TBUX vs. VGUS

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and Vanguard Ultra-Short Treasury ETF (VGUS).

TBUX and VGUS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBUX is an actively managed fund by T. Rowe Price. It was launched on Sep 28, 2021. 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.

Performance

TBUX vs. VGUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and Vanguard Ultra-Short Treasury ETF (VGUS). The values are adjusted to include any dividend payments, if applicable.

TBUX vs. VGUS - Yearly Performance Comparison

	2026 (YTD)	2025
TBUX T. Rowe Price Ultra Short-Term Bond ETF	0.83%	4.79%
VGUS Vanguard Ultra-Short Treasury ETF	0.81%	3.77%

Returns By Period

The year-to-date returns for both stocks are quite close, with TBUX having a 0.83% return and VGUS slightly lower at 0.81%.

TBUX

• 1D: 0.06%
• 1M: 0.15%
• YTD: 0.83%
• 6M: 2.08%
• 1Y: 4.87%
• 3Y*: 5.87%
• 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)

TBUX vs. VGUS - Expense Ratio Comparison

TBUX has a 0.17% 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%.

TBUX

T. Rowe Price Ultra Short-Term Bond ETF

VGUS

Vanguard Ultra-Short Treasury ETF

Return for Risk

TBUX vs. VGUS — Risk / Return Rank

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

TBUX

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

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.

TBUX vs. VGUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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.

	TBUX	VGUS	Difference
Sharpe ratio Return per unit of total volatility	5.83	11.39	-5.56
Sortino ratio Return per unit of downside risk	10.05	31.34	-21.29
Omega ratio Gain probability vs. loss probability	2.64	8.64	-6.00
Calmar ratio Return relative to maximum drawdown	14.68	55.20	-40.52
Martin ratio Return relative to average drawdown	99.53	367.74	-268.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBUX vs. VGUS - Sharpe Ratio Comparison

The current TBUX Sharpe Ratio is 5.83, which is lower than the VGUS Sharpe Ratio of 11.39. The chart below compares the historical Sharpe Ratios of TBUX 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

	TBUX	VGUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.83	11.39	-5.56
Sharpe Ratio (All Time) Calculated using the full available price history	3.82	11.78	-7.96

Correlation

The correlation between TBUX and VGUS is 0.15, 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

TBUX vs. VGUS - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 4.55%, more than VGUS's 3.66% yield.

	TTM	2025	2024	2023	2022	2021
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.55%	4.67%	5.39%	4.66%	2.58%	0.27%
VGUS Vanguard Ultra-Short Treasury ETF	3.66%	3.12%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TBUX vs. VGUS - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.79%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for TBUX and VGUS.

Drawdown Indicators

	TBUX	VGUS	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-0.07%	-1.72%
Max Drawdown (1Y) Largest decline over 1 year	-0.33%	-0.07%	-0.26%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.29%	0.00%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.01%	+0.04%

Volatility

TBUX vs. VGUS - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a higher volatility of 0.25% compared to Vanguard Ultra-Short Treasury ETF (VGUS) at 0.07%. This indicates that TBUX'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

	TBUX	VGUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.07%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	0.44%	0.16%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	0.35%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	0.35%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	0.35%	+0.73%