At a glance
BIL’s holdings mature in 10 weeks on average and SGOV’s in 5 weeks; 25% of their holdings overlap by weight. SGOV costs less: 0.09% a year against 0.1352% for BIL, or $90 against $135 on every $100,000. BIL has $47.08B in assets and SGOV $105.98B; over the past 12 months BIL paid out 3.65% of its price and SGOV 3.65%, both monthly. Over the past year BIL returned +3.3% and SGOV +3.4% with distributions reinvested; over five years, +3.7% and +3.8% a year.
Key differences
| BIL | SGOV | |
|---|---|---|
| Fund | SPDR Bloomberg 1-3 Month T-Bill ETF | iShares 0-3 Month Treasury Bond ETF |
| Issuer | SPDR (State Street) | iShares |
| Structure | Open-end ETF | Open-end ETF |
| Type | Treasury bills | Treasury bills |
| Launched | May 25, 2007 | May 26, 2020 |
| Expense ratio | 0.1352% | 0.09% |
| Cost a year on $100,000 | $135 | $90 |
| Net assets | $47.08B | $105.98B |
| Holdings | 22 | 22 |
| Ten largest positions | 74.5% | 68.4% |
| Average maturity | 0.2 years | 0.1 years |
| Average coupon | 0% | 0% |
| Yield (12 months) | 3.65% | 3.65% |
| Pays | monthly | monthly |
| Portfolio turnover | 0% a year | 0% a year |
| Price data from | May 30, 2007 | Feb 22, 2021 |
Structure and tax notes
- Both: Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
Holdings and overlap
Overlap adds up, for every security both funds own, the smaller of its two weights: 100% would mean identical portfolios. Bond funds seldom own the same issues even when they behave alike; maturity and the kind of issuer say more.
By issuer
| Issuer | BIL | SGOV |
|---|---|---|
| US Treasury | 99.57% | 106.11% |
Returns
$10,000 put into BIL on Feb 26, 2021 was worth $11,961 on Nov 2, 2026, and in SGOV $12,045 (+3.2% and +3.3% a year). That is as far back as the price data for both goes.
| 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|
| BIL price data to Nov 2, 2026 | +3.3% | +4.3% | +3.7% | +2.3% |
| BIL official prospectus, to Dec 31, 2025 | +4.15% | — | +3.09% | +2.03% |
| SGOV price data to Nov 2, 2026 | +3.4% | +4.4% | +3.8% | — |
| SGOV official prospectus, to Dec 31, 2025 | +4.24% | — | +3.23% | — |
Calendar years
| Year | BIL | SGOV | Difference |
|---|---|---|---|
| 2026 | +2.7% * | +2.8% * | SGOV +0.1 |
| 2025 | +4.2% | +4.2% | SGOV +0.1 |
| 2024 | +5.2% | +5.3% | SGOV +0.1 |
| 2023 | +4.9% | +5.1% | SGOV +0.2 |
| 2022 | +1.4% | +1.6% | SGOV +0.2 |
| 2021 | -0.1% | +0.02% † | |
| 2020 | +0.4% | — | |
| 2019 | +2.0% | — | |
| 2018 | +1.8% | — | |
| 2017 | +0.7% | — |
Downturns and recovery
| BIL | SGOV | |
|---|---|---|
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | −0.8% at the worst | Before it launched |
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | No fall | Before it launched |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | No fall | No fall |
| Worst fall in the price data | −0.8% (Sep 29, 2008 – Oct 17, 2008) | −0.3% (Oct 30, 2026 – Nov 2, 2026) |
Income
| Year | BIL | SGOV |
|---|---|---|
| 2025 | $413 | $410 |
| 2024 | $503 | $511 |
| 2023 | $491 | $486 |
| 2022 | $136 | $146 |
Costs
SGOV charges 0.09% a year and BIL 0.1352%: on $100,000 that is $45 a year less with SGOV ($226 on $500,000). The fee comes out of each fund's assets, so it is already in the returns above.
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BIL | $14 | $44 | $76 | $173 |
| SGOV | $9 | $29 | $51 | $115 |