ETF Comparison
SHY vs BIL: Which Is the Better Pick in 2026?
A head-to-head comparison of iShares 1-3 Year Treasury Bond ETF and SPDR Bloomberg 1-3 Month T-Bill ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| SHY | BIL | |
|---|---|---|
| Full name | iShares 1-3 Year Treasury Bond ETF | SPDR Bloomberg 1-3 Month T-Bill ETF |
| Issuer | iShares | State Street |
| Price | $82.32 | $91.40 |
| Distribution yield | 3.76% | 4.06% |
| Expense ratio | 0.15% | 0.14% |
| AUM | $24.9B | $43.3B |
| Distribution frequency | — | Monthly |
| Underlying index | — | Bloomberg 1-3 Month U.S. Treasury Bill Index |
| Objective | Tracks the ICE U.S. Treasury 1-3 Year Bond Index. | 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. |
| Asset class | Fixed Income | Fixed Income |
| Inception date | — | 05/25/2007 |
| Beta | 0.25 | 0.0 |
| Last dividend | $0.25 | $0.26 |
| Ex-dividend date | 04/01/2026 | 04/01/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
SHY (iShares 1-3 Year Treasury Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both popular -pay tracks the ice u.s. treasury 1-3 year bond index. ETFs, but they take different approaches.
BIL offers the higher yield at 4.06% vs 3.76% for SHY. 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 0.15%.
BIL is the larger fund by assets ($43.3B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, SHY would generate roughly $31.33/month while BIL would produce $33.83/month at current distribution rates. Both pay distributions.
Cost & efficiency
Over 10 years on $10,000, SHY would cost approximately $150 in fees vs $140 for BIL (simplified, not compounded). The $10.00 difference may be offset by yield or performance.
Strategy & risk
SHY tracks — with a tracks the ice u.s. treasury 1-3 year bond index. approach, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index using a 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. strategy. Beta is 0.25 for SHY and 0.0 for BIL, indicating BIL is less volatile relative to the market.
Fund details
SHY is managed by iShares (launched —) with $24.9B in assets. BIL is managed by State Street (launched 05/25/2007) with $43.3B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is SHY or BIL better for dividend income?
It depends on your goals. BIL 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 SHY and BIL?
SHY (iShares 1-3 Year Treasury Bond ETF) tracks — with a tracks the ice u.s. treasury 1-3 year bond index. strategy, while BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) tracks Bloomberg 1-3 Month U.S. Treasury Bill Index with a 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. approach. They are issued by iShares and State Street respectively.
Can I hold both SHY and BIL?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, SHY or BIL?
SHY has an expense ratio of 0.15% while BIL charges 0.14%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SHY vs BIL generate?
At current yields, $10,000 in SHY would generate roughly $31.33 per month ($376.00 annually). The same in BIL would produce about $33.83 per month ($406.00 annually).
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