State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL)
$91.57+0.03%close of Oct 16, 2026
State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund lends money to the US government for one to three months at a time by owning Treasury bills. It charges 0.1353% a year. From May 2007 to October 2026 it returned about 1.4% a year, and its worst drop was −0.8%.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.1353%
- about $13.53 on $10,000
- 1-year return
- 3.7%
- to Oct 16, 2026
- Return per year
- 1.4%
- since May 2007
- Worst drop
- −0.8%
- since 2007
- Below its high
- At a high
- now
- Volatility
- 0.5%
- yearly swings
- Issuer
- SPDR (State Street)
- Tracks
- Bloomberg 1-3 Month U.S. Treasury Bill Index
- Started trading
- May 25, 2007
- Type
- Cash and T-bills, ETF
- Holdings
- 34 holdings as of October 15, 2026
- Expense ratio
- 0.1353% a year
How has BIL done since 2007?#
From May 2007 to October 2026, BIL returned about 1.4% a year. The S&P 500 returned about 10.6% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $13,089 at the end, with every dividend reinvested.
| Period | BIL | S&P 500 (SPY) |
|---|---|---|
| 1 month | 0.4% | 1.5% |
| 3 months | 0.9% | 1.9% |
| 6 months | 1.8% | 9.3% |
| Year to date | 2.9% | 12.8% |
| 1 year | 3.7% | 16.8% |
| 3 years per year | 4.5% | 22.0% |
| 5 years per year | 3.7% | 12.8% |
| 10 years per year | 2.3% | 15.4% |
| Since 2007 per year | 1.4% | 10.6% |
Periods longer than a year show the return per year (CAGR). 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.
BIL returns by month and year#
BIL rose in 136 of its 233 months (58%). Its best month was September 2008, at 0.5%. Its worst was October 2008, at −0.2%.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.9% | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | ||
| 2025 | 4.2% | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 | 0.4 | 0.3 | 0.4 | 0.3 | 0.3 |
| 2024 | 5.2% | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.4 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 |
| 2023 | 4.9% | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.4 | 0.5 | 0.4 | 0.4 | 0.5 | 0.4 |
| 2022 | 1.4% | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 |
| 2021 | −0.1% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2020 | 0.4% | 0.1 | 0.1 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2019 | 2.0% | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 |
| 2018 | 1.7% | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 |
| 2017 | 0.7% | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| 2016 | 0.1% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2015 | −0.1% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2014 | −0.1% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2013 | −0.1% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2012 | 0.0% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2011 | 0.0% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2010 | 0.0% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2009 | 0.3% | 0.2 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | −0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2008 | 1.6% | 0.4 | 0.2 | 0.2 | −0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.5 | −0.2 | 0.0 | 0.0 |
| 2007 | 2.5% | 0.4 | 0.4 | 0.4 | 0.2 | 0.4 | 0.4 | 0.2 |
Each month runs from the last close of the month before. The first month counts from the first close.
How risky is BIL compared with the S&P 500?#
Measured from October 2021 to October 2026, on the days both traded.
- Beta 0.00. When the S&P 500 moved 1% in a day, BIL tended to move about 0.00%.
- Correlation -0.01. BIL moved mostly on its own, apart from the S&P 500.
- Up and down months. In months the S&P 500 rose, BIL rose 9% as much on average. In months it fell, BIL rose on average.
| Measure | BIL | S&P 500 (SPY) |
|---|---|---|
| Return per year | 3.7% | 12.8% |
| Volatility | 0.3% | 17.1% |
| Worst drop | −0.1% | −24.5% |
| Sharpe ratio | 14.26 | 0.79 |
| Sortino ratio | 61.12 | 1.15 |
| Calmar ratio | 67.79 | 0.52 |
Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.
Is BIL above its 200-day average?#
BIL closed 1.4% above its 200-day average on October 16, 2026. A rule that holds BIL only above that average would hold it today.
- vs 200-day average
- +1.4%
- above it
- 50-day vs 200-day
- +1.1%
- trend rising
- vs 52-week high
- 0.0%
- high of $91.57
A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for BIL and backtest it in a minute.
What was BIL’s worst drop?#
A drawdown is how far a fund falls from its last high point. BIL’s worst fall was −0.8%, from September 29, 2008 to December 9, 2015. It got back to that high on December 8, 2017. On October 16, 2026 it closed at a new high.
Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
What does BIL hold?#
This fund lends money to the US government for one to three months at a time by owning Treasury bills. Its price usually stays steady and it pays interest. When short term interest rates fall, its income falls too.
It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. It had 34 holdings as of October 15, 2026, according to SPDR (State Street).
What is the BIL expense ratio?#
BIL charges 0.1353% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.1353% fee comes to about $13.53 a year. Of the 162 ETFs on Tactfolio, 49% charge more.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
Which Tactfolio strategies hold BIL?#
39 classic strategies hold BIL at least some of the time. Each is a set of written rules you can open, test and copy.
