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BILS vs RAVI: Differences, Returns & Fees

BILS's duration was 0.4 years on Jun 30, 2026 and RAVI's 0.5 on Jul 31, 2026; BILS charges 0.14% to RAVI's 0.25%. Net assets: $3.9bn on Oct 20, 2026 for State Street SPDR Bloomberg 3-12 Month T-Bill ETF, and $1.5bn on Jul 31, 2026 for Northern Trust Ultra-Short Fixed Income ETF.

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Answers cite the figures on this page.

BILS costs 0.11 points a year less; their one-year returns differ by 0.2 points; BILS is 2.6 times larger.

BILS vs RAVI: Differences, Returns & Fees
BILSRAVI
Expense ratio0.14%0.25%
Net assets, as of Jul 31, 2026$3.9bn$1.5bn
Total return, 1 year+3.6%+3.8%
What it tracksnot read by ETFIQNo index, actively managed
Holdings in commonreport dates differ

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.

+3.6%
BILS total return, 1 year
+3.8%
RAVI total return, 1 year
0.14%
BILS expense ratio
0.25%
RAVI expense ratio

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Client brief · page 1 of 2Report BR-9721A8AE3C

BILS and RAVI are built for the same job. How do they differ in cost, holdings and results?

  1. What each follows. BILS follows not read by ETFIQ and RAVI follows No index, actively managed.
  2. Number of holdings. BILS holds 23 positions and RAVI holds 244.
  3. Cost. BILS charges 0.14% of assets a year and RAVI 0.25%, a gap of 0.11 points.

Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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On the same fields

BILS
State Street SPDR Bloomberg 3-12 Month T-Bill ETF
RAVI
Northern Trust Ultra-Short Fixed Income ETF
Where it sits Bond ETF Bond ETF
Issuer State Street Northern Trust
What it is Tracks an index Actively managed
Total return, 1 year +3.6% +3.8%
Expense ratio 0.14% 0.25%
Holdings 23 244
Net assets, BILS as of Oct 20, 2026 and RAVI as of Jul 31, 2026 $3.9bn $1.5bn

BILS and RAVI on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.

About BILS

BILS tracks an index. Over the year to Oct 20, 2026 it returned +3.6% with distributions reinvested. The prospectus expense ratio is 0.14% a year.

About RAVI

RAVI is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +3.8% with distributions reinvested. The prospectus expense ratio is 0.25% a year.

Questions people ask

Which returned more over the last year, BILS or RAVI?
In the year to Oct 20, 2026, with distributions reinvested, BILS returned +3.6% and RAVI +3.8%.
Which is cheaper, BILS or RAVI?
BILS is cheaper, by 0.11 percentage points a year. That is about $11 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
BILS vs YEARBILS vs GSSTBILS vs VGUSBILS vs IBTGGSY vs RAVIIBDS vs RAVIFLTR vs RAVIBSCR vs RAVI
BILS on its own →RAVI on its own →Hold both: look the portfolio through →Rankings →BILS dividend history →BILS holdings →RAVI dividend history →RAVI holdings →Standards and sources →
Where these figures came from
BILS filings on SEC EDGAR ↗BILS prospectus with the expense ratio (SEC) ↗State Street website ↗RAVI filings on SEC EDGAR ↗RAVI prospectus with the expense ratio (SEC) ↗Northern Trust website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, BILS against RAVI, data as of Oct 20, 2026. https://etfiq.com/compare/any/bils-vs-ravi

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Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.