VGLT vs. BIL
VGLT (Vanguard Long-Term Treasury ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - VGLT tracks the Bloomberg U.S. Long Treasury Index while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, VGLT returned -1.63%/yr vs 2.24%/yr for BIL. Their 0.00 correlation means their historical movements had little consistent relationship. VGLT charges 0.03%/yr vs 0.14%/yr for BIL.
Performance
VGLT vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -1.98% return, which is significantly lower than BIL's 2.11% return. Over the past 10 years, VGLT has underperformed BIL with an annualized return of -1.63%, while BIL has yielded a comparatively higher 2.24% annualized return.
VGLT
- 1D
- 0.17%
- 1M
- -2.13%
- 6M
- -1.56%
- YTD
- -1.98%
- 1Y
- -0.89%
- 3Y*
- 0.27%
- 5Y*
- -6.65%
- 10Y*
- -1.63%
- ALL TIME*
- 2.34%
BIL
- 1D
- 0.01%
- 1M
- 0.30%
- 6M
- 1.77%
- YTD
- 2.11%
- 1Y
- 3.78%
- 3Y*
- 4.54%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.00B | $883.07M | $928.53M | |
| $107.06M | $103.64M | $108.85M |
VGLT vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -1.98% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.11% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between VGLT and BIL is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.00 |
The correlation between VGLT and BIL shifts across timeframes, from -0.19 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGLT vs. BIL — Risk / Return Rank
VGLT
BIL
VGLT vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
| VGLT | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.28 | ||
| Sortino ratioReturn per unit of downside risk | -152.05 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 68.82 | -67.83 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 346.53 | -346.66 |
| Martin ratioReturn relative to average drawdown | -0.27 | 2,457.45 | -2,457.73 |
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Drawdowns
VGLT vs. BIL - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VGLT and BIL.
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Drawdown Indicators
| VGLT | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -0.78% | -45.40% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -0.01% | -7.02% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -0.01% | -13.37% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -0.08% | -40.90% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -0.21% | -45.97% |
Current DrawdownCurrent decline from peak | -37.83% | 0.00% | -37.83% |
Average DrawdownAverage peak-to-trough decline | -15.28% | -0.26% | -15.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 0.00% | +3.26% |
Volatility
VGLT vs. BIL - Volatility Comparison
Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.32% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that VGLT'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
| VGLT | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 0.05% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 0.14% | +6.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 0.20% | +8.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 0.26% | +14.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.74% | 0.26% | +13.48% |
VGLT vs. BIL - Expense Ratio Comparison
VGLT has a 0.03% 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
VGLT vs. BIL - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.74%, more than BIL's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.77% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
VGLT Vanguard Long-Term Treasury ETF | 4.74% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
VGLT and BIL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGLT has higher volatility (2.32%) compared to BIL (0.05%). In terms of maximum drawdown, VGLT dropped -46.18% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.24% vs -1.63% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.24% return vs -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.14% for BIL.
VGLT has the higher dividend yield at 4.74%, compared with 3.77% for BIL.
VGLT tracks Bloomberg U.S. Long Treasury Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for VGLT and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.17 vs -0.11), 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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