{"slug":"risk-free-rate-in-the-sharpe-ratio","qid":"rf_by_year","label":"Three-month Treasury bill yield by calendar year","post_title":"Risk-free rate in the Sharpe ratio","post_url":"/blog/risk-free-rate-in-the-sharpe-ratio#q-rf_by_year","columns":["year","avg_bill_pct","low_bill_pct","high_bill_pct"],"rows":[{"year":"2005","avg_bill_pct":3.22,"low_bill_pct":2.31,"high_bill_pct":4.08},{"year":"2006","avg_bill_pct":4.85,"low_bill_pct":4.16,"high_bill_pct":5.13},{"year":"2007","avg_bill_pct":4.48,"low_bill_pct":2.87,"high_bill_pct":5.19},{"year":"2008","avg_bill_pct":1.4,"low_bill_pct":0,"high_bill_pct":3.27},{"year":"2009","avg_bill_pct":0.15,"low_bill_pct":0.02,"high_bill_pct":0.32},{"year":"2010","avg_bill_pct":0.14,"low_bill_pct":0.04,"high_bill_pct":0.18},{"year":"2011","avg_bill_pct":0.05,"low_bill_pct":0,"high_bill_pct":0.16},{"year":"2012","avg_bill_pct":0.09,"low_bill_pct":0.01,"high_bill_pct":0.14},{"year":"2013","avg_bill_pct":0.06,"low_bill_pct":0,"high_bill_pct":0.14},{"year":"2014","avg_bill_pct":0.03,"low_bill_pct":0.01,"high_bill_pct":0.08},{"year":"2015","avg_bill_pct":0.05,"low_bill_pct":0,"high_bill_pct":0.29},{"year":"2016","avg_bill_pct":0.32,"low_bill_pct":0.18,"high_bill_pct":0.55},{"year":"2017","avg_bill_pct":0.95,"low_bill_pct":0.5,"high_bill_pct":1.47},{"year":"2018","avg_bill_pct":1.97,"low_bill_pct":1.39,"high_bill_pct":2.45},{"year":"2019","avg_bill_pct":2.11,"low_bill_pct":1.52,"high_bill_pct":2.49},{"year":"2020","avg_bill_pct":0.36,"low_bill_pct":0,"high_bill_pct":1.59},{"year":"2021","avg_bill_pct":0.04,"low_bill_pct":0.01,"high_bill_pct":0.09},{"year":"2022","avg_bill_pct":2.09,"low_bill_pct":0.08,"high_bill_pct":4.46},{"year":"2023","avg_bill_pct":5.28,"low_bill_pct":4.52,"high_bill_pct":5.63},{"year":"2024","avg_bill_pct":5.18,"low_bill_pct":4.31,"high_bill_pct":5.52},{"year":"2025","avg_bill_pct":4.21,"low_bill_pct":3.62,"high_bill_pct":4.46},{"year":"2026","avg_bill_pct":3.74,"low_bill_pct":3.62,"high_bill_pct":3.96}],"shape":"ranking","sql":"SELECT\n    toString(toYear(date))                  AS year,\n    round(avg(toFloat64(yield_3_month)), 2) AS avg_bill_pct,\n    round(min(toFloat64(yield_3_month)), 2) AS low_bill_pct,\n    round(max(toFloat64(yield_3_month)), 2) AS high_bill_pct\nFROM global_markets.treasury_yields\nWHERE date >= '2005-01-01'\n  AND yield_3_month IS NOT NULL\nGROUP BY year\nORDER BY year","computed_at":"2026-08-14T15:41:54.438469+00:00","elapsed":0.0018515}