VBIL vs. TBLL

Last updated Jun 26, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and TBLL (Invesco Short Term Treasury ETF) are both Ultrashort Bond funds - VBIL tracks the Bloomberg US Treasury Bills 0-3 Months Index while TBLL tracks the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past year, VBIL returned 3.91% vs 3.87% for TBLL. At a 0.35 correlation, their price movements are largely independent. VBIL charges 0.07%/yr vs 0.08%/yr for TBLL.

Performance

VBIL vs. TBLL - Performance Comparison

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

Returns By Period

In the year-to-date period, VBIL achieves a 1.73% return, which is significantly higher than TBLL's 1.64% return.

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.73%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBLL

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.64%
• 6M: 1.70%
• 1Y: 3.87%
• 3Y*: 4.61%
• 5Y*: 3.40%
• 10Y*: —

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

VBIL vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.73%	3.73%
TBLL Invesco Short Term Treasury ETF	1.64%	3.77%

Correlation

The correlation between VBIL and TBLL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.35

Return for Risk

VBIL vs. TBLL — 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

TBLL

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) and Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	18.21	20.58	-2.37
Sortino ratio: Return per unit of downside risk	121.15	189.46	-68.31
Omega ratio: Gain probability vs. loss probability	45.61	81.23	-35.63
Calmar ratio: Return relative to maximum drawdown	296.41	409.99	-113.58
Martin ratio: Return relative to average drawdown	1,960.45	3,065.25	-1,104.80

VBIL vs. TBLL - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 18.21, which is comparable to the TBLL Sharpe Ratio of 20.58. The chart below compares the historical Sharpe Ratios of VBIL and TBLL, 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. TBLL - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, smaller than the maximum TBLL drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for VBIL and TBLL.

Drawdown Indicators

	VBIL	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-0.63%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.01%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.14%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

VBIL vs. TBLL - Volatility Comparison

Vanguard 0-3 Month Treasury Bill ETF (VBIL) and Invesco Short Term Treasury ETF (TBLL) have volatilities of 0.05% and 0.05%, 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	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	0.12%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	0.19%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.29%	0.45%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.29%	0.56%	-0.27%

VBIL vs. TBLL - Expense Ratio Comparison

VBIL has a 0.07% expense ratio, which is lower than TBLL's 0.08% 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. TBLL - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.65%, less than TBLL's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLL Invesco Short Term Treasury ETF	3.76%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%
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%

Frequently Asked Questions

Can I hold both VBIL and TBLL in my portfolio?

VBIL and TBLL have a correlation of 0.37, 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 TBLL?

TBLL has higher volatility (0.05%) compared to VBIL (0.05%). In terms of maximum drawdown, VBIL dropped -0.09% vs TBLL's -0.63%.

Which ETF is better, VBIL or TBLL?

On 1-year performance, VBIL leads with 3.91% vs 3.87% for TBLL. 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 TBLL?

Over the 1-year period, VBIL has performed better with a 3.91% 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 TBLL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.08% for TBLL.

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

TBLL has the higher dividend yield at 3.76%, compared with 3.65% for VBIL.

What is the main difference between VBIL and TBLL?

VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VBIL and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.58 vs 18.21), 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.