VBIL vs. VUSXX

Last updated Aug 2, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and VUSXX (Vanguard Treasury Money Market Fund) are both funds - VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index, while VUSXX is a Money Market fund actively managed by Vanguard. VBIL is passively managed, while VUSXX is actively managed. Over the past year, VBIL returned 3.83% vs 3.55% for VUSXX. Their 0.05 correlation means their historical movements had little consistent relationship. Both charge a 0.07% expense ratio.

Performance

VBIL vs. VUSXX - Performance Comparison

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

Returns By Period

In the year-to-date period, VBIL achieves a 2.12% return, which is significantly higher than VUSXX's 1.82% return.

VBIL

• 1D: 0.04%
• 1M: 0.28%
• 6M: 1.84%
• YTD: 2.12%
• 1Y: 3.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

VUSXX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.50%
• YTD: 1.82%
• 1Y: 3.55%
• 3Y*: 2.71%
• 5Y*: 1.62%
• 10Y*: —
• ALL TIME*: 1.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VBIL Vanguard 0-3 Month Treasury Bill ETF	$162.29M	$169.08M	$188.29M
VUSXX Vanguard Treasury Money Market Fund	$0.00	$0.00	$0.00

VBIL vs. VUSXX - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	2.12%	3.73%
VUSXX Vanguard Treasury Money Market Fund	1.82%	3.87%

Correlation

The correlation between VBIL and VUSXX is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.05

Return for Risk

VBIL vs. VUSXX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

VUSXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VBIL vs. VUSXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) and Vanguard Treasury Money Market Fund (VUSXX). 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	VUSXX	Difference
Sharpe ratio: Return per unit of total volatility	18.00	3.67	+14.33
Sortino ratio: Return per unit of downside risk	120.14	—	—
Omega ratio: Gain probability vs. loss probability	45.23	—	—
Calmar ratio: Return relative to maximum drawdown	293.89	—	—
Martin ratio: Return relative to average drawdown	1,943.77	—	—

VBIL vs. VUSXX - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 18.00, which is higher than the VUSXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of VBIL and VUSXX, 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. VUSXX - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, which is greater than VUSXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VBIL and VUSXX.

Drawdown Indicators

	VBIL	VUSXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	0.00%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	0.00%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
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	0.00%	0.00%	0.00%

Volatility

VBIL vs. VUSXX - Volatility Comparison

Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a higher volatility of 0.07% compared to Vanguard Treasury Money Market Fund (VUSXX) at 0.00%. This indicates that VBIL's price experiences larger fluctuations and is considered to be riskier than VUSXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	VUSXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.00%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	0.72%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	1.11%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.29%	0.76%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.29%	0.75%	-0.46%

VBIL vs. VUSXX - Expense Ratio Comparison

Both VBIL and VUSXX 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. VUSXX - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.60%, more than VUSXX's 3.49% yield.

Position	TTM	2025	2024	2023
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.28%	3.12%	0.00%	0.00%
VUSXX Vanguard Treasury Money Market Fund	3.49%	4.15%	1.63%	0.43%

Frequently Asked Questions

Can I hold both VBIL and VUSXX in my portfolio?

VBIL and VUSXX have a correlation of 0.08, 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 VUSXX?

VBIL has higher volatility (0.07%) compared to VUSXX (0.00%). In terms of maximum drawdown, VBIL dropped -0.09% vs VUSXX's 0.00%.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.00 vs 3.67), 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.