TBIL vs. VGUS

Last updated Apr 1, 2026

Compare and contrast key facts about US Treasury 3 Month Bill ETF (TBIL) and Vanguard Ultra-Short Treasury ETF (VGUS).

TBIL and VGUS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. VGUS is a passively managed fund by Vanguard that tracks the performance of the Bloomberg Short Treasury Index. It was launched on Feb 7, 2025. Both TBIL and VGUS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TBIL vs. VGUS - Performance Comparison

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

TBIL vs. VGUS - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL US Treasury 3 Month Bill ETF	0.87%	3.72%
VGUS Vanguard Ultra-Short Treasury ETF	0.81%	3.77%

Returns By Period

In the year-to-date period, TBIL achieves a 0.87% return, which is significantly higher than VGUS's 0.81% return.

TBIL

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.87%
• 6M: 1.89%
• 1Y: 4.05%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

VGUS

• 1D: 0.01%
• 1M: 0.25%
• YTD: 0.81%
• 6M: 1.82%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL vs. VGUS - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is higher than VGUS'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%.

TBIL

US Treasury 3 Month Bill ETF

VGUS

Vanguard Ultra-Short Treasury ETF

Return for Risk

TBIL vs. VGUS — Risk / Return Rank

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

TBIL

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

VGUS

VGUS Risk / Return Rank: 100
VGUS Sharpe Ratio Rank: 100
VGUS Sortino Ratio Rank: 100
VGUS Omega Ratio Rank: 100
VGUS Calmar Ratio Rank: 100
VGUS 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.

TBIL vs. VGUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) and Vanguard Ultra-Short Treasury ETF (VGUS). 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.

	TBIL	VGUS	Difference
Sharpe ratio Return per unit of total volatility	14.34	11.39	+2.95
Sortino ratio Return per unit of downside risk	63.08	31.34	+31.74
Omega ratio Gain probability vs. loss probability	19.16	8.64	+10.52
Calmar ratio Return relative to maximum drawdown	204.06	55.20	+148.86
Martin ratio Return relative to average drawdown	1,017.13	367.74	+649.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIL vs. VGUS - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 14.34, which is comparable to the VGUS Sharpe Ratio of 11.39. The chart below compares the historical Sharpe Ratios of TBIL and VGUS, 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

	TBIL	VGUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	14.34	11.39	+2.95
Sharpe Ratio (All Time) Calculated using the full available price history	14.17	11.78	+2.39

Correlation

The correlation between TBIL and VGUS is 0.32, 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

TBIL vs. VGUS - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 4.28%, more than VGUS's 3.66% yield.

	TTM	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	4.28%	4.07%	5.02%	5.00%	1.10%
VGUS Vanguard Ultra-Short Treasury ETF	3.66%	3.12%	0.00%	0.00%	0.00%

Drawdowns

TBIL vs. VGUS - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for TBIL and VGUS.

Drawdown Indicators

	TBIL	VGUS	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-0.07%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.07%	+0.05%
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	0.00%	0.01%	-0.01%

Volatility

TBIL vs. VGUS - Volatility Comparison

US Treasury 3 Month Bill ETF (TBIL) has a higher volatility of 0.09% compared to Vanguard Ultra-Short Treasury ETF (VGUS) at 0.07%. This indicates that TBIL's price experiences larger fluctuations and is considered to be riskier than VGUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	VGUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.07%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	0.16%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	0.35%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.35%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.35%	-0.03%