VBTIX vs. BIL
VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both funds - VBTIX is a Total Bond Market fund managed by Vanguard, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Over the past 10 years, VBTIX returned 1.53%/yr vs 2.19%/yr for BIL. At a 0.02 correlation, their price movements are largely independent. VBTIX charges 0.04%/yr vs 0.14%/yr for BIL.
Performance
VBTIX vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, VBTIX achieves a -0.09% return, which is significantly lower than BIL's 1.54% return. Over the past 10 years, VBTIX has underperformed BIL with an annualized return of 1.53%, while BIL has yielded a comparatively higher 2.19% annualized return.
VBTIX
- 1D
- -0.41%
- 1M
- -0.49%
- YTD
- -0.09%
- 6M
- 0.35%
- 1Y
- 4.92%
- 3Y*
- 3.84%
- 5Y*
- 0.05%
- 10Y*
- 1.53%
BIL
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.54%
- 6M
- 1.78%
- 1Y
- 3.88%
- 3Y*
- 4.62%
- 5Y*
- 3.42%
- 10Y*
- 2.19%
VBTIX vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | -0.09% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 3.56% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.54% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between VBTIX and BIL is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.02 |
The correlation between VBTIX and BIL shifts across timeframes, from -0.16 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VBTIX vs. BIL — Risk / Return Rank
VBTIX
BIL
VBTIX vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| VBTIX | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.52 | ||
| Sortino ratioReturn per unit of downside risk | -173.00 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 88.16 | -86.96 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 356.40 | -354.88 |
| Martin ratioReturn relative to average drawdown | 4.51 | 2,826.06 | -2,821.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBTIX | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.12 | 19.64 | -18.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 13.23 | -13.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 8.57 | -8.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 2.78 | -1.84 |
Drawdowns
VBTIX vs. BIL - Drawdown Comparison
The maximum VBTIX drawdown since its inception was -18.90%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VBTIX and BIL.
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Drawdown Indicators
| VBTIX | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -0.78% | -18.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -0.01% | -2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -0.01% | -5.98% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -0.09% | -18.04% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | -0.21% | -18.69% |
Current DrawdownCurrent decline from peak | -2.76% | 0.00% | -2.76% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -0.26% | -2.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.00% | +0.97% |
Volatility
VBTIX vs. BIL - Volatility Comparison
Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) has a higher volatility of 1.31% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that VBTIX's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTIX | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 0.06% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 0.14% | +2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 0.20% | +3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 0.26% | +5.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 0.26% | +4.72% |
VBTIX vs. BIL - Expense Ratio Comparison
VBTIX has a 0.04% expense ratio, which is lower than BIL's 0.14% 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
VBTIX vs. BIL - Dividend Comparison
VBTIX's dividend yield for the trailing twelve months is around 4.01%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 4.01% | 3.88% | 3.69% | 3.12% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.56% | 2.54% | 2.84% |
Frequently Asked Questions
VBTIX and BIL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBTIX has higher volatility (1.31%) compared to BIL (0.06%). In terms of maximum drawdown, VBTIX dropped -18.90% vs BIL's -0.78%.
BIL currently has the higher Sharpe Ratio (19.64 vs 1.12), 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.
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