BIL vs. VBIL

Last updated Jun 3, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, BIL returned 3.87% vs 3.93% for VBIL. At a 0.48 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.07%/yr for VBIL.

Performance

BIL vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BIL having a 1.46% return and VBIL slightly higher at 1.48%.

BIL

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.46%
• 6M: 1.76%
• 1Y: 3.87%
• 3Y*: 4.63%
• 5Y*: 3.41%
• 10Y*: 2.18%

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.48%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIL vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.46%	3.68%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.48%	3.71%

Correlation

The correlation between BIL and VBIL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.48

The correlation between BIL and VBIL has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Return for Risk

BIL vs. VBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 99
VBIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIL vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BIL	VBIL	Difference
Sharpe ratio Return per unit of total volatility	19.71	15.13	+4.58
Sortino ratio Return per unit of downside risk	174.16	39.04	+135.12
Omega ratio Gain probability vs. loss probability	87.91	21.07	+66.84
Calmar ratio Return relative to maximum drawdown	355.62	42.56	+313.06
Martin ratio Return relative to average drawdown	2,825.49	532.95	+2,292.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIL vs. VBIL - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.71, which is higher than the VBIL Sharpe Ratio of 15.13. The chart below compares the historical Sharpe Ratios of BIL and VBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIL	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.71	15.13	+4.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	13.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	8.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	13.42	-10.65

Drawdowns

BIL vs. VBIL - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for BIL and VBIL.

Drawdown Indicators

	BIL	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-0.09%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.09%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	—	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.00%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

BIL vs. VBIL - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a volatility of 0.06%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.06%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.16%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.26%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	0.30%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	0.30%	-0.04%

BIL vs. VBIL - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is higher than VBIL's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BIL vs. VBIL - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, more than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.86%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIL and VBIL in my portfolio?

BIL and VBIL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIL or VBIL?

VBIL has higher volatility (0.06%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs VBIL's -0.09%.

Which ETF is better, BIL or VBIL?

On 1-year performance, VBIL leads with 3.93% vs 3.87% for BIL. On fees, VBIL is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIL or VBIL?

Over the 1-year period, VBIL has performed better with a 3.93% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIL or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.

Which ETF pays a higher dividend yield, BIL or VBIL?

BIL has the higher dividend yield at 3.86%, compared with 3.65% for VBIL.

What is the main difference between BIL and VBIL?

BIL is categorized as Government Bonds, while VBIL is Ultrashort Bond. BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.14% for BIL and 0.07% for VBIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 15.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.