SHY vs BIL: Performance, Holdings, Fees & Risk
SHY and BIL are ETFs, but they can differ materially in exposure, yield, fees and risk. SHY is iShares 1-3 Year Treasury Bond ETF, while BIL is State Street SPDR Bloomberg 1-3 Month T-Bill ETF. SHY is broader by holdings count, with 92 positions versus 19 for BIL. BIL is more concentrated at the top, based on top-10 holdings weight. Current AlgovestIQ evidence has BIL ahead on AIQ Score, 56 versus 54.
What is the main difference between SHY and BIL?
SHY holds 92 positions to BIL's 19, and 0% of their weight is in the same securities.
| Metric | SHY | BIL |
|---|---|---|
| Fund | ||
| Expense ratio | 0.15% | 0.14% |
| Holdings | 92 | 19 |
| Top-10 concentration | 15.9% | 74.5% |
| Distribution yieldTrailing 12 months | 3.62% | 3.66% |
| Average volume | 3,950,340 | 10,157,476 |
| Performance | ||
| 1Y return | -2.2% | 0% |
| YTD return | -1.8% | +0.2% |
| 5Y annualized returnTotal return, distributions reinvested | +1.9% | +3.7% |
| Risk | ||
| Annualized volatility | 1.8% | 1% |
| Max drawdown (1Y) | -2.6% | -0.5% |
| Max drawdown (5Y)Total return, distributions reinvested | -5.4% | -0.1% |
| Beta | 0.03 | -0.01 |
| Sharpe ratio | -3.48 | -3.80 |
| Sortino ratio | -3.89 | -3.21 |
| AlgovestIQ | ||
| AIQ Score | 54/100 | 56/100 |
| AIQ Edge Score | 5/10 | 6/10 |
| Momentum | 49/100 | 56/100 |
| Risk Resilience | 72/100 | 66/100 |
AlgovestIQ AIQ Comparison
iShares 1-3 Year Treasury Bond ETF vs State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL leads
BIL leads by 2 AIQ points, primarily on Momentum and Quality, but the lead has narrowed from 14 points over 30 sessions.
Fragile: 0 of 4 evidence groups support BIL, its lead is narrowing, and its current signal state is conflicted.
iShares 1-3 Year Treasury Bond ETF
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
The Algovestiq AIQ Score currently favors BIL over SHY, 56 versus 54 as of Oct 21, 2026. BIL's advantage is driven primarily by stronger momentum and quality, while SHY holds the stronger risk resilience profile. BIL also shows the stronger technical structure relative to its 50-day moving average. 0 of 4 covered evidence groups favor BIL today, and the comparison is rated Fragile on stability: the AIQ gap is narrow at 2 points. BIL lead: Weakening — the AIQ differential moved from 14 to 2 points over 30 sessions.
Compare iShares 1-3 Year Treasury Bond ETF and State Street SPDR Bloomberg 1-3 Month T-Bill ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
SHY vs BIL: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | SHY | BIL | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.15% | 0.14% | Similar |
| Broader diversificationNumber of holdings | 92 | 19 | SHY |
| Lower concentrationWeight of the 10 largest holdings | 15.9% | 74.5% | SHY |
| Higher incomeTrailing 12-month distribution yield | 3.62% | 3.66% | Similar |
| Smaller drawdownsMax drawdown, 5 years | -5.4% | -0.1% | BIL |
| Lower volatilityAnnualized volatility, 1 year | 1.8% | 1% | Similar |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare SHY and BIL against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Momentum49 vs 56BIL +7
- Risk Resilience72 vs 66SHY +6
- Quality67 vs 72BIL +5
- Value36 vs 36Even
0 of 4 evidence groups favor BIL. BIL’s edge is concentrated in momentum and quality; SHY keeps a meaningful risk resilience edge.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Momentum -2, not enough on its own to move the overall score.
No signal started or stopped since the prior session; its 6 active signals are unchanged.
Largest factor move: Momentum +2, not enough on its own to move the overall score.
No signal started or stopped since the prior session; its 7 active signals are unchanged.
BIL's lead was unchanged in the latest session.
Deeper signal detail for each name lives on its own signals page — SHY and BIL both carry a full feed there.
The central trade-off
BIL (State Street SPDR Bloomberg 1-3 Month T-Bill ETF): the stronger current systematic profile, led by momentum and quality.
SHY (iShares 1-3 Year Treasury Bond ETF): the counter-case, on risk resilience.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | SHY | BIL | Why it matters |
|---|---|---|---|
| Expense ratio | 0.15% | 0.14% | Lower is better — it compounds against you every year you hold. |
| Holdings | 92 | 19 | More holdings means broader diversification, not better returns. |
| Average volume | 3,950,340 | 10,157,476 | Liquidity — matters most if you trade size. |
| Annualized volatility | 1.8% | 1% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -2.6% | -0.5% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | -3.48 | -3.80 | Return per unit of risk. Higher is better. |
| Beta | 0.03 | -0.01 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
SHY and BIL share 0% of their weighted exposure across 0 common holdings.
90 holdings are unique to SHY, and 17 holdings are unique to BIL. Owning both is genuinely additive — most of the capital sits in different securities.
