VBIL vs. ^CASHX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard 0-3 Month Treasury Bill ETF (VBIL) and US Money Market Index (^CASHX).

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

VBIL vs. ^CASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard 0-3 Month Treasury Bill ETF (VBIL) and US Money Market Index (^CASHX). The values are adjusted to include any dividend payments, if applicable.

VBIL vs. ^CASHX - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	0.87%	3.71%
^CASHX US Money Market Index	0.89%	3.70%

Returns By Period

The year-to-date returns for both investments are quite close, with VBIL having a 0.87% return and ^CASHX slightly higher at 0.89%.

VBIL

• 1D: 0.01%
• 1M: 0.31%
• YTD: 0.87%
• 6M: 1.87%
• 1Y: 4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^CASHX

• 1D: 0.01%
• 1M: 0.28%
• YTD: 0.89%
• 6M: 1.85%
• 1Y: 4.03%
• 3Y*: 4.72%
• 5Y*: 3.39%
• 10Y*: 2.26%

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

Return for Risk

VBIL vs. ^CASHX — Risk / Return Rank

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

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.

VBIL vs. ^CASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) and US Money Market Index (^CASHX). 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.

	VBIL	^CASHX	Difference
Sharpe ratio Return per unit of total volatility	12.78	265.80	-253.02
Sortino ratio Return per unit of downside risk	29.76	—	—
Omega ratio Gain probability vs. loss probability	12.77	—	—
Calmar ratio Return relative to maximum drawdown	43.72	—	—
Martin ratio Return relative to average drawdown	377.55	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBIL vs. ^CASHX - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 12.78, which is lower than the ^CASHX Sharpe Ratio of 265.80. The chart below compares the historical Sharpe Ratios of VBIL and ^CASHX, 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

	VBIL	^CASHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.78	265.80	-253.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	33.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	23.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	13.10	25.97	-12.87

Correlation

The correlation between VBIL and ^CASHX is 0.08, 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.

Drawdowns

VBIL vs. ^CASHX - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, which is greater than ^CASHX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VBIL and ^CASHX.

Drawdown Indicators

	VBIL	^CASHX	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	0.00%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	0.00%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
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	0.01%	0.00%	+0.01%

Volatility

VBIL vs. ^CASHX - Volatility Comparison

Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a higher volatility of 0.07% compared to US Money Market Index (^CASHX) at 0.00%. This indicates that VBIL's price experiences larger fluctuations and is considered to be riskier than ^CASHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	^CASHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.00%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.01%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.01%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	0.08%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.31%	0.08%	+0.23%