Dividend comparison

BIL vs JAAA: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR Bloomberg 1-3 Month T-Bill ETF and Janus Henderson AAA CLO ETF, side by side. Updated October 21, 2026.

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BIL vs JAAA: key differences
The short answer, from the latest data on this page.
  • Fees. BIL is cheaper at 0.14% a year versus 0.20% for JAAA. On $10,000 that is $6 a year less in fees.
  • Income. JAAA pays more income, yielding 4.84% over the last twelve months versus 3.66% for BIL. That is about $118 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 5 years, JAAA returned 22.9% versus 18.9% for BIL, with dividends reinvested. $10,000 would have grown to $12,291 in JAAA and $11,887 in BIL.
  • Risk. JAAA has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -2.6%, against -0.3% for BIL.
  • Diversification. JAAA holds 634 positions and BIL holds 34.
  • Dividend growth. BIL grew its yearly payout 45.1% a year over the last 3 years, versus 41.2% for JAAA.

Bottom line: BIL fits better if you care most about lower fees and faster dividend growth. JAAA fits better if you care most about more income today, stronger 5-year returns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricBIL
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
JAAA
Janus Henderson AAA CLO ETF
Dividend yield (TTM)3.66%4.84%
Dividend / share (TTM)$3.35$2.45
Payout frequencyMonthlyMonthly
Last dividend$0.2632 on Oct 6, 2026$0.2018 on Oct 6, 2026
Ex-dividend dateOct 1, 2026Sep 30, 2026
Dividend growth (CAGR)45.1% over 3 yrs41.2% over 4 yrs
Price$91.58$50.60
Beta0.000.02
Max drawdown (5Y)-0.3%-2.6%
Market cap$51.19B$32.53B
ExchangeAMEXAMEX
Expense ratio0.14%0.20%
Assets under management$51.17B$32.55B
Number of holdings34634
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

BIL

$30.51/mo

$366 /yr at 3.66% yield

JAAA

$40.32/mo

$484 /yr at 4.84% yield

Dividend history
Total dividends paid per share in each calendar year. BIL pays monthly; JAAA pays monthly.
YearBILJAAA
2025$3.7727$2.6783
2024$4.5966$3.2261
2023$4.5009$3.0710
2022$1.2361$1.3662
2021—$0.6741
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

What BIL vs JAAA actually do

BIL
State Street's Treasury bill fund, holding bills with one to three months left to maturity.

It tracks a Bloomberg index of 1 to 3 month US Treasury bills and works the same way as its peers: constant rollover, a yield that follows the short end of the curve, and monthly distributions. It launched in 2007, well before the current crop of cash ETFs, and carries a higher expense ratio than the newer entrants. On a product where every fund holds nearly identical government paper, that fee gap comes almost directly out of the yield you receive.

Suits anyone needing a liquid cash holding, particularly where a platform makes it the cheapest or most accessible option. Where an equivalent bill fund charges less, there is little in the portfolio itself to justify the difference.

Capital preservation

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $11,887 in BIL and $12,291 in JAAA.
PeriodBILJAAA
1 month0.32%-0.14%
3 months0.91%0.02%
Year to date2.89%0.04%
1 year3.67%0.78%
3 years12.88%14.74%
5 years18.87%22.91%
  • BIL
  • JAAA
96111125202120222023202420252026119123

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • BIL
  • JAAA
0%25%50%75%100%Cash & Others100.0%100.0%Government99.8%

Quick verdict

BIL fits better if you care most about lower fees and faster dividend growth. JAAA fits better if you care most about more income today, stronger 5-year returns and broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is BIL or JAAA better for dividend income?
It depends on your goals. BIL currently yields 3.66% Trailing Twelve Months (TTM) while JAAA yields 4.84%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between BIL and JAAA?
State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an ETF listed on AMEX. Janus Henderson AAA CLO ETF (JAAA) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, BIL or JAAA?
BIL has the lower expense ratio. BIL charges 0.14% a year and JAAA charges 0.20%, a difference of $6 a year on a $10,000 investment.
Which has performed better, BIL or JAAA?
Over the last 5 years, JAAA has the higher total return with dividends reinvested: BIL returned 18.9% and JAAA returned 22.9%. Past performance does not predict future returns.
Which is riskier, BIL or JAAA?
Measured by the worst peak-to-trough decline over the last five years, JAAA has been riskier: BIL fell as much as 0.3% and JAAA as much as 2.6%. Their betas are 0.00 and 0.02.
How often do BIL and JAAA pay dividends?
Both pay monthly. The most recent payments were $0.2632 for BIL and $0.2018 for JAAA.
How much income does $10,000 in BIL vs JAAA generate?
At current TTM yields, $10,000 in BIL would generate roughly $30.51 per month ($366 annually). The same amount in JAAA would produce about $40.32 per month ($484 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both BIL and JAAA?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare BIL vs JAAA with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how BIL and JAAA fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.