Dividend comparison

BIL vs SHV: 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 iShares Trust iShares 0-1 Year Treasury Bond ETF, side by side. Updated October 21, 2026.

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BIL vs SHV: key differences
The short answer, from the latest data on this page.
  • Fees. BIL is cheaper at 0.14% a year versus 0.15% for SHV. On $10,000 that is $1 a year less in fees.
  • Income. Their trailing yields are almost the same: 3.66% for BIL and 3.63% for SHV. Both pay monthly.
  • Performance. Over the last 5 years, BIL returned 18.9% versus 15.9% for SHV, with dividends reinvested. $10,000 would have grown to $11,887 in BIL and $11,587 in SHV.
  • Risk. Their worst declines over the last 5 years were similar: -0.3% for BIL and -0.6% for SHV from peak to trough.
  • Diversification. BIL holds 34 positions and SHV holds 19.
  • Dividend growth. BIL grew its yearly payout 45.1% a year over the last 3 years, versus 43.5% for SHV.
  • Size. BIL is the larger fund with $51.2 billion in assets, against $23.5 billion for SHV.

Bottom line: BIL has the edge on these figures, with stronger 5-year returns, faster dividend growth and broader diversification. SHV does not lead on any of the measures compared here.

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
SHV
iShares Trust iShares 0-1 Year Treasury Bond ETF
Dividend yield (TTM)3.66%3.63%
Dividend / share (TTM)$3.35$4.00
Payout frequencyMonthlyMonthly
Last dividend$0.2632 on Oct 6, 2026$0.2991 on Oct 6, 2026
Ex-dividend dateOct 1, 2026Oct 1, 2026
Dividend growth (CAGR)45.1% over 3 yrs43.5% over 3 yrs
Price$91.58$110.26
Beta0.000.01
Max drawdown (5Y)-0.3%-0.6%
Market cap$51.19B$23.42B
ExchangeAMEXNYSE
Expense ratio0.14%0.15%
Assets under management$51.17B$23.46B
Number of holdings3419
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

SHV

$30.27/mo

$363 /yr at 3.63% yield

Dividend history
Total dividends paid per share in each calendar year. BIL pays monthly; SHV pays monthly.
YearBILSHV
2025$3.7727$4.5036
2024$4.5966$5.5326
2023$4.5009$5.2126
2022$1.2361$1.5226
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 SHV 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 $11,587 in SHV.
PeriodBILSHV
1 month0.32%0.05%
3 months0.91%0.01%
Year to date2.89%0.10%
1 year3.67%0.56%
3 years12.88%10.54%
5 years18.87%15.87%
  • BIL
  • SHV
98109120202120222023202420252026119116

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
  • SHV
0%25%50%75%100%Cash & Others100.0%100.0%Government99.8%U.S. Treasury Debt99.5%Investment Company0.5%

Quick verdict

BIL has the edge on these figures, with stronger 5-year returns, faster dividend growth and broader diversification. SHV does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is BIL or SHV better for dividend income?
It depends on your goals. BIL currently yields 3.66% Trailing Twelve Months (TTM) while SHV yields 3.63%. 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 SHV?
State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an ETF listed on AMEX. iShares Trust iShares 0-1 Year Treasury Bond ETF (SHV) is an ETF listed on NYSE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, BIL or SHV?
BIL has the lower expense ratio. BIL charges 0.14% a year and SHV charges 0.15%, a difference of $1 a year on a $10,000 investment.
Which has performed better, BIL or SHV?
Over the last 5 years, BIL has the higher total return with dividends reinvested: BIL returned 18.9% and SHV returned 15.9%. Past performance does not predict future returns.
Which is riskier, BIL or SHV?
Measured by the worst peak-to-trough decline over the last five years, SHV has been riskier: BIL fell as much as 0.3% and SHV as much as 0.6%. Their betas are 0.00 and 0.01.
How often do BIL and SHV pay dividends?
Both pay monthly. The most recent payments were $0.2632 for BIL and $0.2991 for SHV.
How much income does $10,000 in BIL vs SHV generate?
At current TTM yields, $10,000 in BIL would generate roughly $30.51 per month ($366 annually). The same amount in SHV would produce about $30.27 per month ($363 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both BIL and SHV?
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 SHV with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how BIL and SHV 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.