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Treasury Bills

Treasury bills are a type of government bond most closely associated with cash. They are a great choice for storing short-term money with minimum risk.

treasury bills
  • Asset Settings
  • Index Funds
  • Alternatives
  • Definition
  • Performance
  • Chart
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Asset Settings


Not all treasury bills are the same, and the numbers depend on your local currency and inflation. Choose the target market and home country, and the page will display funds and data that apply to you.

The market to invest in

Target Market
where the fund invests

The country you live in

Home Country
currency, inflation, & funds

Index Funds

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United States market

United States Treasury Bills

ETFs in the United States ๐Ÿ‡บ๐Ÿ‡ธ

Ticker Provider Index Expense Ratio
VBILVanguardBBG US Treasury Bills 0-3 m0.06
ISIN: US9220408457;
Dividends: Distributing;
Notes: โ€”
VGUSVanguardBBG Short Treasury0.07
ISIN: US9220408523;
Dividends: Distributing;
Notes: โ€”
SGOViSharesICE 0-3 Month US Treasury0.09
ISIN: US46436E7186;
Dividends: Distributing;
Notes: โ€”
BILState StreetBBG 1-3 Month0.14
ISIN: US78468R6633;
Dividends: Distributing;
Notes: โ€”
BILSState StreetBBG 3-12 Month0.14
ISIN: US78468R5239;
Dividends: Distributing;
Notes: โ€”
SHViSharesICE Short US Treasury0.15
ISIN: US4642886794;
Dividends: Distributing;
Notes: โ€”

No funds found. See alternatives.

Notes Definitions
  • +SCB — Total market fund that includes small caps (85% LCB + 15% SCB)
  • +EM — Global fund that includes emerging markets (~90% DEV + 10% EM)
  • -CAN — Excludes Canada (or other specified country normally in the index)
  • Acc — Accumulating
  • Dist — Distributing

Assume there are errors and always do your own research. No listings or links are sponsored. Because they track similar indices, all funds should have similar returns before fees.

/// Report an error or suggest a fund ///

Alternatives


Other options when no treasury bill funds are available

  • Treasury Money Market Account — T-bill ETFs are not offered in some markets, but treasury money market accounts invest in the same bills.
  • Short Term Bonds — Short term bonds have slightly higher interest rates for just a little more risk.
  • Directly Owned Bonds — Bonds can be directly purchased from the government. For bills, buy 1-year bills and roll them over into new ones each year.

Definition


treasury bills definition

The Portfolio Charts treasury bill data tracks the segment of the bond market with maturities of 1 year or less. It also focuses exclusively on debt issued by countries, not companies. In the US they are called treasury bonds, but they may go by other names in different countries. For example, they’re called bunds in Germany and gilts in the UK.

Treasury bills (often called T-bills or simply Bills) have long been valued for their dependable interest payments and steady preservation of capital. When you see an investing analysis that compares an investment to a “risk-free rate”, it is almost always referring to the return of treasury bills.

One interesting misconception about treasury bills is that because of their cash-like behavior, many people wrongly believe they always lose money to inflation. In reality, because they quickly roll over into new issues that track prevailing interest rates, they have historically been one of the better inflation hedges available.

Performance

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Since 1970, an investor in the United States holding United States treasury bills earned an average 1.0% real return, with a baseline CAGR of -0.5% over 15 years. Its worst peak-to-trough loss was 21%, and the longest a new investment spent below water was under 29 years.

United States Treasury Bill Performance

For an investor in the United States, 1970โ€“2025
# Metric What it measures
1.0% Average return Mean annual return after inflation
-0.5% Baseline real return (15 years) What 15-year stretches returned in the weaker outcomes
21% Deepest drawdown Worst peak-to-trough loss after inflation
29 years Longest drawdown Longest a new investment stayed below what you put in
2.7% Volatility (standard deviation) Year-to-year variation in returns

See this asset in the Annual Returns, Long Term Returns, and Drawdowns charts.

Chart

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Compare to other assets for a visual guide to correlations

Heat Map
United States Treasury Bills

This displays every real CAGR based on the year the money was invested and the years held.

