VBIL vs. CLIP

Last updated Jun 4, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both Ultrashort Bond funds - VBIL tracks the Bloomberg US Treasury Bills 0-3 Months Index while CLIP tracks the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, VBIL returned 3.93% vs 3.96% for CLIP. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.

Performance

VBIL vs. CLIP - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VBIL at 1.50% and CLIP at 1.50%.

VBIL

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

CLIP

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VBIL vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.50%	3.71%
CLIP Global X 1-3 Month T-Bill ETF	1.50%	3.77%

Correlation

The correlation between VBIL and CLIP is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.42

Return for Risk

VBIL vs. CLIP — 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

CLIP

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	15.17	17.26	-2.09
Sortino ratio: Return per unit of downside risk	39.11	72.02	-32.91
Omega ratio: Gain probability vs. loss probability	21.10	20.66	+0.44
Calmar ratio: Return relative to maximum drawdown	42.61	142.22	-99.61
Martin ratio: Return relative to average drawdown	532.54	1,151.15	-618.61
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. CLIP - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 15.17, which is comparable to the CLIP Sharpe Ratio of 17.26. The chart below compares the historical Sharpe Ratios of VBIL and CLIP, 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	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.17	17.26	-2.09
Sharpe Ratio (All Time) Calculated using the full available price history	13.44	10.71	+2.73

Drawdowns

VBIL vs. CLIP - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for VBIL and CLIP.

Drawdown Indicators

	VBIL	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-0.08%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.03%	-0.06%
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. CLIP - Volatility Comparison

Vanguard 0-3 Month Treasury Bill ETF (VBIL) and Global X 1-3 Month T-Bill ETF (CLIP) have volatilities of 0.06% and 0.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.06%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.14%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	0.23%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.30%	0.44%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.44%	-0.14%

VBIL vs. CLIP - Expense Ratio Comparison

Both VBIL and CLIP have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VBIL vs. CLIP - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.65%, less than CLIP's 3.91% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%
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 CLIP in my portfolio?

VBIL and CLIP have a correlation of 0.41, 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 CLIP?

CLIP has higher volatility (0.06%) compared to VBIL (0.06%). In terms of maximum drawdown, VBIL dropped -0.09% vs CLIP's -0.08%.

Which ETF is better, VBIL or CLIP?

On 1-year performance, CLIP leads with 3.96% vs 3.93% for VBIL. Both ETFs have the same 0.07% expense ratio. 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 CLIP?

Over the 1-year period, CLIP has performed better with a 3.96% 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 CLIP?

VBIL and CLIP have the same expense ratio: 0.07% per year.

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

CLIP has the higher dividend yield at 3.91%, compared with 3.65% for VBIL.

What is the main difference between VBIL and CLIP?

VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: Vanguard and Global X.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.26 vs 15.17), 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.