DV
Dividend Vision

ETF Comparison

BIL vs JPST: Which Is the Better Pick in 2026?

A head-to-head comparison of SPDR Bloomberg 1-3 Month T-Bill ETF and JPMorgan Ultra-Short Income ETF covering yield, cost, risk, and income potential.

Data updated August 13, 2026

Best for

  • BILInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.
  • JPSTInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBILJPST
Full nameSPDR Bloomberg 1-3 Month T-Bill ETFJPMorgan Ultra-Short Income ETF
IssuerState StreetJPMorgan
Last Close$91.51 as of August 13, 2026$50.46 as of August 13, 2026
Distribution yield3.58%4.04%
Distribution Safety Score™ 7084
Expense ratio0.14%0.18%
AUM$47.1B$40.4B
Distribution frequencyMonthlyMonthly
Underlying indexBloomberg 1-3 Month U.S. Treasury Bill IndexBasket
ObjectiveSeeks to provide investment results that correspond to the price and yield performance of the Bloomberg 1-3 Month U.S. Treasury Bill Index. Provides pure short-term Treasury exposure with minimal credit risk.Seeks to provide current income while seeking to maintain a low volatility of principal by investing in a diversified portfolio of short-term, investment-grade fixed and floating-rate debt. Offers a slight yield boost over pure Treasury exposure.
Asset classFixed IncomeFixed Income
Inception date05/25/200705/17/2017
Beta0.060.06
Last dividend$0.2730$0.1700
Ex-dividend date08/03/202608/03/2026

Bottom lineChoose BIL if you want fixed-income ballast that steadies the portfolio when stocks fall. Choose JPST if you want fixed-income ballast that steadies the portfolio when stocks fall.

Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

State Street
ETFs180
Total AUM$2127B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on BIL.

See all State Street ETFs
JPMorgan
ETFs76
Total AUM$333B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

JPMorgan is a major provider of ETFs spanning multiple asset classes and strategies, with particular strength in income-focused funds including their popular covered call strategy lineup. Their fund family encompasses broad categories including bond, equity, factor, income, index, international, municipal, and sector ETFs, providing investors with diverse exposure options across markets and investment styles. The issuer offers both core indexed strategies and actively managed solutions, serving investors seeking everything from traditional dividend income to sophisticated factor-based and thematic approaches.

See our curated list of related YouTube videos on JPST.

See all JPMorgan ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BIL has outpaced JPST over the trailing twelve months, posting a 3.79% total return against 3.67%. The picture flips over 5 years, though — JPST has compounded at 3.68% a year, ahead of BIL at 3.56%. BIL has been the steadier holding, though — annualized volatility of 0.2% against 0.6% for JPST. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5YSince May 2017Volatility Sharpe Sortino Max drawdown
BIL2.15%3.79%4.54%3.56%2.42%0.2%-0.14-0.23-0.0%
JPST1.73%3.67%4.99%3.68%2.96%0.6%0.670.93-0.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 12, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since May 2017” measures every fund from May 19, 2017 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

JPST offers the higher yield at 4.04% vs 3.58% for BIL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BIL is cheaper with an expense ratio of 0.14% compared to 0.18%.

They track different benchmarks: BIL is linked to Bloomberg 1-3 Month U.S. Treasury Bill Index while JPST tracks Basket, which means their performance drivers differ.

BIL is the larger fund by assets ($47.1B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, BIL would generate roughly $29.83/month, while JPST would produce $33.67/month, at current distribution rates. Both pay monthly distributions.

BIL yield3.58%
JPST yield4.04%
Monthly diff on $10K$3.83

Cost & efficiency

Over 10 years on $10,000, BIL would cost approximately $140 in fees vs $180 for JPST (simplified, not compounded). The $40.00 difference may be offset by yield or performance.

BIL ER0.14%
JPST ER0.18%

Strategy & risk

BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index with a money market approach, while JPST tracks Basket with a money market approach.

BIL beta0.06
JPST beta0.06

Fund details

BIL is managed by State Street (launched 05/25/2007) with $47.1B in assets. JPST is managed by JPMorgan (launched 05/17/2017) with $40.4B in assets.

BIL AUM$47.1B
JPST AUM$40.4B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the current distribution yield for BIL and JPST?

