BILS vs. VUSB

Last updated Jun 4, 2026

BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) and VUSB (Vanguard Ultra-Short Bond ETF) are both Ultrashort Bond funds. BILS is passively managed, while VUSB is actively managed. Over the past 5 years, BILS returned 3.29%/yr vs 3.43%/yr for VUSB. At a 0.41 correlation, their price movements are largely independent. BILS charges 0.14%/yr vs 0.10%/yr for VUSB.

Performance

BILS vs. VUSB - 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 Ultra-Short Bond ETF (VUSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BILS having a 1.40% return and VUSB slightly lower at 1.39%.

BILS

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.40%
• 6M: 1.73%
• 1Y: 3.90%
• 3Y*: 4.66%
• 5Y*: 3.29%
• 10Y*: —

VUSB

• 1D: -0.02%
• 1M: 0.40%
• YTD: 1.39%
• 6M: 1.76%
• 1Y: 4.59%
• 3Y*: 5.34%
• 5Y*: 3.43%
• 10Y*: —

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

BILS vs. VUSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.40%	4.23%	5.17%	4.92%	0.90%	-0.09%
VUSB Vanguard Ultra-Short Bond ETF	1.39%	5.20%	5.68%	5.52%	-0.36%	0.00%

Correlation

The correlation between BILS and VUSB is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Apr 8, 2021	0.41

The correlation between BILS and VUSB shifts across timeframes, from 0.26 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BILS vs. VUSB — 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

VUSB

VUSB Risk / Return Rank: 98
VUSB Sharpe Ratio Rank: 99
VUSB Sortino Ratio Rank: 99
VUSB Omega Ratio Rank: 99
VUSB Calmar Ratio Rank: 97
VUSB Martin Ratio Rank: 98

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. VUSB - 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 Ultra-Short Bond ETF (VUSB). 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.

	BILS	VUSB	Difference
Sharpe ratio Return per unit of total volatility	16.80	7.10	+9.69
Sortino ratio Return per unit of downside risk	100.82	13.16	+87.66
Omega ratio Gain probability vs. loss probability	42.08	3.44	+38.64
Calmar ratio Return relative to maximum drawdown	129.91	12.43	+117.48
Martin ratio Return relative to average drawdown	1,442.41	71.97	+1,370.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BILS vs. VUSB - Sharpe Ratio Comparison

The current BILS Sharpe Ratio is 16.80, which is higher than the VUSB Sharpe Ratio of 7.10. The chart below compares the historical Sharpe Ratios of BILS and VUSB, 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

	BILS	VUSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	16.80	7.10	+9.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	10.79	4.14	+6.65
Sharpe Ratio (All Time) Calculated using the full available price history	9.79	4.09	+5.70

Drawdowns

BILS vs. VUSB - Drawdown Comparison

The maximum BILS drawdown since its inception was -0.41%, smaller than the maximum VUSB drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for BILS and VUSB.

Drawdown Indicators

	BILS	VUSB	Difference
Max Drawdown Largest peak-to-trough decline	-0.41%	-1.79%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.37%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-0.04%	-0.46%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-0.38%	-1.79%	+1.41%
Current Drawdown Current decline from peak	-0.01%	-0.02%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.27%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.06%	-0.06%

Volatility

BILS vs. VUSB - Volatility Comparison

The current volatility for SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is 0.06%, while Vanguard Ultra-Short Bond ETF (VUSB) has a volatility of 0.18%. This indicates that BILS experiences smaller price fluctuations and is considered to be less risky than VUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILS	VUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.18%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.52%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	0.65%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.83%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.82%	-0.52%

BILS vs. VUSB - Expense Ratio Comparison

BILS has a 0.14% expense ratio, which is higher than VUSB's 0.10% 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. VUSB - Dividend Comparison

BILS's dividend yield for the trailing twelve months is around 3.81%, less than VUSB's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%	0.00%
VUSB Vanguard Ultra-Short Bond ETF	4.39%	4.63%	5.16%	4.45%	1.56%	0.26%

Frequently Asked Questions

Can I hold both BILS and VUSB in my portfolio?

BILS and VUSB have a correlation of 0.26, 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 VUSB?

VUSB has higher volatility (0.18%) compared to BILS (0.06%). In terms of maximum drawdown, BILS dropped -0.41% vs VUSB's -1.79%.

Which ETF is better, BILS or VUSB?

On 5-year performance, VUSB leads with 3.43% vs 3.29% for BILS. On fees, VUSB is cheaper at 0.10% per year. On volatility, BILS has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BILS or VUSB?

Over the 5-year period, VUSB has performed better with a 3.43% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILS or VUSB?

VUSB is cheaper with a 0.10% expense ratio, compared with 0.14% for BILS.

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

VUSB has the higher dividend yield at 4.39%, compared with 3.81% for BILS.

What is the main difference between BILS and VUSB?

They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.14% for BILS and 0.10% for VUSB.

Which has better risk-adjusted returns?

BILS currently has the higher Sharpe Ratio (16.80 vs 7.10), 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.