VGHY vs. VBIL

Last updated Jun 4, 2026

VGHY (Vanguard High-Yield Active ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - VGHY is a High Yield Bonds fund actively managed by Vanguard, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. VGHY is actively managed, while VBIL is passively managed. At a correlation of -0.12, they often move in opposite directions. VGHY charges 0.22%/yr vs 0.07%/yr for VBIL.

Performance

VGHY vs. VBIL - Performance Comparison

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

Returns By Period

In the year-to-date period, VGHY achieves a 1.38% return, which is significantly lower than VBIL's 1.50% return.

VGHY

• 1D: -0.24%
• 1M: 0.28%
• YTD: 1.38%
• 6M: 2.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VGHY vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VGHY Vanguard High-Yield Active ETF	1.38%	1.80%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.50%	1.14%

Correlation

The correlation between VGHY and VBIL is -0.12, 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 (All Time) Calculated using the full available price history since Sep 18, 2025	-0.12

Return for Risk

VGHY vs. VBIL — 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: 99
VBIL 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.

VGHY vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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.

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

Sharpe Ratios by Period

	VGHY	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	15.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	13.44	-12.37

Drawdowns

VGHY vs. VBIL - Drawdown Comparison

The maximum VGHY drawdown since its inception was -2.66%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for VGHY and VBIL.

Drawdown Indicators

	VGHY	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-0.09%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.09%	—
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.45%	-0.00%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	VGHY	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	0.26%	+4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	0.30%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.30%	0.30%	+4.00%

VGHY vs. VBIL - Expense Ratio Comparison

VGHY has a 0.22% expense ratio, which is higher than VBIL's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VGHY vs. VBIL - Dividend Comparison

VGHY's dividend yield for the trailing twelve months is around 3.98%, more than VBIL's 3.65% yield.

Position	TTM	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%
VGHY Vanguard High-Yield Active ETF	3.98%	1.49%

Frequently Asked Questions

Can I hold both VGHY and VBIL in my portfolio?

VGHY and VBIL have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGHY or VBIL?

On fees, VBIL is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGHY or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.22% for VGHY.

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

VGHY has the higher dividend yield at 3.98%, compared with 3.65% for VBIL.

What is the main difference between VGHY and VBIL?

VGHY is categorized as High Yield Bonds, while VBIL is Ultrashort Bond. Their fees differ too: 0.22% for VGHY and 0.07% for VBIL.