RAVI vs. VBIL

Last updated Jun 24, 2026

RAVI (FlexShares Ultra-Short Income ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both Ultrashort Bond funds. RAVI is actively managed, while VBIL is passively managed. Over the past year, RAVI returned 4.37% vs 3.91% for VBIL. At a correlation of -0.02, they often move in opposite directions. RAVI charges 0.25%/yr vs 0.07%/yr for VBIL.

Performance

RAVI vs. VBIL - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with RAVI having a 1.69% return and VBIL slightly higher at 1.71%.

RAVI

• 1D: 0.05%
• 1M: 0.30%
• YTD: 1.69%
• 6M: 1.79%
• 1Y: 4.37%
• 3Y*: 5.17%
• 5Y*: 3.54%
• 10Y*: 2.67%

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)

RAVI vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
RAVI FlexShares Ultra-Short Income ETF	1.69%	4.37%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.71%	3.73%

Correlation

The correlation between RAVI and VBIL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.02

Return for Risk

RAVI vs. VBIL — Risk / Return Rank

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

RAVI

RAVI Risk / Return Rank: 99
RAVI Sharpe Ratio Rank: 99
RAVI Sortino Ratio Rank: 99
RAVI Omega Ratio Rank: 99
RAVI Calmar Ratio Rank: 99
RAVI 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.

RAVI vs. VBIL - Risk-Adjusted Trends Comparison

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

	RAVI	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	10.73	18.07	-7.34
Sortino ratio: Return per unit of downside risk	23.47	111.81	-88.34
Omega ratio: Gain probability vs. loss probability	5.23	39.66	-34.42
Calmar ratio: Return relative to maximum drawdown	37.51	296.41	-258.91
Martin ratio: Return relative to average drawdown	214.85	1,960.46	-1,745.61

RAVI vs. VBIL - Sharpe Ratio Comparison

The current RAVI Sharpe Ratio is 10.73, which is lower than the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of RAVI 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

RAVI vs. VBIL - Drawdown Comparison

The maximum RAVI drawdown since its inception was -3.72%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for RAVI and VBIL.

Drawdown Indicators

	RAVI	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-0.09%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-0.01%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-3.72%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.00%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.00%	+0.02%

Volatility

RAVI vs. VBIL - Volatility Comparison

FlexShares Ultra-Short Income ETF (RAVI) has a higher volatility of 0.13% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that RAVI'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

	RAVI	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.05%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.31%	0.16%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	0.22%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.41%	0.30%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.28%	0.30%	+0.98%

RAVI vs. VBIL - Expense Ratio Comparison

RAVI has a 0.25% 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%.

Dividends

RAVI vs. VBIL - Dividend Comparison

RAVI's dividend yield for the trailing twelve months is around 4.37%, more than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
RAVI FlexShares Ultra-Short Income ETF	4.37%	4.59%	5.34%	4.55%	1.70%	0.90%	1.29%	2.53%	2.22%	1.28%	0.90%
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%

Frequently Asked Questions

Can I hold both RAVI and VBIL in my portfolio?

RAVI and VBIL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAVI or VBIL?

RAVI has higher volatility (0.13%) compared to VBIL (0.05%). In terms of maximum drawdown, RAVI dropped -3.72% vs VBIL's -0.09%.

Which ETF is better, RAVI or VBIL?

On 1-year performance, RAVI leads with 4.37% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAVI or VBIL?

Over the 1-year period, RAVI has performed better with a 4.37% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAVI or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.25% for RAVI.

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

RAVI has the higher dividend yield at 4.37%, compared with 3.65% for VBIL.

What is the main difference between RAVI and VBIL?

They also come from different issuers: FlexShares and Vanguard. Their fees differ too: 0.25% for RAVI and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 10.73), 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.