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Articles


Insights that mention treasury bills

February 16, 2026
Sail to a Good Life With the Richer Retirement Portfolio
October 12, 2024
When Past Performance Is Absolutely Indicative of Future Results
January 3, 2024
The New 2023 Portfolio Data Is Here

Portfolios


Portfolios that include treasury bills

7Twelve Portfolio
Golden Ratio Portfolio
Permanent Portfolio
Pinwheel Portfolio
Richer Retirement Portfolio
Sandwich Portfolio
Data for all markets and home countries

Treasury Bill Data for All Markets and Home Countries

Everything this page knows about treasury bills, as plain text for readers and assistants that cannot use the controls above: first the performance stats for every market and home country, then every index fund on this page by market and home country. The blocks above show one market and one home country at a time; these tables show all of them.

To open this page on a specific market and home country, link readers to it with ?market=MARKET&home=COUNTRY added to the URL, using the codes shown in parentheses — market codes on the rows of the stats tables and in the Market column of the fund tables, home country codes on the stats tables' headings and in the Home countries column of the fund tables (e.g. ?market=aus&home=deu). Either parameter may be omitted; the defaults are the United States for both. The asset itself is fixed by the page, so ?pk= has no effect here. More in the Guide for AI Assistants.

Treasury Bill Performance by Market and Home Country

Treasury Bills in all 13 markets the data tracks, for all 12 home countries, 1970โ€“2025. Each row is one market; each table is one home country.

United States (usa)

Treasury Bill Performance by Market and Home Country: United States, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.7%0.5%45%22 years11.4%
Canada (can)1.5%-0.7%39%35 years7.7%
Europe (eur)1.9%-1.3%46%38 years11.1%
France (fra)1.9%-1.3%46%36 years11.4%
Germany (deu)2.3%-1.3%46%39 years11.8%
Italy (ita)1.7%-2.0%46%36 years11.6%
Japan (jpn)1.4%-2.0%68%50 years13.0%
Netherlands (nld)2.0%-1.3%46%39 years11.7%
Spain (esp)1.9%-1.9%46%36 years12.2%
Sweden (swe)1.1%-2.3%56%54 years12.5%
Switzerland (che)2.3%-0.1%46%38 years11.7%
United Kingdom (gbr)1.9%-2.1%50%35 years11.7%
United States (usa)1.0%-0.5%21%29 years2.7%

Australia (aus)

Treasury Bill Performance by Market and Home Country: Australia, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.1%1.0%16%17 years3.3%
Canada (can)1.5%-0.8%34%31 years8.6%
Europe (eur)1.9%-1.8%43%35 years12.4%
France (fra)2.1%-1.8%43%34 years13.0%
Germany (deu)2.4%-1.8%43%38 years12.9%
Italy (ita)1.8%-1.9%43%35 years12.9%
Japan (jpn)1.6%-3.6%67%48 years14.9%
Netherlands (nld)2.1%-1.9%43%38 years13.2%
Spain (esp)1.9%-1.9%43%35 years13.0%
Sweden (swe)1.0%-2.4%49%53 years12.3%
Switzerland (che)2.6%-0.5%32%31 years14.0%
United Kingdom (gbr)2.0%-2.3%46%33 years13.1%
United States (usa)1.6%-1.4%55%33 years11.4%

Canada (can)

Treasury Bill Performance by Market and Home Country: Canada, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.9%1.6%24%16 years8.0%
Canada (can)1.8%0.1%13%25 years2.8%
Europe (eur)2.4%-0.8%36%32 years11.4%
France (fra)2.5%-0.9%40%32 years12.0%
Germany (deu)2.9%-0.9%37%32 years12.1%
Italy (ita)2.2%-0.9%35%31 years11.8%
Japan (jpn)2.2%-2.5%65%48 years15.4%
Netherlands (nld)2.5%-0.9%39%33 years12.1%
Spain (esp)2.4%-0.9%40%33 years12.4%
Sweden (swe)1.5%-1.5%43%38 years11.5%
Switzerland (che)3.0%0.0%42%31 years13.2%
United Kingdom (gbr)2.5%-1.4%38%29 years12.0%
United States (usa)1.8%-0.6%37%28 years7.8%

France (fra)