- Hybrid Asset Allocation (HAA), by Wouter Keller and JW Keuning, 2023
- HAA Simple: Hybrid Asset Allocation with one asset, by Wouter Keller and JW Keuning, 2023
- Bold Asset Allocation (BAA), by Wouter Keller, 2022
- Faber’s 10-month moving average timing model, by Mebane Faber, 2007
- Dual Momentum: Antonacci’s Global Equities Momentum (GEM), by Gary Antonacci, 2014
- Composite Dual Momentum, by Gary Antonacci, 2012
- Global Tactical Asset Allocation (GTAA 5), by Mebane Faber, 2007
- Bold Asset Allocation G4 (BAA aggressive), by Wouter Keller, 2022
- GTAA 13: Faber’s 13-asset tactical allocation, by Mebane Faber, 2013
- GTAA Aggressive 3 (Faber GTAA AGG3), by Mebane Faber, 2013
- GTAA Aggressive 6 (Faber GTAA AGG6), by Mebane Faber, 2013
- Ivy Portfolio rotation (Faber’s relative strength model), by Mebane Faber and Eric Richardson, 2009
- Faber sector rotation (the three strongest US sectors), by Mebane Faber, 2010
- Trinity Portfolio (Meb Faber), by Mebane Faber, 2016
- Gold Cross-Asset Momentum (gold and Treasury rule), by Cyril Dujava (Quantpedia), 2026
- US Cross-Asset Momentum (stock and Treasury timing), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016
- US Risk Parity Trend-Following (The Trend is Our Friend), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016
- Global Risk Parity Trend-Following (Clare et al.), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016
- Defense First (Carlson’s defensive tactical model), by Thomas D. Carlson, 2025
- HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant), by Nicolas Lequeux (NLX Finance), 2024
- Trending Fast and Slow (volatility-switched momentum), by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022
- Robust Asset Allocation Balanced (Alpha Architect RAA), by Wesley Gray (Alpha Architect), 2014
- Robust Asset Allocation Aggressive (Alpha Architect RAA), by Wesley Gray (Alpha Architect), 2014
- Tactical Permanent Portfolio (GestaltU / ReSolve), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012
- Diversified Dual Momentum (Newfound Research), by Corey Hoffstein (Newfound Research), 2019
- Paul Novell’s Tactical Bond Strategy, by Paul Novell, 2014
- Three-Way Model (Ned Davis Research), by Ned Davis Research, 2015
- Kipnis Defensive Adaptive Asset Allocation (KDA), by Ilya Kipnis, 2019
- Leverage Rotation Strategy (UPRO above the 200-day average), by Michael Gayed and Charles Bilello, 2016
- Leverage Rotation Strategy 2x (LRS with SSO), by Michael Gayed and Charles Bilello, 2016
- 200-Day Moving Average Strategy (S&P 500), by Jeremy Siegel, 1994, Michael Gayed and Charles Bilello, 2016
- Golden Cross Strategy (50-day and 200-day moving averages), by Technical analysis tradition
- Volatility-Managed Portfolio (Moreira and Muir), by Alan Moreira and Tyler Muir, 2017
- Growth-Trend Timing (Philosophical Economics’ GTT), by Jesse Livermore (Philosophical Economics), 2016
- Growth-Trend Timing with unemployment (GTT-UE), by Jesse Livermore (Philosophical Economics), 2016
- Growth-Trend Timing with job growth, by Jesse Livermore (Philosophical Economics), 2016
- Growth-Trend Timing with housing starts and income, by Jesse Livermore (Philosophical Economics), 2016
- TrendYCMacro (Quantpedia’s market timing strategy), by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023
- Pragmatic Asset Allocation (Quantpedia’s PAA), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024
How does BIL compare with similar ETFs?#
Funds that can stand in for BIL:
- SGOV: iShares 0-3 Month Treasury Bond ETF, 0.09% a year
- SHV: iShares 0-1 Year Treasury Bond ETF, 0.15% a year
- TFLO: iShares Treasury Floating Rate Bond ETF, 0.15% a year
- USFR: WisdomTree Floating Rate Treasury Fund, 0.15% a year
See all 6 BIL alternatives, compared on the same dates as BIL.
Test BIL in your own rules#
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, add BIL, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.
The details#
Prices come from Tactfolio’s stored daily prices for BIL and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.
Fund facts come from SPDR (State Street). We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of BIL?#
BIL charges 0.1353% a year, according to SPDR (State Street) as of October 16, 2026. That is about $13.53 a year for every $10,000 you hold.
When did BIL start trading?#
BIL started trading on May 25, 2007. It is run by SPDR (State Street).
What does BIL track?#
BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. This fund lends money to the US government for one to three months at a time by owning Treasury bills.
How much has BIL returned per year?#
From May 2007 to October 2026, BIL returned about 1.4% a year with dividends reinvested. Its worst drop was −0.8%. Past returns do not tell you what it will do next.
Is BIL above its 200-day moving average?#
On October 16, 2026, BIL closed 1.4% above its 200-day moving average. This page updates after each US market close.
Which strategies use BIL?#
39 of Tactfolio’s classic strategies hold BIL, including Hybrid Asset Allocation (HAA), HAA Simple: Hybrid Asset Allocation with one asset, Bold Asset Allocation (BAA).