VIOO vs. BIL
VIOO (Vanguard S&P Small-Cap 600 ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, VIOO returned 11.35%/yr vs 2.20%/yr for BIL. At a correlation of -0.02, they often move in opposite directions. VIOO charges 0.07%/yr vs 0.14%/yr for BIL.
Performance
VIOO vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, VIOO achieves a 19.73% return, which is significantly higher than BIL's 1.66% return. Over the past 10 years, VIOO has outperformed BIL with an annualized return of 11.35%, while BIL has yielded a comparatively lower 2.20% annualized return.
VIOO
- 1D
- 0.05%
- 1M
- 4.59%
- YTD
- 19.73%
- 6M
- 16.79%
- 1Y
- 36.99%
- 3Y*
- 16.33%
- 5Y*
- 6.65%
- 10Y*
- 11.35%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
VIOO vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIOO Vanguard S&P Small-Cap 600 ETF | 19.73% | 6.04% | 8.48% | 16.16% | -16.26% | 26.79% | 11.47% | 22.68% | -8.65% | 13.16% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between VIOO and BIL is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.02 |
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Return for Risk
VIOO vs. BIL — Risk / Return Rank
VIOO
BIL
VIOO vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) 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.
| VIOO | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.28 | ||
| Sortino ratioReturn per unit of downside risk | -170.16 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 87.41 | -86.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 353.28 | -349.04 |
| Martin ratioReturn relative to average drawdown | 14.31 | 2,801.35 | -2,787.04 |
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Drawdowns
VIOO vs. BIL - Drawdown Comparison
The maximum VIOO drawdown since its inception was -44.15%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for VIOO and BIL.
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Drawdown Indicators
| VIOO | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.15% | -0.78% | -43.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.77% | -0.01% | -8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -0.01% | -27.92% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -0.09% | -27.84% |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | -0.21% | -43.94% |
Current DrawdownCurrent decline from peak | -0.12% | 0.00% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -7.31% | -0.26% | -7.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 0.00% | +2.59% |
Volatility
VIOO vs. BIL - Volatility Comparison
Vanguard S&P Small-Cap 600 ETF (VIOO) has a higher volatility of 4.93% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that VIOO'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
| VIOO | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 0.07% | +4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 12.10% | 0.14% | +11.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 0.20% | +17.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.40% | 0.26% | +21.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.01% | 0.26% | +22.75% |
VIOO vs. BIL - Expense Ratio Comparison
VIOO has a 0.07% 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
VIOO vs. BIL - Dividend Comparison
VIOO's dividend yield for the trailing twelve months is around 1.13%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
VIOO Vanguard S&P Small-Cap 600 ETF | 1.13% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
Frequently Asked Questions
VIOO and BIL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIOO has higher volatility (4.93%) compared to BIL (0.07%). In terms of maximum drawdown, VIOO dropped -44.15% vs BIL's -0.78%.
On 10-year performance, VIOO leads with 11.35% vs 2.20% for BIL. On fees, VIOO is cheaper at 0.07% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIOO has performed better with a 11.35% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOO is cheaper with a 0.07% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.85%, compared with 1.13% for VIOO.
VIOO is categorized as Small Cap Blend Equities, while BIL is Government Bonds. VIOO tracks S&P SmallCap 600 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: 0.07% for VIOO and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.37 vs 2.09), 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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