MDIV vs. VBIL

Last updated Jun 24, 2026

MDIV (First Trust Multi-Asset Diversified Income Index Fund) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - MDIV is a Diversified Portfolio fund tracking the NASDAQ US Multi-Asset Diversified Income Index, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, MDIV returned 11.46% vs 3.91% for VBIL. At a correlation of -0.09, they often move in opposite directions. MDIV charges 0.73%/yr vs 0.07%/yr for VBIL.

Performance

MDIV vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Asset Diversified Income Index Fund (MDIV) 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, MDIV achieves a 8.23% return, which is significantly higher than VBIL's 1.71% return.

MDIV

• 1D: 0.70%
• 1M: -0.63%
• YTD: 8.23%
• 6M: 8.54%
• 1Y: 11.46%
• 3Y*: 12.22%
• 5Y*: 5.93%
• 10Y*: 4.86%

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)

MDIV vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
MDIV First Trust Multi-Asset Diversified Income Index Fund	8.23%	1.21%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.71%	3.73%

Correlation

The correlation between MDIV and VBIL is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.09

Return for Risk

MDIV vs. VBIL — Risk / Return Rank

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

MDIV

MDIV Risk / Return Rank: 57
MDIV Sharpe Ratio Rank: 52
MDIV Sortino Ratio Rank: 54
MDIV Omega Ratio Rank: 49
MDIV Calmar Ratio Rank: 71
MDIV Martin Ratio Rank: 56

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.

MDIV vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Asset Diversified Income Index Fund (MDIV) 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.

	MDIV	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.69	18.07	-16.38
Sortino ratio: Return per unit of downside risk	2.46	111.81	-109.35
Omega ratio: Gain probability vs. loss probability	1.30	39.66	-38.36
Calmar ratio: Return relative to maximum drawdown	3.39	296.41	-293.02
Martin ratio: Return relative to average drawdown	9.38	1,960.46	-1,951.08

MDIV vs. VBIL - Sharpe Ratio Comparison

The current MDIV Sharpe Ratio is 1.69, which is lower than the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of MDIV 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

MDIV vs. VBIL - Drawdown Comparison

The maximum MDIV drawdown since its inception was -48.50%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for MDIV and VBIL.

Drawdown Indicators

	MDIV	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-0.09%	-48.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-0.01%	-3.38%
Max Drawdown (3Y) Largest decline over 3 years	-9.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	—	—
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-4.57%	-0.00%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	0.00%	+1.22%

Volatility

MDIV vs. VBIL - Volatility Comparison

First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a higher volatility of 2.17% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that MDIV'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

	MDIV	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	0.05%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	4.51%	0.16%	+4.35%
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	0.22%	+6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	0.30%	+10.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	0.30%	+14.92%

MDIV vs. VBIL - Expense Ratio Comparison

MDIV has a 0.73% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

MDIV vs. VBIL - Dividend Comparison

MDIV's dividend yield for the trailing twelve months is around 6.35%, more than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDIV First Trust Multi-Asset Diversified Income Index Fund	6.35%	6.51%	6.40%	6.08%	6.71%	5.30%	6.00%	5.90%	6.76%	6.04%	6.35%	7.38%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDIV and VBIL in my portfolio?

MDIV and VBIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDIV or VBIL?

MDIV has higher volatility (2.17%) compared to VBIL (0.05%). In terms of maximum drawdown, MDIV dropped -48.50% vs VBIL's -0.09%.

Which ETF is better, MDIV or VBIL?

On 1-year performance, MDIV leads with 11.46% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDIV or VBIL?

Over the 1-year period, MDIV has performed better with a 11.46% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDIV or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.73% for MDIV.

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

MDIV has the higher dividend yield at 6.35%, compared with 3.65% for VBIL.

What is the main difference between MDIV and VBIL?

MDIV is categorized as Diversified Portfolio, while VBIL is Ultrashort Bond. MDIV tracks NASDAQ US Multi-Asset Diversified Income Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.73% for MDIV and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 1.69), 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.