Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
BIL has lagged SGOV over the trailing twelve months, posting a 3.70% total return against 3.79%. The lead holds up over 5 years too: SGOV has compounded at 3.79% a year, against 3.66% for BIL. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since May 2020” measures every fund from May 28, 2020 — the start of shared available history — 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.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.60% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 3.45% (Monthly) with an expense ratio of 0.1353%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
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 track an index of U.S. Treasury obligations maturing in three months or less, investing at least 90% of assets in U.S. Treasury securities.
Bottom lineBIL and SGOV are both for investors who want fixed-income ballast that steadies the portfolio when stocks fall — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.
The T-bill decision: cost, maturity band, and size
Both funds do the same job — park cash in short-dated US Treasury bills and pass the interest through monthly. With the strategy identical, the decision comes down to cost, a sliver of maturity range, and trading size.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on SGOV.
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.
SGOV offers the higher yield at 3.60% vs 3.45% for BIL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SGOV is cheaper with an expense ratio of 0.09% compared to 0.1353%.
They have different reference exposures: BIL is linked to Bloomberg 1-3 Month U.S. Treasury Bill Index while SGOV is linked to ICE 0-3 Month US Treasury Securities Index, which means their performance drivers differ.
SGOV is the larger fund by assets ($112B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, BIL would generate roughly $28.75 cash per distribution, while SGOV would produce $30.00 cash per distribution, at current distribution rates. Both pay monthly distributions.
BIL yield3.45%
SGOV yield3.60%
Cash diff on $10K$1.25
Cost & efficiency
Over 10 years on $10,000, BIL would cost approximately $135 in fees vs $90 for SGOV (simplified, not compounded). The $45.30 difference may be offset by yield or performance.
BIL ER0.1353%
SGOV ER0.09%
Strategy & risk
BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index with a money market approach, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.06 for BIL and -0.0029 for SGOV, making SGOV the less volatile of the two by this measure.
BIL beta0.06
SGOV beta-0.0029
Fund details
BIL is managed by State Street (launched 05/25/2007) with $48.1B in assets. SGOV is managed by iShares (launched 05/26/2020) with $112B in assets.
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Frequently asked questions
What is the actual difference between BIL and SGOV?
Very little in strategy, which is the point — both park cash in short-dated US Treasury bills and pass the interest through monthly. BIL holds Bloomberg 1-3 Month U.S. Treasury Bill Index, while SGOV holds ICE 0-3 Month US Treasury Securities Index, so SGOV sits marginally closer to the very front of the curve. Neither takes meaningful price risk: bills this short barely move when rates change, and the payout floats with policy rates within weeks. That leaves cost and size as the real tie-breakers: BIL charges 0.1353% against 0.09% for SGOV, with $48.1B and $112B in assets respectively, and distribution yields of 3.45% and 3.60% as of October 2026.
What is the current distribution rate for BIL and SGOV?
BIL currently distributes 3.45% and SGOV 3.60%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is BIL or SGOV better for dividend income?
It depends on your goals. SGOV 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 SGOV?
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 SGOV (iShares 0-3 Month Treasury Bond ETF) tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. They are issued by State Street and iShares respectively.
Can I hold both BIL and SGOV?
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 SGOV?
BIL has an expense ratio of 0.1353% while SGOV charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BIL vs SGOV generate?
At current rates, $10,000 in BIL would generate roughly $28.75 cash per distribution ($345.00 annually). The same in SGOV would produce about $30.00 cash per distribution ($360.00 annually).
Which has performed better historically, BIL or SGOV?
BIL has lagged SGOV over the trailing twelve months, posting a 3.70% total return against 3.79%. The lead holds up over 5 years too: SGOV has compounded at 3.79% a year, against 3.66% for BIL. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
BIL and SGOV are both ultra-short Treasury ETFs tracking Treasury bills or equivalent securities maturing within three months. The key distinction lies in their index methodology and fee structure: BIL targets 1–3 month bills via the Bloomberg index, while SGOV covers the full 0–3 month maturity band via the ICE index and charges a lower expense ratio. Both provide near-money-market yields with minimal interest-rate and credit risk. The yield difference is modest: SGOV distributes 3.60% against 3.45% for BIL. Both funds distribute monthly and carry near-zero interest-rate sensitivity (beta of 0.06 for BIL and -0.0029 for SGOV), making duration risk negligible for both. BIL has been in operation since 05/25/2007, while SGOV launched more recently on 05/26/2020, giving BIL a longer track record.
Who each is best for
BIL: Fits investors seeking exposure to the 1–3 month segment of the Treasury bill curve who value State Street's longer operational history and are comfortable with a slightly higher expense ratio.
SGOV: Designed for investors prioritizing the lowest possible expense ratio and access to the largest asset base; the iShares platform and ICE index appeal to those comfortable with the full 0–3 month maturity band.
Key risks to know
Yield compression in falling-rate environments: Both funds' distributions are tied to the Treasury bill yields available at purchase or rollover. If the Federal Reserve cuts rates sharply, both funds' yields will decline materially within weeks or months, offsetting any current income advantage.
Index drift and maturity dispersion:BIL's 1–3 month focus and SGOV's 0–3 month focus create slightly different duration profiles. Over time, the closer SGOV gets to zero-maturity securities, the closer its yield approaches the overnight rate; this may create a widening gap with BIL's positioning depending on rate curve shape.
Reinvestment-rate risk on frequent rolls: Because both funds roll maturing bills frequently, their effective yields depend on the rate environment at each roll date. A steep downward yield curve will compress returns as shorter-dated bills reprice lower. The 15 basis point yield advantage SGOV carries may reflect both its cheaper fee structure and broader maturity exposure — a relationship worth investigating against shifting Treasury curve dynamics. Past performance does not guarantee future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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