NUSB vs. VBIL

Last updated Apr 1, 2026

Compare and contrast key facts about Nuveen Ultra Short Income ETF (NUSB) and Vanguard 0-3 Month Treasury Bill ETF (VBIL).

NUSB and VBIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NUSB is an actively managed fund by Nuveen. It was launched on Mar 5, 2024. VBIL is a passively managed fund by Vanguard that tracks the performance of the Bloomberg US Treasury Bills 0-3 Months Index. It was launched on Feb 7, 2025.

Performance

NUSB vs. VBIL - Performance Comparison

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

NUSB vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
NUSB Nuveen Ultra Short Income ETF	0.83%	4.21%
VBIL Vanguard 0-3 Month Treasury Bill ETF	0.86%	3.71%

Returns By Period

The year-to-date returns for both investments are quite close, with NUSB having a 0.83% return and VBIL slightly higher at 0.86%.

NUSB

• 1D: 0.06%
• 1M: 0.15%
• YTD: 0.83%
• 6M: 1.94%
• 1Y: 4.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.86%
• 6M: 1.88%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUSB vs. VBIL - Expense Ratio Comparison

NUSB has a 0.17% 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%.

NUSB

Nuveen Ultra Short Income ETF

VBIL

Vanguard 0-3 Month Treasury Bill ETF

Return for Risk

NUSB vs. VBIL — Risk / Return Rank

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

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 100
NUSB Omega Ratio Rank: 100
NUSB Calmar Ratio Rank: 99
NUSB Martin Ratio Rank: 99

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.

NUSB vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) 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.

	NUSB	VBIL	Difference
Sharpe ratio Return per unit of total volatility	10.42	12.70	-2.28
Sortino ratio Return per unit of downside risk	26.35	29.61	-3.26
Omega ratio Gain probability vs. loss probability	6.58	12.58	-6.01
Calmar ratio Return relative to maximum drawdown	27.86	44.01	-16.15
Martin ratio Return relative to average drawdown	203.13	379.94	-176.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUSB vs. VBIL - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 10.42, which is comparable to the VBIL Sharpe Ratio of 12.70. The chart below compares the historical Sharpe Ratios of NUSB and VBIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NUSB	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.42	12.70	-2.28
Sharpe Ratio (All Time) Calculated using the full available price history	12.47	13.08	-0.61

Correlation

The correlation between NUSB and VBIL is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NUSB vs. VBIL - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.42%, more than VBIL's 3.67% yield.

	TTM	2025	2024
NUSB Nuveen Ultra Short Income ETF	4.42%	4.51%	3.61%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.67%	3.12%	0.00%

Drawdowns

NUSB vs. VBIL - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for NUSB and VBIL.

Drawdown Indicators

	NUSB	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.09%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-0.09%	-0.07%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.01%	+0.01%

Volatility

NUSB vs. VBIL - Volatility Comparison

Nuveen Ultra Short Income ETF (NUSB) has a higher volatility of 0.13% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.07%. This indicates that NUSB'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

	NUSB	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.07%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	0.16%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.42%	0.32%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	0.31%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	0.31%	+0.08%