Dividend comparison

BIL vs TBIL: 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 F/m US Treasury 3 Month Bill Fund, side by side. Updated October 21, 2026.

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BIL vs TBIL: 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 TBIL. 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 TBIL. Both pay monthly.
  • Performance. Over the last 3 years, BIL returned 12.9% versus 10.1% for TBIL, with dividends reinvested. $10,000 would have grown to $11,288 in BIL and $11,014 in TBIL.
  • Risk. Their worst declines over the last 3 years were similar: -0.3% for BIL and -0.6% for TBIL from peak to trough.
  • Diversification. BIL holds 34 positions and TBIL holds 5.
  • Dividend growth. BIL grew its yearly payout 45.1% a year over the last 2 years, versus -9.8% for TBIL.
  • Size. BIL is the larger fund with $51.2 billion in assets, against $7.6 billion for TBIL.

Bottom line: BIL has the edge on these figures, with stronger 3-year returns, faster dividend growth and broader diversification. TBIL 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
TBIL
F/m US Treasury 3 Month Bill Fund
Dividend yield (TTM)3.66%3.63%
Dividend / share (TTM)$3.35$1.81
Payout frequencyMonthlyMonthly
Last dividend$0.2632 on Oct 6, 2026$0.1566 on Sep 29, 2026
Ex-dividend dateOct 1, 2026Sep 28, 2026
Dividend growth (CAGR)45.1% over 3 yrs-9.8% over 2 yrs
Price$91.58$49.95
Beta0.00-0.00
Max drawdown (5Y)-0.3%-0.6%
Market cap$51.19B$7.62B
ExchangeAMEXNASDAQ
Expense ratio0.14%0.15%
Assets under management$51.17B$7.62B
Number of holdings345
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

TBIL

$30.28/mo

$363 /yr at 3.63% yield

Dividend history
Total dividends paid per share in each calendar year. BIL pays monthly; TBIL pays monthly.
YearBILTBIL
2025$3.7727$2.0277
2024$4.5966$2.5054
2023$4.5009$2.4938
2022$1.2361—
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 TBIL 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 Aug 9, 2022 would now be worth $11,866 in BIL and $11,603 in TBIL.
PeriodBILTBIL
1 month0.32%0.00%
3 months0.91%-0.02%
Year to date2.89%0.14%
1 year3.67%0.32%
3 years12.88%10.14%
5 years18.87%—
  • BIL
  • TBIL
9910912020222023202420252026119116

Both series indexed to 100 on 2022-08-09 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
  • TBIL
0%25%50%75%100%Cash & Others100.0%100.0%Government99.8%

Quick verdict

BIL has the edge on these figures, with stronger 3-year returns, faster dividend growth and broader diversification. TBIL 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 TBIL better for dividend income?
It depends on your goals. BIL currently yields 3.66% Trailing Twelve Months (TTM) while TBIL 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 TBIL?
State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an ETF listed on AMEX. F/m US Treasury 3 Month Bill Fund (TBIL) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, BIL or TBIL?
BIL has the lower expense ratio. BIL charges 0.14% a year and TBIL charges 0.15%, a difference of $1 a year on a $10,000 investment.
Which has performed better, BIL or TBIL?
Over the last 3 years, BIL has the higher total return with dividends reinvested: BIL returned 12.9% and TBIL returned 10.1%. Past performance does not predict future returns.
Which is riskier, BIL or TBIL?
Measured by the worst peak-to-trough decline over the last five years, TBIL has been riskier: BIL fell as much as 0.3% and TBIL as much as 0.6%. Their betas are 0.00 and -0.00.
How often do BIL and TBIL pay dividends?
Both pay monthly. The most recent payments were $0.2632 for BIL and $0.1566 for TBIL.
How much income does $10,000 in BIL vs TBIL generate?
At current TTM yields, $10,000 in BIL would generate roughly $30.51 per month ($366 annually). The same amount in TBIL would produce about $30.28 per month ($363 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both BIL and TBIL?
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 TBIL with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how BIL and TBIL 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.