Treasury Bill Performance by Market and Home Country: France, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.8%1.6%39%19 years12.5%
Canada (can)1.9%0.2%45%26 years11.8%
Europe (eur)1.4%-0.1%17%27 years3.6%
France (fra)1.4%-0.1%17%27 years2.9%
Germany (deu)1.8%-0.1%17%27 years4.5%
Italy (ita)1.2%-0.5%39%27 years5.8%
Japan (jpn)1.4%-1.7%61%44 years12.5%
Netherlands (nld)1.4%-0.1%17%27 years4.3%
Spain (esp)1.4%-0.5%36%27 years6.0%
Sweden (swe)0.7%-1.0%34%35 years7.2%
Switzerland (che)1.9%1.3%16%14 years6.5%
United Kingdom (gbr)1.7%-0.7%39%27 years9.1%
United States (usa)1.7%0.1%41%30 years11.3%

Germany (deu)

Treasury Bill Performance by Market and Home Country: Germany, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.6%1.9%36%19 years12.9%
Canada (can)1.6%0.2%48%27 years11.8%
Europe (eur)1.1%-0.2%23%30 years4.1%
France (fra)1.2%-0.2%22%30 years4.2%
Germany (deu)1.4%-0.2%22%31 years2.6%
Italy (ita)1.0%-0.7%43%29 years6.7%
Japan (jpn)1.1%-1.7%64%46 years12.8%
Netherlands (nld)1.1%-0.2%22%31 years3.0%
Spain (esp)1.2%-0.8%44%30 years6.9%
Sweden (swe)0.4%-1.1%39%55 years7.6%
Switzerland (che)1.6%1.1%15%16 years6.1%
United Kingdom (gbr)1.5%-0.9%45%28 years10.2%
United States (usa)1.4%0.1%43%30 years11.5%

Italy (ita)

Treasury Bill Performance by Market and Home Country: Italy, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.8%1.1%33%19 years11.9%
Canada (can)1.8%0.2%33%27 years11.1%
Europe (eur)1.4%-0.2%22%32 years4.6%
France (fra)1.5%-0.2%22%32 years5.4%
Germany (deu)1.9%-0.2%22%33 years6.7%
Italy (ita)1.2%-0.4%25%30 years3.9%
Japan (jpn)1.5%-2.3%64%49 years13.3%
Netherlands (nld)1.6%-0.2%22%33 years6.4%
Spain (esp)1.4%-0.4%24%32 years6.2%
Sweden (swe)0.7%-1.1%37%49 years7.5%
Switzerland (che)2.1%0.4%22%28 years8.2%
United Kingdom (gbr)1.7%-0.8%32%29 years8.6%
United States (usa)1.6%0.0%38%30 years10.9%

Japan (jpn)

Treasury Bill Performance by Market and Home Country: Japan, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.8%0.4%50%33 years13.3%
Canada (can)2.1%-0.4%62%39 years13.9%
Europe (eur)1.8%-0.8%44%32 years11.6%
France (fra)1.8%-0.8%43%32 years11.5%
Germany (deu)2.1%-0.5%33%30 years11.1%
Italy (ita)1.7%-0.8%58%42 years12.8%
Japan (jpn)0.5%0.0%17%35 years2.7%
Netherlands (nld)1.8%-0.8%36%32 years11.3%
Spain (esp)1.9%-0.8%55%33 years13.3%
Sweden (swe)1.1%-1.7%54%56 years13.0%
Switzerland (che)2.1%-0.3%31%32 years10.6%
United Kingdom (gbr)2.1%-1.2%59%32 years13.8%
United States (usa)1.6%-0.1%58%44 years12.3%

Netherlands (nld)

Treasury Bill Performance by Market and Home Country: Netherlands, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.3%1.4%41%19 years13.1%
Canada (can)1.4%-0.4%54%27 years12.0%
Europe (eur)0.8%-0.5%30%33 years4.3%
France (fra)0.9%-0.5%27%33 years4.5%
Germany (deu)1.2%-0.5%27%34 years3.2%
Italy (ita)0.7%-1.1%49%32 years6.9%
Japan (jpn)0.8%-2.1%68%55 years12.7%
Netherlands (nld)0.8%-0.5%27%34 years3.2%
Spain (esp)0.9%-1.1%49%35 years7.3%
Sweden (swe)0.1%-1.6%42%57 years7.6%
Switzerland (che)1.3%0.7%17%24 years5.9%
United Kingdom (gbr)1.2%-1.3%51%29 years10.4%
United States (usa)1.1%-0.3%49%42 years11.5%

Spain (esp)