BIL is the more concentrated of the two: its ten largest positions are 74.46% of the fund, against 15.91% for SHY (19 holdings vs 92). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
What SHY adds that BIL doesn’t
| Holding | SHY | BIL |
|---|---|---|
| TREASURY NOTE 1.25% 04/30/2028 | 1.98% | Not held |
| TREASURY NOTE 3.63% 08/31/2029 | 1.82% | Not held |
| TREASURY NOTE 3.50% 01/31/2028 | 1.72% | Not held |
| TREASURY NOTE 1.25% 06/30/2028 | 1.61% | Not held |
| TREASURY NOTE 4.63% 04/30/2029 | 1.54% | Not held |
| TREASURY NOTE 4.50% 05/31/2029 | 1.51% | Not held |
What BIL adds that SHY doesn’t
| Holding | BIL | SHY |
|---|---|---|
| TREASURY BILL 10/26 0.00000 | 10.31% | Not held |
| TREASURY BILL 10/26 0.00000 | 10.11% | Not held |
| TREASURY BILL 11/26 0.00000 | 8.49% | Not held |
| TREASURY BILL 10/26 0.00000 | 7.01% | Not held |
| TREASURY BILL 10/26 0.00000 | 6.71% | Not held |
| TREASURY BILL 11/26 0.00000 | 6.38% | Not held |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
AIQ Agreement Matrix
0 of 4 covered evidence groups favor BIL. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | Even | 54 vs 56 |
| Fundamentals | Not covered | Not covered |
| Valuation | Even | Value 36 vs 36 |
| Technicals | Even | Price vs 50-day -0.3% vs 0.1%; vs 200-day -1.1% vs 0.1% |
| Risk Resilience | SHY | Risk Resilience 72 vs 66 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of SHY and BIL and are excluded from the count.
AIQ Decision Stability
The conclusion is sensitive to small changes. Treat the lead as provisional and watch the flip conditions below.
- The AIQ gap is narrow at 2 points. (argues the conclusion is provisional)
- Only 0 of 4 covered evidence groups agree. (argues the conclusion is provisional)
- The leader's advantage has been narrowing. (argues the conclusion is provisional)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on BIL.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20BIL lead: Weakening — the AIQ differential moved from 14 to 2 points over 30 sessions.
- Today
- BIL +2
- 54 vs 56
- 7 sessions ago
- BIL +3
- 53 vs 56
- 30 sessions ago
- BIL +14
- 48 vs 62
- 90 sessions ago
- Level
- 56 vs 56
The lead changed hands 2 times in this window, most recently on Oct 8 when SHY moved ahead of BIL.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
2 bullish / 3 bearish / 1 neutral, conflicted
Only SHY
- Death Cross Active — bearish, trend, long horizon (0.81%)
- Downtrend Structure Active — bearish, trend, long horizon
4 bullish / 1 bearish / 2 neutral, conflicted
Only BIL
- Golden Cross Active — bullish, trend, long horizon (0.01%)
- EMA Ribbon Compression — neutral, trend, medium horizon
- Uptrend Structure Active — bullish, trend, long horizon
Both carry 4 more signals that do not separate them: ATR Contraction - Coiling, 52-Week High Proximity, 52-Week Low Proximity, MACD Bullish Crossover.
BIL leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Neither the price nor the AIQ Score moved enough in the latest session to confirm or contradict the other (price -0.01%, AIQ 0 points).
Neither the price nor the AIQ Score moved enough in the latest session to confirm or contradict the other (price +0.02%, AIQ 0 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1SHY closes the Momentum gap — currently 7 points behind, the largest single contributor to BIL's edge.
- 2SHY's Death Cross Active resolves — a bearish trend rule currently active against it.
- 3BIL's conflicting signal state resolves bearish — it currently carries 4 bullish and 1 bearish rules at once.
- 4The narrowing continues — the lead has already given back 12 points over 30 sessions, and a further 2-point move would eliminate BIL's advantage entirely.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
BIL leads 5 of 6 windows| Metric | SHY | BIL |
|---|---|---|
| 1 week (5 sessions) | 0.1% | 0.1% |
| 1 month (20 sessions) | 0% | 0% |
| 3 months (63 sessions) | -0.6% | 0% |
| 6 months (126 sessions) | -1.4% | 0% |
| Year to date | -1.8% | 0.2% |
| 1 year (252 sessions) | -2.2% | 0% |
Technicals
Split| Metric | SHY | BIL |
|---|---|---|
| RSI (14) | 58.1 | 42.9 |
| ADX (14) | 26.8 | 16.2 |
| Price vs 50-day | -0.3% | 0.1% |
| Price vs 200-day | -1.1% | 0.1% |
| Volatility (1M, annualized) | 1.5% | 1% |
Risk
SHY is the more resilient| Metric | SHY | BIL |
|---|---|---|
| Beta | 0.03 | -0.01 |
| Sharpe ratio | -3.48 | -3.8 |
| Sortino ratio | -3.89 | -3.21 |
| Max drawdown | -2.6% | -0.5% |
| Current drawdown | -2.3% | -0.2% |
| Annualized volatility | 1.8% | 1% |
| Value at risk (95%) | -0.3% | 0% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between SHY and BIL?
SHY holds 92 positions to BIL's 19, and 0% of their weight is in the same securities.
How much do SHY and BIL overlap?
SHY and BIL share 0% of their weighted exposure across 0 common holdings. 90 holdings are unique to SHY, and 17 holdings are unique to BIL. Owning both is genuinely additive — most of the capital sits in different securities.
Which ETF is more diversified, SHY or BIL?
SHY holds more positions: 92 versus 19 for BIL.
Which has the lower expense ratio?
The two are within a basis point: 0.15% for SHY and 0.14% for BIL.
Which ETF has the higher distribution yield?
Their trailing 12-month distribution yields are similar: 3.62% for SHY and 3.66% for BIL.
Which ETF has been more volatile?
Their volatility over the past year is similar: 1.8% annualized for SHY and 1% for BIL.
Which ETF has had the smaller drawdown?
BIL fell less from peak to trough over the past five years: -0.1% against -5.4% for SHY.
Compare SHY and BIL with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.