ETF Comparison
BIL vs USFR: Which Is the Better Pick in 2026?
A head-to-head comparison of SPDR Bloomberg 1-3 Month T-Bill ETF and WisdomTree Floating Rate Treasury Fund covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| BIL | USFR | |
|---|---|---|
| Full name | SPDR Bloomberg 1-3 Month T-Bill ETF | WisdomTree Floating Rate Treasury Fund |
| Issuer | State Street | WisdomTree |
| Price | $91.40 | $50.34 |
| Distribution yield | 4.06% | 4.07% |
| Expense ratio | 0.14% | 0.15% |
| AUM | $43.3B | $16.0B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | Bloomberg 1-3 Month U.S. Treasury Bill Index | Bloomberg U.S. Treasury Floating Rate Bond 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. | Track the performance of U.S. Treasury floating-rate notes (FRNs). |
| Asset class | Fixed Income | Equity |
| Inception date | 05/25/2007 | 02/04/2014 |
| Beta | 0.0 | -0.02 |
| Last dividend | $0.26 | $0.15 |
| Ex-dividend date | 04/01/2026 | 03/26/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both popular monthly-pay 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. ETFs, but they take different approaches.
USFR offers the higher yield at 4.07% vs 4.06% 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 0.15%.
They track different benchmarks: BIL is linked to Bloomberg 1-3 Month U.S. Treasury Bill Index while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index, which means their performance drivers differ.
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, BIL would generate roughly $33.83/month while USFR would produce $33.92/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 $150 for USFR (simplified, not compounded). The $10.00 difference may be offset by yield or performance.
Strategy & risk
BIL 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, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index using a track the performance of u.s. treasury floating-rate notes (frns). strategy. Beta is 0.0 for BIL and -0.02 for USFR, indicating USFR is less volatile relative to the market.
Fund details
BIL is managed by State Street (launched 05/25/2007) with $43.3B in assets. USFR is managed by WisdomTree (launched 02/04/2014) with $16.0B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is BIL or USFR better for dividend income?
It depends on your goals. USFR 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 USFR?
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. strategy, while USFR (WisdomTree Floating Rate Treasury Fund) tracks Bloomberg U.S. Treasury Floating Rate Bond Index with a track the performance of u.s. treasury floating-rate notes (frns). approach. They are issued by State Street and WisdomTree respectively.
Can I hold both BIL and USFR?
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, BIL or USFR?
BIL has an expense ratio of 0.14% while USFR charges 0.15%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BIL vs USFR generate?
At current yields, $10,000 in BIL would generate roughly $33.83 per month ($406.00 annually). The same in USFR would produce about $33.92 per month ($407.00 annually).
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