Treasury Bill Performance by Market and Home Country: Spain, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.0%0.7%46%23 years12.1%
Canada (can)1.1%-0.4%55%27 years11.5%
Europe (eur)0.6%-0.6%30%33 years4.4%
France (fra)0.7%-0.5%25%33 years5.3%
Germany (deu)1.0%-0.5%20%33 years5.8%
Italy (ita)0.4%-1.0%50%30 years6.5%
Japan (jpn)0.7%-2.6%68%57 years13.8%
Netherlands (nld)0.7%-0.5%20%33 years5.6%
Spain (esp)0.5%-1.2%41%33 years4.4%
Sweden (swe)-0.2%-1.8%40%57 years6.7%
Switzerland (che)1.2%0.3%22%22 years7.8%
United Kingdom (gbr)0.9%-1.5%48%29 years10.3%
United States (usa)0.9%-0.6%52%45 years11.8%

Sweden (swe)

Treasury Bill Performance by Market and Home Country: Sweden, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)3.4%1.9%34%16 years11.3%
Canada (can)2.5%1.0%35%21 years11.5%
Europe (eur)2.2%0.6%22%21 years7.0%
France (fra)2.3%0.6%22%21 years8.0%
Germany (deu)2.7%0.6%22%21 years8.5%
Italy (ita)2.1%0.2%39%21 years8.5%
Japan (jpn)2.2%-1.1%54%41 years14.4%
Netherlands (nld)2.3%0.6%22%21 years8.1%
Spain (esp)2.2%0.2%32%21 years7.8%
Sweden (swe)1.1%-0.4%23%29 years3.5%
Switzerland (che)2.8%1.7%20%10 years9.8%
United Kingdom (gbr)2.3%-0.3%43%25 years9.4%
United States (usa)2.5%0.4%37%26 years13.1%

Switzerland (che)

Treasury Bill Performance by Market and Home Country: Switzerland, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)1.7%-0.2%49%27 years14.3%
Canada (can)0.8%-1.6%61%57 years13.0%
Europe (eur)0.2%-1.6%41%56 years6.8%
France (fra)0.3%-1.7%41%56 years6.4%
Germany (deu)0.5%-1.4%41%37 years5.4%
Italy (ita)0.2%-2.3%57%57 years8.9%
Japan (jpn)0.0%-2.5%70%57 years11.9%
Netherlands (nld)0.2%-1.4%41%56 years5.7%
Spain (esp)0.3%-2.4%55%57 years8.8%
Sweden (swe)-0.5%-3.1%53%57 years9.2%
Switzerland (che)0.4%-0.1%16%28 years2.1%
United Kingdom (gbr)0.6%-2.2%57%57 years11.4%
United States (usa)0.4%-1.2%57%57 years11.8%

United Kingdom (gbr)

Treasury Bill Performance by Market and Home Country: United Kingdom, 1970โ€“2025
MarketAverageBaselineDeepestLongestVolatility
Australia (aus)2.6%0.7%45%19 years11.9%
Canada (can)1.7%0.6%47%21 years12.1%
Europe (eur)1.5%0.1%39%33 years9.6%
France (fra)1.6%0.1%39%32 years9.8%
Germany (deu)2.0%0.7%39%34 years10.8%
Italy (ita)1.3%0.0%48%30 years10.1%
Japan (jpn)1.5%-1.3%62%53 years15.4%
Netherlands (nld)1.6%0.6%39%34 years10.6%
Spain (esp)1.5%0.0%43%34 years11.0%
Sweden (swe)0.6%-1.0%45%56 years9.5%
Switzerland (che)2.1%0.7%37%31 years11.4%
United Kingdom (gbr)1.1%-0.7%30%26 years3.9%
United States (usa)1.5%0.3%42%30 years12.5%

Treasury Bill Index Funds by Market and Home Country

Every treasury bill index fund on this page: 25 fund listings across 4 markets, available to investors in 10 home countries. Each table is one target market (the region the fund invests in); each row is one fund, listed once with every home country it is sold in.

Home country codes: Australia (aus), France (fra), Germany (deu), Italy (ita), Japan (jpn), Netherlands (nld), Spain (esp), Switzerland (che), United Kingdom (gbr), United States (usa).

