ETF Versus

BIL vs SPY

State Street SPDR Bloomberg 1-3 Month T-Bill ETF vs State Street SPDR S&P 500 ETF Trust

Last updated: 2026-04-02

BIL State Street

State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an exchange-traded fund issued by State Street that provides exposure to short-duration U.S. Treasury bonds with low interest rate risk. It charges a low expense ratio of 0.14%. The fund offers an attractive dividend yield of 3.95%. Launched in 2007, the fund has a 19-year track record.

AUM: N/A ER: 0.14% Yield: 3.95% Since: 2007-05-30
SPY State Street

State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund issued by State Street that provides exposure to large-cap U.S. equities across growth and value styles. It charges a low expense ratio of 0.09%. The fund offers a moderate dividend yield of 1.13%. Launched in 1993, the fund has a 33-year track record.

AUM: $712.1B ER: 0.09% Yield: 1.13% Since: 1993-01-29

Quick Verdict

SPY has a slightly lower expense ratio (0.09% vs 0.14%), saving about $99 per $10,000 over 10 years. Over the past year, SPY has significantly outperformed with a 16.0% return vs -0.0%. Income investors may prefer BIL for its higher yield (4.0% vs 1.1%).

Key Metrics

Metric BIL SPY
Expense Ratio 0.14% 0.09%
Dividend Yield 4.0% 1.1%
Fund Family State Street State Street
Category US Short-Term Treasury US Large Cap Blend

Performance Chart

Indexed to 100 at start (5-year comparison)

85 103 121 139 157 175 2021-04 2022-06 2023-10 2024-12 2026-04
BIL -0.1%
SPY +61.1%

Performance Comparison

Period BIL SPY Difference
1 Month +0.03% -3.75% +3.78%
3 Months +0.01% -4.15% +4.16%
6 Months -0.09% -2.50% +2.41%
YTD +0.01% -4.15% +4.16%
1 Year -0.01% +16.00% -16.01%
3 Years -0.04% +59.35% -59.39%
5 Years -0.08% +61.15% -61.23%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period BIL Fees SPY Fees You Save
$10,000 10 years $278 $179 $99
$10,000 20 years $1,194 $771 $423
$10,000 30 years $3,841 $2,486 $1,355
$50,000 10 years $1,391 $896 $495
$50,000 30 years $19,203 $12,428 $6,775
$100,000 30 years $38,406 $24,855 $13,551

Risk Metrics

Based on 5 years of daily returns

Metric BIL SPY
Annualized Volatility 1.1% 17.1%
Max Drawdown -0.7% -25.4%
Sharpe Ratio -4.14 0.38

Dividend Comparison

Metric BIL SPY
Annual Dividend (per share) $3.62 $7.38
Dividend Yield 3.95% 1.13%
Distribution Frequency Monthly Quarterly

Top Holdings

SPY Top Holdings

NameWeight
NVIDIA Corp775.46%
Apple Inc687.37%
Microsoft Corp615.05%
Amazon.com Inc384.22%
Broadcom Inc279.66%
Alphabet Inc249.68%
Meta Platforms Inc245.99%
Tesla Inc216.23%
Berkshire Hathaway Inc157.72%

Which One Should You Choose?

Choose SPY if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose SPY if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose BIL if...

you prioritize dividend income and want higher regular distributions from your portfolio.

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