VEXAX vs. BIL

Last updated Jun 13, 2026

VEXAX (Vanguard Extended Market Index Fund Admiral Shares) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both funds - VEXAX is a Mid Cap Blend Equities 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, VEXAX returned 12.23%/yr vs 2.20%/yr for BIL. At a correlation of -0.03, they often move in opposite directions. VEXAX charges 0.06%/yr vs 0.14%/yr for BIL.

Performance

VEXAX vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market Index Fund Admiral Shares (VEXAX) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEXAX achieves a 13.86% return, which is significantly higher than BIL's 1.60% return. Over the past 10 years, VEXAX has outperformed BIL with an annualized return of 12.23%, while BIL has yielded a comparatively lower 2.20% annualized return.

VEXAX

• 1D: 2.96%
• 1M: 4.32%
• YTD: 13.86%
• 6M: 11.70%
• 1Y: 27.36%
• 3Y*: 18.98%
• 5Y*: 6.06%
• 10Y*: 12.23%

BIL

• 1D: 0.03%
• 1M: 0.32%
• YTD: 1.60%
• 6M: 1.76%
• 1Y: 3.89%
• 3Y*: 4.63%
• 5Y*: 3.43%
• 10Y*: 2.20%

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

VEXAX vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEXAX Vanguard Extended Market Index Fund Admiral Shares	13.86%	11.42%	15.47%	26.95%	-26.46%	12.45%	32.22%	28.03%	-9.37%	18.11%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.60%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Correlation

The correlation between VEXAX and BIL is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 30, 2007	-0.03

Return for Risk

VEXAX vs. BIL — Risk / Return Rank

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

VEXAX

VEXAX Risk / Return Rank: 51
VEXAX Sharpe Ratio Rank: 44
VEXAX Sortino Ratio Rank: 43
VEXAX Omega Ratio Rank: 39
VEXAX Calmar Ratio Rank: 70
VEXAX Martin Ratio Rank: 58

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

VEXAX vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market Index Fund Admiral Shares (VEXAX) 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.

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.

	VEXAX	BIL	Difference
Sharpe ratio: Return per unit of total volatility	1.53	19.63	-18.10
Sortino ratio: Return per unit of downside risk	2.16	175.17	-173.01
Omega ratio: Gain probability vs. loss probability	1.26	88.41	-87.15
Calmar ratio: Return relative to maximum drawdown	2.65	357.44	-354.79
Martin ratio: Return relative to average drawdown	9.32	2,834.34	-2,825.02

VEXAX vs. BIL - Sharpe Ratio Comparison

The current VEXAX Sharpe Ratio is 1.53, which is lower than the BIL Sharpe Ratio of 19.63. The chart below compares the historical Sharpe Ratios of VEXAX and BIL, 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

VEXAX vs. BIL - Drawdown Comparison

The maximum VEXAX drawdown since its inception was -58.08%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VEXAX and BIL.

Drawdown Indicators

	VEXAX	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-0.78%	-57.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-0.01%	-10.24%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-0.01%	-26.83%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-0.09%	-36.24%
Max Drawdown (10Y) Largest decline over 10 years	-41.62%	-0.21%	-41.41%
Current Drawdown Current decline from peak	-1.04%	0.00%	-1.04%
Average Drawdown Average peak-to-trough decline	-12.17%	-0.26%	-11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	0.00%	+2.92%

Volatility

VEXAX vs. BIL - Volatility Comparison

Vanguard Extended Market Index Fund Admiral Shares (VEXAX) has a higher volatility of 6.48% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that VEXAX'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.

Volatility by Period

	VEXAX	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	0.06%	+6.42%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	0.14%	+13.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	0.20%	+17.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	0.26%	+22.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	0.26%	+22.14%

VEXAX vs. BIL - Expense Ratio Comparison

VEXAX has a 0.06% 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

VEXAX vs. BIL - Dividend Comparison

VEXAX's dividend yield for the trailing twelve months is around 1.02%, less 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%
VEXAX Vanguard Extended Market Index Fund Admiral Shares	1.02%	1.14%	1.09%	1.25%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both VEXAX and BIL in my portfolio?

VEXAX and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEXAX or BIL?

VEXAX has higher volatility (6.48%) compared to BIL (0.06%). In terms of maximum drawdown, VEXAX dropped -58.08% vs BIL's -0.78%.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.63 vs 1.53), 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.