VBIL vs. TBIL

Last updated Jun 5, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and TBIL (US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds - VBIL tracks the Bloomberg US Treasury Bills 0-3 Months Index while TBIL tracks the ICE BofA US Treasury Bill 3 Month Index. Both are passively managed. Over the past year, VBIL returned 3.93% vs 3.93% for TBIL. At a 0.39 correlation, their price movements are largely independent. VBIL charges 0.07%/yr vs 0.15%/yr for TBIL.

Performance

VBIL vs. TBIL - 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 Treasury 3 Month Bill ETF (TBIL). 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 1.51% and TBIL at 1.51%.

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.51%
• 6M: 1.81%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.51%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —

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

VBIL vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.51%	3.71%
TBIL US Treasury 3 Month Bill ETF	1.51%	3.72%

Correlation

The correlation between VBIL and TBIL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.39

Return for Risk

VBIL vs. TBIL — 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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL 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. TBIL - 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 Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	15.14	13.78	+1.36
Sortino ratio: Return per unit of downside risk	39.04	58.40	-19.35
Omega ratio: Gain probability vs. loss probability	21.07	17.16	+3.91
Calmar ratio: Return relative to maximum drawdown	42.54	196.84	-154.30
Martin ratio: Return relative to average drawdown	531.60	934.40	-402.80
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. TBIL - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 15.14, which is comparable to the TBIL Sharpe Ratio of 13.78. The chart below compares the historical Sharpe Ratios of VBIL and TBIL, 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	TBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.14	13.78	+1.36
Sharpe Ratio (All Time) Calculated using the full available price history	13.45	14.08	-0.63

Drawdowns

VBIL vs. TBIL - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, smaller than the maximum TBIL drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for VBIL and TBIL.

Drawdown Indicators

	VBIL	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-0.10%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.02%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
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. TBIL - Volatility Comparison

The current volatility for Vanguard 0-3 Month Treasury Bill ETF (VBIL) is 0.06%, while US Treasury 3 Month Bill ETF (TBIL) has a volatility of 0.08%. This indicates that VBIL experiences smaller price fluctuations and is considered to be less risky than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.08%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.19%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	0.29%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.30%	0.32%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	0.32%	-0.02%

VBIL vs. TBIL - Expense Ratio Comparison

VBIL has a 0.07% expense ratio, which is lower than TBIL's 0.15% 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. TBIL - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.65%, less than TBIL's 3.82% yield.

Position	TTM	2025	2024	2023	2022
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VBIL and TBIL in my portfolio?

VBIL and TBIL have a correlation of 0.36, 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 TBIL?

TBIL has higher volatility (0.08%) compared to VBIL (0.06%). In terms of maximum drawdown, VBIL dropped -0.09% vs TBIL's -0.10%.

Which ETF is better, VBIL or TBIL?

On 1-year performance, TBIL leads with 3.93% vs 3.93% for VBIL. 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 TBIL?

Over the 1-year period, TBIL has performed better with a 3.93% 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 TBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.15% for TBIL.

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

TBIL has the higher dividend yield at 3.82%, compared with 3.65% for VBIL.

What is the main difference between VBIL and TBIL?

VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index, while TBIL tracks ICE BofA US Treasury Bill 3 Month Index. They also come from different issuers: Vanguard and US Benchmark Series. Their fees differ too: 0.07% for VBIL and 0.15% for TBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.14 vs 13.78), 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.