VBIL vs. BIL

Last updated Jun 20, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past year, VBIL returned 3.94% vs 3.87% for BIL. At a 0.46 correlation, their price movements are largely independent. VBIL charges 0.07%/yr vs 0.14%/yr for BIL.

Performance

VBIL vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard 0-3 Month Treasury Bill ETF (VBIL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VBIL having a 1.67% return and BIL slightly lower at 1.66%.

VBIL

• 1D: 0.03%
• 1M: 0.32%
• YTD: 1.67%
• 6M: 1.79%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.04%
• 1M: 0.29%
• YTD: 1.66%
• 6M: 1.75%
• 1Y: 3.87%
• 3Y*: 4.63%
• 5Y*: 3.45%
• 10Y*: 2.20%

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

VBIL vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.67%	3.73%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.66%	3.69%

Correlation

The correlation between VBIL and BIL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.46

The correlation between VBIL and BIL has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

Return for Risk

VBIL vs. BIL — 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

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.

	VBIL	BIL	Difference
Sharpe ratio: Return per unit of total volatility	17.96	19.53	-1.57
Sortino ratio: Return per unit of downside risk	112.58	174.17	-61.58
Omega ratio: Gain probability vs. loss probability	39.92	87.91	-47.99
Calmar ratio: Return relative to maximum drawdown	298.50	355.36	-56.86
Martin ratio: Return relative to average drawdown	1,822.09	2,817.85	-995.75

VBIL vs. BIL - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 17.96, which is comparable to the BIL Sharpe Ratio of 19.53. The chart below compares the historical Sharpe Ratios of VBIL and BIL, 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

VBIL vs. BIL - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VBIL and BIL.

Drawdown Indicators

	VBIL	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-0.78%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.01%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.26%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

VBIL vs. BIL - Volatility Comparison

The current volatility for Vanguard 0-3 Month Treasury Bill ETF (VBIL) is 0.05%, while SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a volatility of 0.07%. This indicates that VBIL experiences smaller price fluctuations and is considered to be less risky than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.07%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.14%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	0.20%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.30%	0.26%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.26%	+0.04%

VBIL vs. BIL - Expense Ratio Comparison

VBIL has a 0.07% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VBIL vs. BIL - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.65%, less than BIL's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.85%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
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 VBIL and BIL in my portfolio?

VBIL and BIL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBIL or BIL?

BIL has higher volatility (0.07%) compared to VBIL (0.05%). In terms of maximum drawdown, VBIL dropped -0.09% vs BIL's -0.78%.

Which ETF is better, VBIL or BIL?

On 1-year performance, VBIL leads with 3.94% vs 3.87% for BIL. 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, VBIL or BIL?

Over the 1-year period, VBIL has performed better with a 3.94% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBIL or BIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.

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

BIL has the higher dividend yield at 3.85%, compared with 3.65% for VBIL.

What is the main difference between VBIL and BIL?

VBIL is categorized as Ultrashort Bond, while BIL is Government Bonds. VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.07% for VBIL and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.53 vs 17.96), 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.