BILS vs. VBIL

Last updated Jun 24, 2026

BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both Ultrashort Bond funds - BILS tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index while VBIL tracks the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, BILS returned 3.84% vs 3.91% for VBIL. At a 0.40 correlation, their price movements are largely independent. BILS charges 0.14%/yr vs 0.07%/yr for VBIL.

Performance

BILS vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BILS achieves a 1.57% return, which is significantly lower than VBIL's 1.71% return.

BILS

• 1D: 0.00%
• 1M: 0.24%
• YTD: 1.57%
• 6M: 1.66%
• 1Y: 3.84%
• 3Y*: 4.61%
• 5Y*: 3.33%
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.71%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BILS vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.57%	3.77%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.71%	3.73%

Correlation

The correlation between BILS and VBIL is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.40

The correlation between BILS and VBIL shifts across timeframes, from 0.40 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BILS vs. VBIL — Risk / Return Rank

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

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS 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: 100
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.

BILS vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) 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.

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.

	BILS	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	16.64	18.07	-1.43
Sortino ratio: Return per unit of downside risk	87.69	111.81	-24.12
Omega ratio: Gain probability vs. loss probability	34.24	39.66	-5.42
Calmar ratio: Return relative to maximum drawdown	127.82	296.41	-168.60
Martin ratio: Return relative to average drawdown	1,285.26	1,960.46	-675.20

BILS vs. VBIL - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.64, which is comparable to the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of BILS 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.

Drawdowns

BILS vs. VBIL - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for BILS and VBIL.

Drawdown Indicators

	BILS	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-0.09%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.01%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.37%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.00%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILS vs. VBIL - Volatility Comparison

SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has a higher volatility of 0.06% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that BILS's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.05%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.16%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	0.22%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.30%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.30%	0.00%

BILS vs. VBIL - Expense Ratio Comparison

BILS 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

BILS vs. VBIL - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.81%, more than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BILS and VBIL in my portfolio?

BILS and VBIL have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BILS or VBIL?

BILS has higher volatility (0.06%) compared to VBIL (0.05%). In terms of maximum drawdown, BILS dropped -0.41% vs VBIL's -0.09%.

Which ETF is better, BILS or VBIL?

On 1-year performance, VBIL leads with 3.91% vs 3.84% for BILS. 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, BILS or VBIL?

Over the 1-year period, VBIL has performed better with a 3.91% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or VBIL?

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

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

BILS has the higher dividend yield at 3.81%, compared with 3.65% for VBIL.

What is the main difference between BILS and VBIL?

BILS tracks Bloomberg 3-12 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 BILS and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 16.64), 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.