# BIL vs SGOV: fees, holdings and returns compared

> BIL vs SGOV: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

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](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 20, 2026.

## 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.

| Fact | BIL | SGOV |
| --- | --- | --- |
| Full name | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | iShares 0-3 Month Treasury Bond ETF |
| Issuer | SPDR (State Street) | iShares (BlackRock) |
| Expense ratio | 0.1353% a year | 0.09% a year |
| Started trading | May 25, 2007 | May 26, 2020 |
| Tracks | Bloomberg 1-3 Month U.S. Treasury Bill Index | ICE 0-3 Month US Treasury Securities Index |
| Holdings | 34 holdings as of October 15, 2026 | n/a |
| Type | Cash and T-bills, ETF | Cash and T-bills, ETF |

Fund facts checked on the [SPDR (State Street) BIL page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) and the [iShares (BlackRock) SGOV page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf).

## 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

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.

| Measure | BIL | SGOV |
| --- | --- | --- |
| $10,000 grew to | $11,981 | $12,074 |
| Total return | 19.8% | 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 months | 3.7% | 3.8% |
| Last 3 years, per year | 4.4% | 4.5% |
| Last 5 years, per year | 3.7% | 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

| Year | BIL | SGOV |
| --- | --- | --- |
| 2026 (part of the year) | 2.9% | 2.9% |
| 2025 | 4.2% | 4.2% |
| 2024 | 5.2% | 5.3% |
| 2023 | 4.9% | 5.1% |
| 2022 | 1.4% | 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.

- [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 (holds BIL)
- [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 (holds BIL)
- [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds BIL)
- [Faber’s 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), by Mebane Faber, 2007 (holds BIL)
- [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 (holds BIL)
- [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds BIL)
- [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 (holds BIL)
- [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds BIL)
- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 (holds BIL)
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 (holds BIL)
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 (holds BIL)
- [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 (holds BIL)
- [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 (holds BIL)
- [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds BIL)
- [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 (holds BIL)
- [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 (holds BIL)
- [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 (holds BIL)
- [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 (holds BIL)
- [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds BIL)
- [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 (holds BIL)
- [Trending Fast and Slow (volatility-switched momentum)](https://tactfolio.com/strategies/trending-fast-and-slow.md), by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022 (holds BIL)
- [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 (holds BIL)
- [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 (holds BIL)
- [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 (holds BIL)
- [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 (holds BIL)
- [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 (holds BIL)
- [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds BIL)
- [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds BIL)
- [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 (holds BIL)
- [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md), by Michael Gayed and Charles Bilello, 2016 (holds BIL)
- [200-Day Moving Average Strategy (S&P 500)](https://tactfolio.com/strategies/200-day-moving-average.md), by Jeremy Siegel, 1994, Michael Gayed and Charles Bilello, 2016 (holds BIL)
- [Golden Cross Strategy (50-day and 200-day moving averages)](https://tactfolio.com/strategies/golden-cross.md), by Technical analysis tradition (holds BIL)
- [Volatility-Managed Portfolio (Moreira and Muir)](https://tactfolio.com/strategies/volatility-managed-portfolio.md), by Alan Moreira and Tyler Muir, 2017 (holds BIL)
- [Growth-Trend Timing (Philosophical Economics’ GTT)](https://tactfolio.com/strategies/growth-trend-timing.md), by Jesse Livermore (Philosophical Economics), 2016 (holds BIL)
- [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md), by Jesse Livermore (Philosophical Economics), 2016 (holds BIL)
- [Growth-Trend Timing with job growth](https://tactfolio.com/strategies/growth-trend-timing-jobs.md), by Jesse Livermore (Philosophical Economics), 2016 (holds BIL)
- [Growth-Trend Timing with housing starts and income](https://tactfolio.com/strategies/growth-trend-timing-housing.md), by Jesse Livermore (Philosophical Economics), 2016 (holds BIL)
- [TrendYCMacro (Quantpedia’s market timing strategy)](https://tactfolio.com/strategies/trend-yc-macro.md), by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023 (holds BIL)
- [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds BIL)

## 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](https://tactfolio.com/alternatives/BIL.md) and [SGOV alternatives](https://tactfolio.com/alternatives/SGOV.md).

## Test a mix of BIL and SGOV

Open the [builder](https://tactfolio.com/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](https://tactfolio.com/etf/BIL.md) and [SGOV](https://tactfolio.com/etf/SGOV.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## 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](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

### 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

- [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)

> 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.