BIL vs SGOV: fees, holdings and returns

BIL holds US Treasury bills that mature in 1 to 3 months. SGOV holds Treasury bills that mature within 3 months. Both are near cash, with steady prices and monthly interest. SGOV charges a lower fee. Over the same dates since June 2020, BIL returned about 2.9% a year and SGOV returned about 3.0% a year.

Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.

BIL

Yearly fee
0.1353%
about $13.53 on $10,000
Return per year
2.9%
since June 2020
Worst drop
−0.1%
since 2020
Started trading
May 2007
SPDR (State Street)

SGOV

Yearly fee
0.09%
about $9 on $10,000
Return per year
3.0%
since June 2020
Worst drop
0.0%
since 2020
Started trading
May 2020
iShares (BlackRock)

Key points

  • SGOV costs less: 0.09% a year against 0.1353%.
  • BIL started trading in May 2007. SGOV started in May 2020.
  • Worst drops since 2020: BIL −0.1%, SGOV 0.0%.
  • Daily correlation: 0.70 (1 means they always move together).

What is the difference between BIL and SGOV?#

Both lend to the US government for a few weeks at a time, so their prices barely move and their income follows short-term interest rates. SGOV can hold bills that mature in under a month, and BIL starts at one month, which barely changes how they behave. The main difference is the fee, which takes a larger share of the income when rates are low.

FactBILSGOV
Full nameState Street SPDR Bloomberg 1-3 Month T-Bill ETFiShares 0-3 Month Treasury Bond ETF
IssuerSPDR (State Street)iShares (BlackRock)
Expense ratio0.1353% a year0.09% a year
Started tradingMay 25, 2007May 26, 2020
TracksBloomberg 1-3 Month U.S. Treasury Bill IndexICE 0-3 Month US Treasury Securities Index
Holdings34 holdings as of October 15, 2026n/a
TypeCash and T-bills, ETFCash and T-bills, ETF

Fund facts checked on the SPDR (State Street) BIL page and the iShares (BlackRock) SGOV page.

Is BIL or SGOV cheaper?#

SGOV costs less: 0.09% a year against 0.1353%. On $10,000, that is about $13.53 a year for BIL and $9 for SGOV. The fund takes its fee out of its own value a little each day, so you never get a bill.

BIL vs SGOV performance over the same dates#

$10k202120222023202420252026
BILSGOVGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from June 2020 to October 2026, the dates both traded. BIL returned about 2.9% a year and SGOV returned about 3.0% a year. SGOV came out ahead over this period, which does not mean it will again.

MeasureBILSGOV
$10,000 grew to$11,981$12,074
Total return19.8%20.7%
Return per year (CAGR)2.9%3.0%
Worst drop from a high−0.1%0.0%
Volatility (how much it swings)0.3%0.2%
Last 12 months3.7%3.8%
Last 3 years, per year4.4%4.5%
Last 5 years, per year3.7%3.8%

Prices through October 20, 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.

BIL and SGOV returns by year#

YearBILSGOV
2026 (part of the year)2.9%2.9%
20254.2%4.2%
20245.2%5.3%
20234.9%5.1%
20221.4%1.6%
2021−0.1%0.0%
2020 (part of the year)0.0%0.1%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. BIL’s worst fall was −0.1%, from September 17, 2020 to February 14, 2022. It got back to that high on June 30, 2022.

SGOV’s worst fall was 0.0%, from August 22, 2022 to August 23, 2022. It got back to that high on August 25, 2022.

Their daily moves had a correlation of 0.70. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always.

Why people choose BIL or SGOV#

BIL. People who have long used BIL as a cash fund, or as the safe asset in a strategy, often keep it.

SGOV. People who want a Treasury bill fund at a lower fee often pick SGOV.

Strategies that hold BIL or SGOV#

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

Other funds like BIL and SGOV#

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: BIL alternatives and SGOV alternatives.

Test a mix of BIL and SGOV#

Open the builder, add BIL and SGOV, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for BIL and SGOV, or see more ETF comparisons.

The details#

Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.

Research and test it

Common questions#

Are BIL and SGOV safe?#

They hold short US government debt, so the risk of not being paid is very low and their prices barely move. Their income falls when short-term rates fall.

Why does the BIL and SGOV comparison start in 2020?#

SGOV started trading in May 2020, so the figures above start then, when both were trading.

Which is cheaper, BIL or SGOV?#

SGOV costs less: 0.09% a year against 0.1353%. Fees come from each issuer and were checked on October 16, 2026.

Which did better, BIL or SGOV?#

From June 2020 to October 2026, BIL returned about 2.9% a year and SGOV returned about 3.0% a year, with dividends reinvested. Their worst drops were −0.1% and 0.0%. Past returns do not tell you what comes next.

Sources#