BILS vs SMLF

Comparison between STATE STREET(R) SPDR(R) BLOOMBERG 3-12 MONTH T-BILL ETF (BILS, ETF) and ISHARES U.S. SMALL-CAP EQUITY FACTOR ETF (SMLF, ETF).

5-Year PerformanceSMLF has outperformed BILS, delivering a return of +10.9% compared to +3.3%

BILS vs SMLF - Performance Comparison

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Key Characteristics

Financial metrics and valuation ratios

Metric	BILS(ETF)	SMLF(ETF)
Net Assets	$3.90B	$3.90B
Expense Ratio	0.14%	0.15%
Max Drawdown	1.20%	43.06%
Sharpe Ratio	0.63	1.44
5Y Beta	-0.00	1.09
P/E Ratio	N/A	110.99
Forward P/E	N/A	14.86
5Y Dividends CAGR	N/A	11.57%
5Y EPS CAGR	N/A	15.70%
Debt to Equity	N/A	14.45%
P/S Ratio	N/A	1.43
P/B Ratio	N/A	2.65

Net Assets

BILS

$3.90B

SMLF

$3.90B

Expense Ratio

Winner

BILS

0.14%

SMLF

0.15%

Max Drawdown

Winner

BILS

1.20%

SMLF

43.06%

Sharpe Ratio

BILS

0.63

Winner

SMLF

1.44

5Y Beta

Winner

BILS

-0.00

SMLF

1.09

P/E Ratio

BILS

N/A

SMLF

110.99

Forward P/E

BILS

N/A

SMLF

14.86

5Y Dividends CAGR

BILS

N/A

SMLF

11.57%

5Y EPS CAGR

BILS

N/A

SMLF

15.70%

Debt to Equity

BILS

N/A

SMLF

14.45%

P/S Ratio

BILS

N/A

SMLF

1.43

P/B Ratio

BILS

N/A

SMLF

2.65

BILS vs SMLF - Historical Returns

Returns include dividend reinvestment.

Period	BILS	SMLF
1 month	+0.32%	+4.55%
3 months	+0.89%	+17.03%
6 months	+1.69%	+14.45%
1 year	+3.92%	+32.36%
5 years(CAGR)	+3.32%	+10.92%
10 years(CAGR)	N/A	+12.65%
Max(CAGR)	+2.89%	+11.64%

BILS

+0.32%

Winner

SMLF

+4.55%

BILS

+0.89%

Winner

SMLF

+17.03%

BILS

+1.69%

Winner

SMLF

+14.45%

BILS

+3.92%

Winner

SMLF

+32.36%

5Y(CAGR)

BILS

+3.32%

Winner

SMLF

+10.92%

10Y(CAGR)

BILS

N/A

SMLF

+12.65%

Max(CAGR)

BILS

+2.89%

Winner

SMLF

+11.64%

BILS vs SMLF - Annual Returns (2015 - 2026)

Returns include dividend reinvestment.

Year	BILS	SMLF
2026	+1.49%	+14.79%
2025	+4.19%	+11.90%
2024	+5.15%	+17.21%
2023	+4.92%	+20.62%
2022	+0.91%	-12.70%
2021	-0.08%	+27.90%
2020	+0.00%	+8.48%
2019	N/A	+21.53%
2018	N/A	-9.03%
2017	N/A	+12.31%
2016	N/A	+25.23%
2015	N/A	+2.39%

BILS vs SMLF Drawdown Comparison

The maximum drawdown for BILS was -0.41%, occurring on Jun 14, 2022. Recovery took 415 trading sessions.

The maximum drawdown for SMLF was -41.89%, occurring on Mar 18, 2020. Recovery took 217 trading sessions.

Rank	BILS	SMLF
#1	-0.41% Feb 5, 2021 - Sep 29, 2022	-41.89% Jan 16, 2020 - Nov 24, 2020
#2	-0.08% Oct 6, 2022 - Oct 27, 2022	-26.27% Nov 25, 2024 - Aug 28, 2025
#3	-0.07% Mar 17, 2023 - Mar 23, 2023	-25.38% Nov 16, 2021 - Dec 14, 2023
#4	-0.04% Feb 1, 2024 - Feb 7, 2024	-24.77% Aug 29, 2018 - Jan 16, 2020
#5	-0.04% Apr 5, 2023 - Apr 13, 2023	-17.76% Jun 23, 2015 - Jul 12, 2016
#6	-0.04% Mar 13, 2023 - Mar 15, 2023	-9.35% Jan 23, 2018 - May 21, 2018
#7	-0.03% Mar 2, 2023 - Mar 9, 2023	-8.72% Jan 22, 2026 - Apr 14, 2026
#8	-0.03% Apr 8, 2025 - Apr 11, 2025	-8.55% Jul 31, 2024 - Sep 19, 2024
#9	-0.03% Apr 13, 2023 - Apr 19, 2023	-7.73% Oct 27, 2025 - Dec 10, 2025
#10	-0.03% Nov 10, 2022 - Nov 17, 2022	-7.66% Mar 28, 2024 - May 15, 2024
#11	-0.03% Oct 28, 2025 - Oct 31, 2025	-6.72% Jul 1, 2021 - Aug 11, 2021
#12	-0.03% Mar 24, 2023 - Mar 30, 2023	-6.52% Mar 15, 2021 - Apr 5, 2021
#13	-0.02% Oct 9, 2020 - Feb 5, 2021	-6.20% Feb 12, 2021 - Mar 11, 2021
#14	-0.02% Dec 17, 2024 - Dec 19, 2024	-5.88% Sep 22, 2016 - Nov 10, 2016
#15	-0.02% Mar 15, 2023 - Mar 17, 2023	-5.75% May 7, 2021 - Jun 8, 2021

Correlation

Correlation between BILS and SMLF is 0.93 which considered as a very strong positive correlation - the stocks move almost identically together.

0.93

-101

Dividend Comparison (2015 - 2026)

BILS vs SMLF dividend yield comparison.

Year	BILS	SMLF
2026	1.47%	0.22%
2025	4.08%	1.14%
2024	5.01%	1.33%
2023	4.98%	1.13%
2022	1.61%	1.23%
2021	0.00%	1.07%
2020	0.00%	1.33%
2019	0.00%	1.39%
2018	0.00%	1.17%
2017	0.00%	0.93%
2016	0.00%	0.78%
2015	0.00%	0.79%