BIL vs PULS: Yield, Cost and Returns Compared
As of Nov 5, 2026, PULS yields more: 4.76% (current yield) against 3.66% for BIL. BIL is cheaper to own at 0.14% a year vs 0.15%. Over the same 8 years (Apr 2018 to Oct 2026), PULS returned 3.4% a year with distributions reinvested, and BIL 2.6%. BIL's income is generally exempt from state income tax; PULS's is mostly taxable by states.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF3.66%current yield| Compared | BIL | PULS |
|---|---|---|
| YieldCurrent yield | 3.66% | 4.76% |
| Expense ratio | 0.14% | 0.15% |
| Total return, 1 yr | +3.7% | +4.1% |
| Total return, 3 yr (a year) | +4.4% | +5.3% |
| Total return, 5 yr (a year) | +3.7% | +4.4% |
| Total return, 10 yr (a year) | +2.3% | — |
| Worst drop since Apr 2018 | -0.2% | -2.8% |
| Share price since Apr 2018 | +0% | −1% |
| Pays | Monthly | Monthly |
| Issuer | State Street Investment Management | PGIM |
| Assets | $48.5B | $19.6B |
| Started | 2007 | 2018 |
| Type | Treasury ETF | Ultra-short bond ETF |
Higher yield
PULS
4.76%
Lower cost
BIL
0.14%
Better total return
PULS
3.4%/yr
Smaller worst drop
BIL
-0.2%
Key facts: BIL vs PULS
Data as of · Source: SmarterDividends data
- As of Nov 5, 2026, BIL yields 3.66% (current yield) and PULS yields 4.76% (current yield).
- BIL's expense ratio is 0.14% and PULS's is 0.15%: $14 vs $15 a year on $10,000.
- From Apr 2018 to Oct 2026, $10,000 in BIL grew to $12,449 (2.6% a year) and $10,000 in PULS to $13,262 (3.4% a year), distributions reinvested.
- Their worst month-end drops over that time: -0.2% for BIL and -2.8% for PULS.
- BIL's income is generally exempt from state income tax, while PULS's is mostly taxable by states.
Cite this page
SmarterDividends, "BIL vs PULS: Yield, Cost and Returns Compared," updated Nov 5, 2026, https://smarterdividends.com/compare/bil-vs-puls
$10,000 in each, Apr 2018 to Oct 2026
Distributions reinvested, month-end values.
BIL became
$12,449
2.6% a year
PULS became
$13,262
3.4% a year
Year by year
| Year | BIL | PULS |
|---|---|---|
| 2025 | +4.1% | +5.0% |
| 2024 | +5.2% | +6.1% |
| 2023 | +4.9% | +6.3% |
| 2022 | +1.4% | +1.5% |
| 2021 | −0.1% | +0.5% |
| 2020 | +0.4% | +1.5% |
| 2019 | +2.0% | +3.2% |
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).
- PULS · Ultra-short bond ETF
- Holds short-term bonds, which can include corporate or asset-backed debt, for a little more yield than T-bills and a little more price movement.
General information, not tax advice. Every cash fund by yield →
Top holdings
No overlap in the top ten.
BIL
- Holdings not reported.
PULS
- PAAA PGIM AAA CLO ETF2.3%
BIL vs PULS: questions
Is BIL or PULS better?
It depends on the job. PULS pays more today (4.76% vs 3.66%), BIL costs less, and PULS has the better total return over Apr 2018 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 PULS?
PULS, at 4.76% against 3.66% for BIL as of Nov 5, 2026. On $10,000 that's about $476 vs $366 a year at today's rates.
Which has the better total return?
PULS. From Apr 2018 to Oct 2026, it returned 3.4% a year with distributions reinvested, against 2.6% for BIL. $10,000 became $13,262 vs $12,449.
Which is cheaper, BIL or PULS?
BIL, with a 0.14% expense ratio against 0.15%.
How are BIL and PULS taxed?
BIL: Holds U.S. Treasury securities, so its income is generally exempt from state and local income tax (federal tax still applies). PULS: Holds short-term bonds, which can include corporate or asset-backed debt, for a little more yield than T-bills and a little more price movement. 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. PULS leads on 4 of 6 measures above. For information only, not investment advice. Last fund data: Nov 5, 2026.