BIL vs. VUSTX

Last updated Jun 16, 2026

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and VUSTX (Vanguard Long-Term Treasury Fund Investor Shares) are both Government Bonds funds. Over the past 10 years, BIL returned 2.20%/yr vs -1.25%/yr for VUSTX. At a 0.02 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 0.20%/yr for VUSTX.

Performance

BIL vs. VUSTX - 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 Long-Term Treasury Fund Investor Shares (VUSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIL achieves a 1.60% return, which is significantly higher than VUSTX's -0.18% return. Over the past 10 years, BIL has outperformed VUSTX with an annualized return of 2.20%, while VUSTX has yielded a comparatively lower -1.25% annualized return.

BIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.60%
• 6M: 1.76%
• 1Y: 3.85%
• 3Y*: 4.60%
• 5Y*: 3.43%
• 10Y*: 2.20%

VUSTX

• 1D: -0.26%
• 1M: 2.62%
• YTD: -0.18%
• 6M: 0.57%
• 1Y: 4.48%
• 3Y*: -0.22%
• 5Y*: -5.58%
• 10Y*: -1.25%

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

BIL vs. VUSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.60%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%
VUSTX Vanguard Long-Term Treasury Fund Investor Shares	-0.18%	5.55%	-6.41%	3.33%	-29.58%	-4.93%	18.20%	14.14%	-1.89%	8.60%

Correlation

The correlation between BIL and VUSTX is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 30, 2007	0.02

The correlation between BIL and VUSTX shifts across timeframes, from -0.20 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BIL vs. VUSTX — 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

VUSTX

VUSTX Risk / Return Rank: 6
VUSTX Sharpe Ratio Rank: 6
VUSTX Sortino Ratio Rank: 6
VUSTX Omega Ratio Rank: 6
VUSTX Calmar Ratio Rank: 7
VUSTX Martin Ratio Rank: 6

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. VUSTX - 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 Long-Term Treasury Fund Investor Shares (VUSTX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BIL	VUSTX	Difference
Sharpe ratio: Return per unit of total volatility	19.55	0.39	+19.16
Sortino ratio: Return per unit of downside risk	173.16	0.61	+172.55
Omega ratio: Gain probability vs. loss probability	87.41	1.07	+86.34
Calmar ratio: Return relative to maximum drawdown	353.28	0.48	+352.80
Martin ratio: Return relative to average drawdown	2,801.31	1.21	+2,800.10

BIL vs. VUSTX - Sharpe Ratio Comparison

The current BIL Sharpe Ratio is 19.55, which is higher than the VUSTX Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of BIL and VUSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIL vs. VUSTX - Drawdown Comparison

The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum VUSTX drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for BIL and VUSTX.

Drawdown Indicators

	BIL	VUSTX	Difference
Max Drawdown Largest peak-to-trough decline	-0.78%	-46.37%	+45.59%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-7.19%	+7.18%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-17.70%	+17.69%
Max Drawdown (5Y) Largest decline over 5 years	-0.09%	-41.45%	+41.36%
Max Drawdown (10Y) Largest decline over 10 years	-0.21%	-46.37%	+46.16%
Current Drawdown Current decline from peak	0.00%	-36.54%	+36.54%
Average Drawdown Average peak-to-trough decline	-0.26%	-9.37%	+9.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.83%	-2.83%

Volatility

BIL vs. VUSTX - Volatility Comparison

The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.06%, while Vanguard Long-Term Treasury Fund Investor Shares (VUSTX) has a volatility of 2.68%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than VUSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIL	VUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	2.68%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	6.19%	-6.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	8.97%	-8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.26%	14.60%	-14.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.26%	13.76%	-13.50%

BIL vs. VUSTX - Expense Ratio Comparison

BIL has a 0.14% expense ratio, which is lower than VUSTX's 0.20% expense ratio. Despite the difference, 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. VUSTX - Dividend Comparison

BIL's dividend yield for the trailing twelve months is around 3.86%, less than VUSTX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
VUSTX Vanguard Long-Term Treasury Fund Investor Shares	4.47%	4.29%	4.03%	3.33%	2.93%	4.21%	10.38%	2.82%	2.82%	2.64%	5.27%	5.52%

Frequently Asked Questions

Can I hold both BIL and VUSTX in my portfolio?

BIL and VUSTX have a correlation of -0.20, 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 VUSTX?

VUSTX has higher volatility (2.68%) compared to BIL (0.06%). In terms of maximum drawdown, BIL dropped -0.78% vs VUSTX's -46.37%.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.55 vs 0.39), 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.