VGSH vs. VBIL
VGSH (Vanguard Short-Term Treasury ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, VGSH returned 2.65% vs 3.84% for VBIL. Their 0.06 correlation means their historical movements had little consistent relationship. VGSH charges 0.03%/yr vs 0.07%/yr for VBIL.
Performance
VGSH vs. VBIL - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.85% return, which is significantly lower than VBIL's 2.13% return.
VGSH
- 1D
- 0.07%
- 1M
- 0.11%
- 6M
- 0.67%
- YTD
- 0.85%
- 1Y
- 2.65%
- 3Y*
- 4.22%
- 5Y*
- 1.88%
- 10Y*
- 1.75%
- ALL TIME*
- 1.41%
VBIL
- 1D
- 0.01%
- 1M
- 0.29%
- 6M
- 1.82%
- YTD
- 2.13%
- 1Y
- 3.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $174.38M | $171.63M | $190.00M | |
| $149.43M | $165.20M | $192.79M |
VGSH vs. VBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.85% | 4.70% |
VBIL Vanguard 0-3 Month Treasury Bill ETF | 2.13% | 3.73% |
Correlation
The correlation between VGSH and VBIL is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | 0.06 |
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Return for Risk
VGSH vs. VBIL — Risk / Return Rank
VGSH
VBIL
VGSH vs. VBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) 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.
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.
| VGSH | VBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.80 | ||
| Sortino ratioReturn per unit of downside risk | -115.76 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 44.81 | -43.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 291.01 | -287.99 |
| Martin ratioReturn relative to average drawdown | 11.57 | 1,924.70 | -1,913.14 |
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Drawdowns
VGSH vs. VBIL - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for VGSH and VBIL.
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Drawdown Indicators
| VGSH | VBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -0.09% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -0.01% | -0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.59% | 0.00% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.00% | +0.23% |
Volatility
VGSH vs. VBIL - Volatility Comparison
Vanguard Short-Term Treasury ETF (VGSH) has a higher volatility of 0.35% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that VGSH's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | VBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.06% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 0.16% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.23% | 0.22% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 0.29% | +1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 0.29% | +1.29% |
VGSH vs. VBIL - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than VBIL's 0.07% 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
VGSH vs. VBIL - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.82%, more than VBIL's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBIL Vanguard 0-3 Month Treasury Bill ETF | 3.58% | 3.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 3.82% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
VGSH and VBIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSH has higher volatility (0.35%) compared to VBIL (0.06%). In terms of maximum drawdown, VGSH dropped -5.70% vs VBIL's -0.09%.
On 1-year performance, VBIL leads with 3.84% vs 2.65% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VBIL has performed better with a 3.84% return vs 2.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.07% for VBIL.
VGSH has the higher dividend yield at 3.82%, compared with 3.58% for VBIL.
VGSH is categorized as Government Bonds, while VBIL is Ultrashort Bond. VGSH tracks Bloomberg U.S. Treasury 1-3 Year Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. Their fees differ too: 0.03% for VGSH and 0.07% for VBIL.
VBIL currently has the higher Sharpe Ratio (17.97 vs 2.17), 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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