DIVL vs. VBIL

Last updated Aug 4, 2026

DIVL (Madison Dividend Value ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - DIVL is a Large Cap Value Equities fund actively managed by Madison, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. DIVL is actively managed, while VBIL is passively managed. Over the past year, DIVL returned 16.05% vs 3.84% for VBIL. Their -0.02 correlation means they have often moved in opposite directions in the past. DIVL charges 0.65%/yr vs 0.07%/yr for VBIL.

Performance

DIVL vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Dividend Value ETF (DIVL) 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, DIVL achieves a 11.08% return, which is significantly higher than VBIL's 2.13% return.

DIVL

• 1D: -0.37%
• 1M: 1.91%
• 6M: 3.55%
• YTD: 11.08%
• 1Y: 16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.50%

VBIL

• 1D: 0.01%
• 1M: 0.29%
• 6M: 1.82%
• YTD: 2.13%
• 1Y: 3.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DIVL Madison Dividend Value ETF	$12.58K	$17.74K	$9.82K
VBIL Vanguard 0-3 Month Treasury Bill ETF	$174.38M	$171.63M	$190.00M

DIVL vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
DIVL Madison Dividend Value ETF	11.08%	5.83%
VBIL Vanguard 0-3 Month Treasury Bill ETF	2.13%	3.73%

Correlation

The correlation between DIVL and VBIL is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.02

Return for Risk

DIVL vs. VBIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DIVL

DIVL Risk / Return Rank: 57
DIVL Sharpe Ratio Rank: 57
DIVL Sortino Ratio Rank: 61
DIVL Omega Ratio Rank: 55
DIVL Calmar Ratio Rank: 61
DIVL Martin Ratio Rank: 51

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DIVL vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Value ETF (DIVL) 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.

	DIVL	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.50	17.97	-16.47
Sortino ratio: Return per unit of downside risk	2.22	118.98	-116.76
Omega ratio: Gain probability vs. loss probability	1.26	44.81	-43.54
Calmar ratio: Return relative to maximum drawdown	2.33	291.01	-288.68
Martin ratio: Return relative to average drawdown	6.36	1,924.70	-1,918.35

DIVL vs. VBIL - Sharpe Ratio Comparison

The current DIVL Sharpe Ratio is 1.50, which is lower than the VBIL Sharpe Ratio of 17.97. The chart below compares the historical Sharpe Ratios of DIVL 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

DIVL vs. VBIL - Drawdown Comparison

The maximum DIVL drawdown since its inception was -14.06%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for DIVL and VBIL.

Drawdown Indicators

	DIVL	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-14.06%	-0.09%	-13.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-0.01%	-6.92%
Current Drawdown Current decline from peak	-1.36%	0.00%	-1.36%
Average Drawdown Average peak-to-trough decline	-2.57%	0.00%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	0.00%	+2.53%

Volatility

DIVL vs. VBIL - Volatility Comparison

Madison Dividend Value ETF (DIVL) has a higher volatility of 2.90% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that DIVL'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

	DIVL	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	0.06%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	0.16%	+7.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	0.22%	+10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	0.29%	+11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.28%	0.29%	+11.99%

DIVL vs. VBIL - Expense Ratio Comparison

DIVL has a 0.65% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

DIVL vs. VBIL - Dividend Comparison

DIVL's dividend yield for the trailing twelve months is around 1.73%, less than VBIL's 3.58% yield.

Position	TTM	2025	2024	2023
DIVL Madison Dividend Value ETF	1.73%	1.80%	2.19%	1.01%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.58%	3.12%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVL and VBIL in my portfolio?

DIVL and VBIL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVL or VBIL?

DIVL has higher volatility (2.90%) compared to VBIL (0.06%). In terms of maximum drawdown, DIVL dropped -14.06% vs VBIL's -0.09%.

Which ETF is better, DIVL or VBIL?

On 1-year performance, DIVL leads with 16.05% vs 3.84% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL 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, DIVL or VBIL?

Over the 1-year period, DIVL has performed better with a 16.05% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVL or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.65% for DIVL.

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

VBIL has the higher dividend yield at 3.58%, compared with 1.73% for DIVL.

What is the main difference between DIVL and VBIL?

DIVL is categorized as Large Cap Value Equities, while VBIL is Ultrashort Bond. They also come from different issuers: Madison and Vanguard. Their fees differ too: 0.65% for DIVL and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (17.97 vs 1.50), 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.