BIL vs BOXX: Yield, Cost and Returns Compared
As of Nov 5, 2026, BIL yields more: 3.66% (current yield) against 0.00% for BOXX. BIL is cheaper to own at 0.14% a year vs 0.19%. Over the same 3 years (Dec 2022 to Oct 2026), BOXX returned 4.6% a year with distributions reinvested, and BIL 4.5%. BIL's income is generally exempt from state income tax; BOXX's is not paid out at all (it builds up in the price and is taxed when you sell).
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF3.66%current yield| Compared | BIL | BOXX |
|---|---|---|
| YieldCurrent yield | 3.66% | 0.00% |
| Expense ratio | 0.14% | 0.19% |
| Total return, 1 yr | +3.7% | +4.1% |
| Total return, 3 yr (a year) | +4.4% | +4.6% |
| Total return, 5 yr (a year) | +3.7% | — |
| Total return, 10 yr (a year) | +2.3% | — |
| Worst drop since Dec 2022 | 0.0% | 0.0% |
| Share price since Dec 2022 | +0% | +19% |
| Pays | Monthly | Annual |
| Issuer | State Street Investment Management | Alpha Architect |
| Assets | $48.5B | $14.4B |
| Started | 2007 | 2022 |
| Type | Treasury ETF | Box-spread ETF |
Higher yield
BIL
3.66%
Lower cost
BIL
0.14%
Better total return
BOXX
4.6%/yr
Smaller worst drop
BIL
0.0%
Key facts: BIL vs BOXX
Data as of · Source: SmarterDividends data
- As of Nov 5, 2026, BIL yields 3.66% (current yield) and BOXX yields 0.00% (current yield).
- BIL's expense ratio is 0.14% and BOXX's is 0.19%: $14 vs $19 a year on $10,000.
- From Dec 2022 to Oct 2026, $10,000 in BIL grew to $11,844 (4.5% a year) and $10,000 in BOXX to $11,902 (4.6% a year), distributions reinvested.
- Their worst month-end drops over that time: 0.0% for BIL and 0.0% for BOXX.
- BIL's income is generally exempt from state income tax, while BOXX's is not paid out at all (it builds up in the price and is taxed when you sell).
Cite this page
SmarterDividends, "BIL vs BOXX: Yield, Cost and Returns Compared," updated Nov 5, 2026, https://smarterdividends.com/compare/bil-vs-boxx
$10,000 in each, Dec 2022 to Oct 2026
Distributions reinvested, month-end values.
BIL became
$11,844
4.5% a year
BOXX became
$11,902
4.6% a year
Year by year
| Year | BIL | BOXX |
|---|---|---|
| 2025 | +4.1% | +4.4% |
| 2024 | +5.2% | +5.2% |
| 2023 | +4.9% | +5.0% |
Total return each calendar year, distributions reinvested.
What each holds and how it's taxed
- BIL · Treasury ETF
- Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies).
- BOXX · Box-spread ETF
- Earns a T-bill-like return from options box spreads and pays no distributions: the return shows up in the share price and is taxed when you sell.
General information, not tax advice. Every cash fund by yield →
BIL vs BOXX: questions
Is BIL or BOXX better?
It depends on the job. BIL pays more today (3.66% vs 0.00%), BIL costs less, and BOXX has the better total return over Dec 2022 to Oct 2026, with BIL holding up better in its worst stretch. For cash you may need soon, yield after tax and how easily you can get the money out matter more than past returns.
Which pays a higher dividend, BIL or BOXX?
BIL, at 3.66% against 0.00% for BOXX as of Nov 5, 2026. On $10,000 that's about $366 vs $0 a year at today's rates.
Which has the better total return?
BOXX. From Dec 2022 to Oct 2026, it returned 4.6% a year with distributions reinvested, against 4.5% for BIL. $10,000 became $11,902 vs $11,844.
Which is cheaper, BIL or BOXX?
BIL, with a 0.14% expense ratio against 0.19%.
How are BIL and BOXX taxed?
BIL: Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies). BOXX: Earns a T-bill-like return from options box spreads and pays no distributions: the return shows up in the share price and is taxed when you sell. General information, not tax advice.
Related comparisons
Yields, costs and holdings as each fund reports them (via Yahoo Finance), updated daily; returns from month-end prices with distributions reinvested. For information only, not investment advice. Last fund data: Nov 5, 2026.