BIL currently distributes 3.58% and JPST 4.04%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BIL or JPST better for dividend income?

It depends on your goals. JPST currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BIL and JPST?

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) tracks Bloomberg 1-3 Month U.S. Treasury Bill Index with a money market approach, while JPST (JPMorgan Ultra-Short Income ETF) tracks Basket with a money market approach. They are issued by State Street and JPMorgan respectively.

Can I hold both BIL and JPST?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BIL or JPST safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — JPST scores 84, BIL scores 70, so JPST's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, BIL or JPST?

BIL has an expense ratio of 0.14% while JPST charges 0.18%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BIL vs JPST generate?

At current rates, $10,000 in BIL would generate roughly $29.83 per month ($358.00 annually). The same in JPST would produce about $33.67 per month ($404.00 annually).

Which has performed better historically, BIL or JPST?

BIL has outpaced JPST over the trailing twelve months, posting a 3.79% total return against 3.67%. The picture flips over 5 years, though — JPST has compounded at 3.68% a year, ahead of BIL at 3.56%. BIL has been the steadier holding, though — annualized volatility of 0.2% against 0.6% for JPST. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BIL vs JPST — at a glance

Generated August 8, 2026.

Overview

BIL and JPST are both ultra-short fixed-income ETFs designed for investors seeking monthly income with minimal principal volatility, but they take different approaches to achieving it. BIL holds only Treasury bills maturing in 1–3 months, while JPST invests in a diversified basket of short-term, investment-grade corporate and government debt. The key trade-off is between pure safety and simplicity (BIL) versus a modest yield premium (JPST) in exchange for broader credit exposure.

How they differ

BIL's strategy is Treasury-only exposure through the Bloomberg 1-3 Month U.S. Treasury Bill Index, meaning it carries zero credit risk and tracks the safest corner of the debt market. JPST, by contrast, builds a diversified portfolio of investment-grade fixed and floating-rate debt—including corporates, agencies, and other short-term instruments—to boost yield.

That yield difference shows up clearly: JPST distributes 4.04% versus BIL's 3.58%, a 46-basis-point spread that compounds over time. Both charge minimal expenses (BIL at 0.14%, JPST at 0.18%), so the yield gap reflects genuine underlying returns, not fee arbitrage.

Both are substantial funds with similar size and beta: BIL holds $47.1B in assets with a beta of 0.06, while JPST has $40.4B and matches that 0.06 beta. JPST is newer, having launched in 2017 versus BIL's 2007 inception, meaning BIL has longer track record through various rate cycles.

Who each is best for

BIL: Fits investors who prioritize capital preservation and credit-risk elimination above yield, and view the portfolio as a cash substitute or ultra-safe anchor for a larger allocation.

JPST: Designed for investors comfortable accepting minimal credit risk from investment-grade issuers in exchange for a modest current-income boost and broader diversification than Treasury bills alone.

Key risks to know

  • Credit risk in JPST. While investment-grade debt is safer than high-yield, it still carries default and downgrade risk that Treasury bills do not. A widening of credit spreads or an economic contraction could pressure JPST's NAV or distribution capacity, whereas BIL's Treasury holdings are backed by the U.S. government.
  • Interest rate sensitivity. Both funds hold short-duration debt, but JPST's diversified portfolio may experience slightly larger NAV swings if rate expectations shift sharply, since corporates and agencies can reprice faster than Treasury bills.
  • Yield compression in a low-rate environment. If short-term Treasury yields fall significantly, BIL's yield could collapse below 2%, narrowing JPST's premium. Conversely, if rates spike, both distributions could rise, but JPST's credit exposure might also widen spreads.
  • Floating-rate note repricing risk. JPST includes floating-rate debt, meaning its yield will reset upward or downward as benchmark rates change, creating reinvestment timing risk that BIL's static T-bill ladder does not face.

Bottom line

If you want zero credit risk and maximum simplicity, BIL offers pure Treasury exposure with a 17-year track record; if you're willing to accept investment-grade credit exposure for a 46-basis-point yield boost and broader diversification, JPST delivers similar low volatility at a higher income level. Both are suitable for cash positioning or short-duration allocations, though they are not risk-free—spread widening and rate swings can affect NAV. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Bond fund basics How to read a fund's stats Why total return beats chasing yield T-bills vs. money market funds vs. CDs

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener