VGHY vs. VBIL

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard High-Yield Active ETF (VGHY) and Vanguard 0-3 Month Treasury Bill ETF (VBIL).

VGHY and VBIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VGHY is an actively managed fund by Vanguard. It was launched on Sep 16, 2025. VBIL is a passively managed fund by Vanguard that tracks the performance of the Bloomberg US Treasury Bills 0-3 Months Index. It was launched on Feb 7, 2025.

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.

VGHY vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VGHY Vanguard High-Yield Active ETF	-0.05%	1.80%
VBIL Vanguard 0-3 Month Treasury Bill ETF	0.87%	1.14%

Returns By Period

In the year-to-date period, VGHY achieves a -0.05% return, which is significantly lower than VBIL's 0.87% return.

VGHY

• 1D: 0.32%
• 1M: -0.78%
• YTD: -0.05%
• 6M: 1.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.31%
• YTD: 0.87%
• 6M: 1.87%
• 1Y: 4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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%.

VGHY

Vanguard High-Yield Active ETF

VBIL

Vanguard 0-3 Month Treasury Bill ETF

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: 100
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	—	12.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	13.10	-12.36

Correlation

The correlation between VGHY and VBIL is -0.15. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

VGHY vs. VBIL - Dividend Comparison

VGHY's dividend yield for the trailing twelve months is around 3.00%, less than VBIL's 3.66% yield.

	TTM	2025
VGHY Vanguard High-Yield Active ETF	3.00%	1.49%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.66%	3.12%

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	-1.20%	0.00%	-1.20%
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	—	0.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	0.32%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.46%	0.31%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	0.31%	+4.15%