Money Market Fund 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 5, 2026
Side-by-side snapshot
| BIL | JPST | |
|---|---|---|
| Full name | SPDR Bloomberg 1-3 Month T-Bill ETF | JPMorgan Ultra-Short Income ETF |
| Issuer | State Street | JPMorgan |
| Last Close | $91.43 as of August 5, 2026 | $50.41 as of August 5, 2026 |
| Distribution yield | 3.58% | 4.05% |
| Distribution Safety Score™ | — | — |
| Expense ratio | 0.14% | 0.18% |
| AUM | $47.0B | $40.4B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | Bloomberg 1-3 Month U.S. Treasury Bill Index | Basket |
| Objective | Seeks 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 class | Fixed Income | Fixed Income |
| Inception date | 05/25/2007 | 05/17/2017 |
| Beta | 0.06 | 0.06 |
| Last dividend | $0.2730 | $0.1700 |
| Ex-dividend date | 08/03/2026 | 08/03/2026 |
Bottom lineBIL and JPST are nearly interchangeable — both offer very similar treasury bills exposure with very similar cost and risk. The clearest tie-breaker is cost: BIL is cheaper at 0.14% vs 0.18%.
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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 3.78% total return against 3.61%. The picture flips over 5 years, though — JPST has compounded at 3.66% a year, ahead of BIL at 3.54%. 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.
| Symbol | YTD | 1Y | 3Y | 5Y | Since May 2017 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| BIL | 2.06% | 3.78% | 4.55% | 3.54% | 2.42% | 0.2% | -0.11 | -0.18 | -0.0% |
| JPST | 1.63% | 3.61% | 4.97% | 3.66% | 2.96% | 0.6% | 0.66 | 0.93 | -0.3% |
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 5, 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 money market funds, but they take different approaches.
JPST offers the higher yield at 4.05% 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 ($47.0B), which generally means tighter spreads and better liquidity.
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Deep dive
Yield & income
On a $10,000 investment, BIL would generate roughly $29.83/month, while JPST would produce $33.75/month, at current distribution rates. Both pay monthly distributions.
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.
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.
Fund details
BIL is managed by State Street (launched 05/25/2007) with $47.0B in assets. JPST is managed by JPMorgan (launched 05/17/2017) with $40.4B in assets.
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Frequently asked questions
What is the current distribution yield for BIL and JPST?
BIL currently distributes 3.58% and JPST 4.05%, 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.
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 $33.75 per month ($405.00 annually).
Which has performed better historically, BIL or JPST?
BIL has outpaced JPST over the trailing twelve months, posting a 3.78% total return against 3.61%. The picture flips over 5 years, though — JPST has compounded at 3.66% a year, ahead of BIL at 3.54%. 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.
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