VEA vs. TBLL

Last updated Jun 9, 2026

VEA (Vanguard FTSE Developed Markets ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, VEA returned 9.09%/yr vs 3.36%/yr for TBLL. At a correlation of -0.05, they often move in opposite directions. VEA charges 0.03%/yr vs 0.08%/yr for TBLL.

Performance

VEA vs. TBLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Developed Markets ETF (VEA) 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, VEA achieves a 12.02% return, which is significantly higher than TBLL's 1.48% return.

VEA

• 1D: 1.00%
• 1M: -1.37%
• YTD: 12.02%
• 6M: 14.95%
• 1Y: 28.06%
• 3Y*: 18.65%
• 5Y*: 9.09%
• 10Y*: 10.14%

TBLL

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.48%
• 6M: 1.74%
• 1Y: 3.91%
• 3Y*: 4.63%
• 5Y*: 3.36%
• 10Y*: —

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

VEA vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEA Vanguard FTSE Developed Markets ETF	12.02%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	22.82%
TBLL Invesco Short Term Treasury ETF	1.48%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%

Correlation

The correlation between VEA and TBLL is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	-0.05

The correlation between VEA and TBLL shifts across timeframes, from -0.05 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.

VEA vs. TBLL - Sectors Allocation Comparison

Sectors	VEA	TBLL
Financial Services	23.3%	64.1%
Industrials	19.2%	-
Technology	13.8%	-
Healthcare	8.2%	-
Basic Materials	7.5%	-
Consumer Cyclical	7.5%	-
Consumer Defensive	5.6%	-
Energy	5.4%	-
Communication Services	3.4%	-
Utilities	3.3%	-
Real Estate	2.7%	-

Return for Risk

VEA vs. TBLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VEA

VEA Risk / Return Rank: 56
VEA Sharpe Ratio Rank: 57
VEA Sortino Ratio Rank: 55
VEA Omega Ratio Rank: 57
VEA Calmar Ratio Rank: 54
VEA Martin Ratio Rank: 58

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.

VEA vs. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Markets ETF (VEA) 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.

	VEA	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	1.75	20.94	-19.19
Sortino ratio: Return per unit of downside risk	2.39	217.24	-214.84
Omega ratio: Gain probability vs. loss probability	1.32	102.42	-101.10
Calmar ratio: Return relative to maximum drawdown	2.42	414.75	-412.33
Martin ratio: Return relative to average drawdown	9.39	3,515.41	-3,506.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEA vs. TBLL - Sharpe Ratio Comparison

The current VEA Sharpe Ratio is 1.75, which is lower than the TBLL Sharpe Ratio of 20.94. The chart below compares the historical Sharpe Ratios of VEA 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.

Sharpe Ratios by Period

	VEA	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	20.94	-19.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	7.56	-7.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	4.26	-4.03

Drawdowns

VEA vs. TBLL - Drawdown Comparison

The maximum VEA drawdown since its inception was -60.68%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for VEA and TBLL.

Drawdown Indicators

	VEA	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-60.68%	-0.63%	-60.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-0.01%	-11.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-0.36%	-13.09%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-0.36%	-29.35%
Max Drawdown (10Y) Largest decline over 10 years	-35.73%	—	—
Current Drawdown Current decline from peak	-3.40%	0.00%	-3.40%
Average Drawdown Average peak-to-trough decline	-13.29%	-0.14%	-13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	0.00%	+3.00%

Volatility

VEA vs. TBLL - Volatility Comparison

Vanguard FTSE Developed Markets ETF (VEA) has a higher volatility of 6.03% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that VEA's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEA	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	0.04%	+5.99%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	0.12%	+13.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.15%	0.19%	+15.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	0.45%	+16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	0.56%	+16.84%

VEA vs. TBLL - Expense Ratio Comparison

VEA has a 0.03% 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

VEA vs. TBLL - Dividend Comparison

VEA's dividend yield for the trailing twelve months is around 2.69%, less than TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%
VEA Vanguard FTSE Developed Markets ETF	2.69%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both VEA and TBLL in my portfolio?

VEA and TBLL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEA or TBLL?

VEA has higher volatility (6.03%) compared to TBLL (0.04%). In terms of maximum drawdown, VEA dropped -60.68% vs TBLL's -0.63%.

Which ETF is better, VEA or TBLL?

On 5-year performance, VEA leads with 9.09% vs 3.36% for TBLL. On fees, VEA is cheaper at 0.03% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEA or TBLL?

Over the 5-year period, VEA has performed better with a 9.09% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEA or TBLL?

VEA is cheaper with a 0.03% expense ratio, compared with 0.08% for TBLL.

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

TBLL has the higher dividend yield at 3.81%, compared with 2.69% for VEA.

What is the main difference between VEA and TBLL?

VEA is categorized as Foreign Large Cap Equities, while TBLL is Ultrashort Bond. VEA tracks FTSE Developed All Cap ex US Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for VEA and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 vs 1.75), 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.