Australia Treasury Bills (aus)

Australia Treasury Bill index funds: 1 fund, with the home countries each is available in
Market ISIN Tickers Provider Index Expense Ratio Dividends Notes Home countries
ausAU00000BILL3BILLState StreetS&P/ASX Bank Bill0.07Distributingโ€”aus

Europe Treasury Bills (eur)

Europe Treasury Bill index funds: 3 funds, with the home countries each is available in
Market ISIN Tickers Provider Index Expense Ratio Dividends Notes Home countries
eurLU2233156582PRABAmundiSolactive Eurozone Gov Bond 0-10.05Accumulatingโ€”fra, deu, ita, nld, esp, che, gbr
eurIE00B3FH7618IEGE, EUN6, IBGEiSharesBBG Euro Treasury 0-10.07Distributingโ€”fra, deu, ita, nld, esp, che, gbr
eurLU2641054122XE01.DE, XE01XtrackersiBoxx EUR Sovereigns 0-1 Capped0.07Accumulatingโ€”fra, deu, ita, nld, esp, gbr

Germany Treasury Bills (deu)

Germany Treasury Bill index funds: 3 funds, with the home countries each is available in
Market ISIN Tickers Provider Index Expense Ratio Dividends Notes Home countries
deuLU2641054551XG01XtrackersiBoxx EUR Germany 0-10.07Accumulatingโ€”fra, deu, ita, nld, esp, gbr
deuDE000ETFL227EL4WDekaEUROGOV Germany Money Mkt0.12Distributingโ€”deu
deuDE000A0Q4RZ9EXVMiShareseb.rexx Gov Germany 0-10.13Distributingโ€”fra, deu, ita, nld, esp

United States Treasury Bills (usa)

United States Treasury Bill index funds: 18 funds, with the home countries each is available in
Market ISIN Tickers Provider Index Expense Ratio Dividends Notes Home countries
usaJP3050310006133AGlobal XSolactive 1-3 month US T-Bill0Distributingโ€”jpn
usaLU2182388665PR1TAmundiBBG US Short Treasury0.05Accumulatingโ€”fra, deu, ita, nld, esp, gbr
usaIE00BLRPPV00VDST, VUCF, XLONVanguardBBG Short Treasury0.05Accumulatingโ€”fra, deu, ita, nld, esp, che, gbr
usaIE00BKWD3D06TRIA, T1APInvescoBBG US Short Treasury0.06Accumulatingโ€”fra, deu, nld, esp, che, gbr
usaIE00BKWD3C98TREI, TRD1, TRISInvescoBBG US Short Treasury0.06Distributingโ€”fra, deu, ita, nld, esp, che, gbr
usaUS9220408457VBILVanguardBBG US Treasury Bills 0-3 m0.06Distributingโ€”usa
usaIE000PO34ON2A0DTBNP ParibasICE BofA 0-1 Year US Treasury0.07Distributingโ€”fra, deu, nld, esp, che
usaIE00087GRUR0A01U, A01TBNP ParibasICE BofA 0-1 Year US Treasury0.07Accumulatingโ€”fra, deu, ita, nld, esp, che
usaIE00BGSF1X88IB01iSharesIDC US Treasury Short Term0.07Accumulatingโ€”fra, deu, ita, nld, esp, che, gbr
usaIE00BGR7L912IBTU, IBCCiSharesIDC US Treasury Short Term0.07Distributingโ€”fra, deu, ita, nld, esp, che, gbr
usaIE00BJK3WF00BBIL, BBLLJPMorganICE US Treasury 0-10.07Accumulatingโ€”fra, deu, ita, nld, esp, che, gbr
usaUS9220408523VGUSVanguardBBG Short Treasury0.07Distributingโ€”usa
usaUS46436E7186SGOViSharesICE 0-3 Month US Treasury0.09Distributingโ€”usa
usaUS78468R6633BILState StreetBBG 1-3 Month0.14Distributingโ€”usa
usaUS78468R5239BILSState StreetBBG 3-12 Month0.14Distributingโ€”usa
usaUS4642886794SHViSharesICE Short US Treasury0.15Distributingโ€”usa
usaJP30502300062012State StreetFTSE US Treasury 0-3 Month0.15Distributingโ€”jpn
usaAU0000275091TBILVanEckBBG U.S. Treasury Bills: 1-3 month0.22Distributingโ€”aus
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