FCLO vs. VBIL

Last updated Jun 4, 2026

FCLO (Fidelity CLO ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. FCLO is actively managed, while VBIL is passively managed. At a correlation of -0.16, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.07%/yr for VBIL.

Performance

FCLO vs. VBIL - Performance Comparison

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

Returns By Period

FCLO

• 1D: 0.02%
• 1M: 0.50%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLO vs. VBIL - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.70%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.11%

Correlation

The correlation between FCLO and VBIL is -0.16, 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 (All Time) Calculated using the full available price history since Feb 13, 2026	-0.16

Return for Risk

FCLO vs. VBIL — Risk / Return Rank

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

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.

FCLO vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FCLO	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	15.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.96	13.44	-9.48

Drawdowns

FCLO vs. VBIL - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FCLO and VBIL.

Drawdown Indicators

	FCLO	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-0.09%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.09%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.00%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	FCLO	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	0.26%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	0.30%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	0.30%	+1.16%

FCLO vs. VBIL - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

FCLO vs. VBIL - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than VBIL's 3.65% yield.

Position	TTM	2025
FCLO Fidelity CLO ETF	1.56%	0.00%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%

Frequently Asked Questions

Can I hold both FCLO and VBIL in my portfolio?

FCLO and VBIL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCLO or VBIL?

On fees, VBIL is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.45% for FCLO.

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

VBIL has the higher dividend yield at 3.65%, compared with 1.56% for FCLO.

What is the main difference between FCLO and VBIL?

FCLO is categorized as CLO, while VBIL is Ultrashort Bond. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.45% for FCLO and 0.07% for VBIL.