VBIL vs. CANC

Last updated Jun 4, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and CANC (Tema Oncology ETF) are both exchange-traded funds - VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index, while CANC is a Health & Biotech Equities fund actively managed by Tema. VBIL is passively managed, while CANC is actively managed. Over the past year, VBIL returned 3.93% vs 47.37% for CANC. At a correlation of -0.08, they often move in opposite directions. VBIL charges 0.07%/yr vs 0.75%/yr for CANC.

Performance

VBIL vs. CANC - Performance Comparison

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

Returns By Period

In the year-to-date period, VBIL achieves a 1.50% return, which is significantly lower than CANC's 4.82% return.

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CANC

• 1D: 0.08%
• 1M: -3.73%
• YTD: 4.82%
• 6M: 3.86%
• 1Y: 47.37%
• 3Y*: 107.76%
• 5Y*: —
• 10Y*: —

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

VBIL vs. CANC - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.50%	3.71%
CANC Tema Oncology ETF	4.82%	40.42%

Correlation

The correlation between VBIL and CANC is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	-0.08

Return for Risk

VBIL vs. CANC — 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: 99
VBIL Martin Ratio Rank: 100

CANC

CANC Risk / Return Rank: 69
CANC Sharpe Ratio Rank: 61
CANC Sortino Ratio Rank: 64
CANC Omega Ratio Rank: 54
CANC Calmar Ratio Rank: 90
CANC Martin Ratio Rank: 77

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. CANC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) and Tema Oncology ETF (CANC). 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	CANC	Difference
Sharpe ratio: Return per unit of total volatility	15.17	2.06	+13.10
Sortino ratio: Return per unit of downside risk	39.11	2.96	+36.15
Omega ratio: Gain probability vs. loss probability	21.10	1.34	+19.76
Calmar ratio: Return relative to maximum drawdown	42.61	5.49	+37.12
Martin ratio: Return relative to average drawdown	532.54	14.62	+517.92
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. CANC - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 15.17, which is higher than the CANC Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VBIL and CANC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VBIL	CANC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.17	2.06	+13.10
Sharpe Ratio (All Time) Calculated using the full available price history	13.44	-0.04	+13.47

Drawdowns

VBIL vs. CANC - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, smaller than the maximum CANC drawdown of -97.53%. Use the drawdown chart below to compare losses from any high point for VBIL and CANC.

Drawdown Indicators

	VBIL	CANC	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-97.53%	+97.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-8.67%	+8.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.27%	—
Current Drawdown Current decline from peak	0.00%	-56.55%	+56.55%
Average Drawdown Average peak-to-trough decline	-0.00%	-73.19%	+73.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.25%	-3.24%

Volatility

VBIL vs. CANC - Volatility Comparison

The current volatility for Vanguard 0-3 Month Treasury Bill ETF (VBIL) is 0.06%, while Tema Oncology ETF (CANC) has a volatility of 6.26%. This indicates that VBIL experiences smaller price fluctuations and is considered to be less risky than CANC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	CANC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	6.26%	-6.20%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	16.69%	-16.53%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	23.11%	-22.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.30%	280.27%	-279.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	280.27%	-279.97%

VBIL vs. CANC - Expense Ratio Comparison

VBIL has a 0.07% expense ratio, which is lower than CANC's 0.75% expense ratio.

Dividends

VBIL vs. CANC - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.65%, more than CANC's 0.05% yield.

Position	TTM	2025	2024	2023
CANC Tema Oncology ETF	0.05%	0.06%	3.00%	0.56%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VBIL and CANC in my portfolio?

VBIL and CANC have a correlation of -0.14, 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 CANC?

CANC has higher volatility (6.26%) compared to VBIL (0.06%). In terms of maximum drawdown, VBIL dropped -0.09% vs CANC's -97.53%.

Which ETF is better, VBIL or CANC?

On 1-year performance, CANC leads with 47.37% vs 3.93% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBIL or CANC?

Over the 1-year period, CANC has performed better with a 47.37% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBIL or CANC?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.75% for CANC.

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

VBIL has the higher dividend yield at 3.65%, compared with 0.05% for CANC.

What is the main difference between VBIL and CANC?

VBIL is categorized as Ultrashort Bond, while CANC is Health & Biotech Equities. They also come from different issuers: Vanguard and Tema. Their fees differ too: 0.07% for VBIL and 0.75% for CANC.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.17 vs 2.06), 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.