest

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add BIL and SGOV, and see how each would have done on the same dates, or how a mix of both would have done.

## The details

Alternatives are picked from facts, not from returns. First come funds that track the same index as BIL. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like BIL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with BIL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures.
- [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What ETF is most similar to BIL?

SGOV is the closest. SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Over about the last five years they often moved together, but not always.

### Is there a cheaper alternative to BIL?

Yes. VGSH charges 0.03% a year and SGOV charges 0.09% a year, against 0.1353% for BIL. On $10,000 that is about $3 a year instead of $13.53.

### Is BIL or SGOV better?

Neither is better for everyone. From June 2020 to October 2026, BIL returned about 2.9% a year and SGOV returned about 3.0% a year. BIL charges 0.1353% a year and SGOV charges 0.09%. Past returns do not tell you what comes next.

### What if I had put $10,000 in BIL 10 years ago?

It would have grown to about $12,578 by October 16, 2026, with dividends reinvested. That is about 2.3% a year. Past returns do not tell you what comes next.

## Sources

- [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil)
- [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf)
- [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf)
- [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf)
- [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm)
- [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh)
- [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf)
- [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.