ETF Comparison

BIL vs SGOV: Same Job, Different Wrapper Details

A head-to-head of State Street's 1-3 month T-bill ETF and the iShares 0-3 Month Treasury Bond ETF covering tenor, cost, size, and cash role.

Data updated August 19, 2026

Best for

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

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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 lagged SGOV over the trailing twelve months, posting a 3.78% total return against 3.83%. The lead holds up over 5 years too: SGOV has compounded at 3.70% a year, against 3.58% 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.
Symbol	YTD	1Y	3Y	5Y	Since May 2020	Volatility	Sharpe	Sortino	Max drawdown
BIL	2.22%	3.78%	4.53%	3.58%	2.85%	0.2%	-0.19	-0.31	-0.0%
SGOV	2.27%	3.83%	4.61%	3.70%	2.97%	0.2%	0.16	0.25	-0.0%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since May 2020” measures every fund from May 28, 2020 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	BIL	SGOV
Full name	SPDR Bloomberg 1-3 Month T-Bill ETF	iShares 0-3 Month Treasury Bond ETF
Issuer	State Street	iShares
Last Close	$91.56 as of August 19, 2026	$100.57 as of August 19, 2026
Distribution yield	3.58%	3.66%
Distribution Safety Score™	70	73
Expense ratio	0.14%	0.09%
AUM	$46.7B	$103B
Distribution frequency	Monthly	Monthly
Underlying index	Bloomberg 1-3 Month U.S. Treasury Bill Index	ICE 0-3 Month US Treasury Securities Index
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 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.
Asset class	Fixed Income	Fixed Income
Inception date	05/25/2007	05/26/2020
Beta	0.06	-0.0029
Last dividend	$0.2730	$0.3070
Ex-dividend date	08/03/2026	08/03/2026

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.

	BIL	SGOV
What it holds	Bloomberg 1-3 Month U.S. Treasury Bill Index	ICE 0-3 Month US Treasury Securities Index
Expense ratio	0.14%	0.09%
Distribution yield	3.58%	3.66%
Fund size	$46.7B	$103B
Rate sensitivity	Minimal: payout follows policy rates within weeks	Minimal: payout follows policy rates within weeks
Price risk	Bills this short barely move when rates change	Bills this short barely move when rates change

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State Street

ETFs180

Total AUM$2169B

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.

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iShares

ETFs473

Total AUM$4710B

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.

See all iShares ETFs

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Quick verdict

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 3.66% vs 3.58% 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 0.14%.

They track different benchmarks: BIL is linked to Bloomberg 1-3 Month U.S. Treasury Bill Index while SGOV tracks ICE 0-3 Month US Treasury Securities Index, which means their performance drivers differ.

SGOV is the larger fund by assets ($103B), 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 SGOV would produce $30.50/month, at current distribution rates. Both pay monthly distributions.

BIL yield3.58%

SGOV yield3.66%

Monthly diff on $10K$0.67

Cost & efficiency

Over 10 years on $10,000, BIL would cost approximately $140 in fees vs $90 for SGOV (simplified, not compounded). The $50.00 difference may be offset by yield or performance.

BIL ER0.14%

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 $46.7B in assets. SGOV is managed by iShares (launched 05/26/2020) with $103B in assets.

BIL AUM$46.7B

SGOV AUM$103B

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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 0.14% against 0.09% for SGOV, with $46.7B and $103B in assets respectively, and distribution yields of 3.58% and 3.66% as of August 2026.

What is the current distribution yield for BIL and SGOV?

BIL currently distributes 3.58% and SGOV 3.66%, 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 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.

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.

Is BIL or SGOV safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SGOV scores 73, BIL scores 70, so SGOV'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 SGOV?

BIL has an expense ratio of 0.14% 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 $29.83 per month ($358.00 annually). The same in SGOV would produce about $30.50 per month ($366.00 annually).

Which has performed better historically, BIL or SGOV?

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BIL vs SGOV — at a glance

Generated August 16, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

BIL and SGOV are both Treasury bill ETFs tracking ultra-short-term U.S. government debt maturing in three months or less. They're nearly identical in strategy and risk profile—both aim to replicate government-backed short-term bond indexes with minimal credit risk and monthly income. The key distinction is their underlying index construction and issuer: BIL tracks the Bloomberg 1-3 Month index via State Street, while SGOV tracks the ICE 0-3 Month index via iShares and has become the significantly larger fund.

How they differ

SGOV dominates in assets under management at $103B versus BIL's $46.7B, which may translate to tighter bid-ask spreads and better liquidity for large positions. The expense ratio difference is modest but meaningful over time: SGOV charges 0.07% annually compared to BIL's 0.14%, a gap that compounds into meaningful fee drag on Treasury bill returns where net yields are already modest. Distribution yields are nearly equivalent—SGOV at 3.66% versus BIL at 3.58%—and both pay monthly, so the expense ratio becomes the primary cost lever. BIL has a longer operating history (since 2007 versus 2020), though both track functionally identical maturity windows through slightly different index methodologies that produce minimal performance variance.

Who each is best for

BIL: Fits investors who have established accounts at custodians where State Street fund relationships yield operational advantages, or who value the longer fund track record and accumulated operational history since 2007.

SGOV: Fits cost-conscious investors seeking the lowest ongoing expense ratio in this category, or those who prioritize the largest fund in the Treasury bill space for maximum trading liquidity and tightest spreads.

Key risks to know

Yield compression risk. Both funds' yields move inversely with Federal Reserve rates; if rates decline materially, distributions will follow, reducing the income appeal that currently drives their use.

Index tracking divergence. While both track 0-3 month Treasuries, the Bloomberg and ICE indexes may include slightly different securities or weightings, potentially creating small tracking gaps over time; verify that either fund's historical performance matches your own expectations.

NAV stability near par. Treasury bill prices are inherently stable and trade near $100, but because maturity is so short, mark-to-market movements are minimal; both funds are designed to be cash equivalents, not total-return vehicles, so capital appreciation should not be expected.

Bottom line

If you prioritize cost efficiency and maximum fund size with proven liquidity, SGOV's 0.07% expense ratio and $103B in assets stand out. If you value the longest operational track record or have platform preferences favoring State Street, BIL offers comparable returns with that heritage. For most investors comparing these two, the fee advantage and scale of SGOV makes the economic case clearer, but past performance doesn't predict future results and rate movements will dwarf the fee difference going forward.

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

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