VNQ vs. TBIL
VNQ (Vanguard Real Estate ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. Both are passively managed. Over the past 3 years, VNQ returned 10.14%/yr vs 4.63%/yr for TBIL. At a 0.09 correlation, their price movements are largely independent. VNQ charges 0.13%/yr vs 0.15%/yr for TBIL.
Performance
VNQ vs. TBIL - Performance Comparison
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Returns By Period
In the year-to-date period, VNQ achieves a 12.51% return, which is significantly higher than TBIL's 1.61% return.
VNQ
- 1D
- 0.92%
- 1M
- 3.35%
- YTD
- 12.51%
- 6M
- 12.32%
- 1Y
- 14.02%
- 3Y*
- 10.14%
- 5Y*
- 2.55%
- 10Y*
- 5.65%
TBIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
VNQ vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 12.51% | 3.24% | 4.81% | 11.85% | -13.90% |
TBIL F/m US Treasury 3 Month Bill ETF | 1.61% | 4.19% | 5.15% | 5.12% | 1.29% |
Correlation
The correlation between VNQ and TBIL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.09 |
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Return for Risk
VNQ vs. TBIL — Risk / Return Rank
VNQ
TBIL
VNQ vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) and F/m US Treasury 3 Month Bill ETF (TBIL). 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.
| VNQ | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.91 | ||
| Sortino ratioReturn per unit of downside risk | -57.31 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 17.24 | -16.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 197.88 | -196.32 |
| Martin ratioReturn relative to average drawdown | 4.90 | 939.34 | -934.44 |
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Drawdowns
VNQ vs. TBIL - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for VNQ and TBIL.
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Drawdown Indicators
| VNQ | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -0.10% | -72.97% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -0.02% | -8.32% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -0.02% | -17.44% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -13.61% | -0.00% | -13.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 0.00% | +2.65% |
Volatility
VNQ vs. TBIL - Volatility Comparison
Vanguard Real Estate ETF (VNQ) has a higher volatility of 4.72% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.07%. This indicates that VNQ's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNQ | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 0.07% | +4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 9.77% | 0.19% | +9.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.54% | 0.29% | +13.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.84% | 0.32% | +18.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 0.32% | +20.40% |
VNQ vs. TBIL - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is lower than TBIL's 0.15% 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
VNQ vs. TBIL - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.54%, less than TBIL's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VNQ Vanguard Real Estate ETF | 3.54% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
VNQ and TBIL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNQ has higher volatility (4.72%) compared to TBIL (0.07%). In terms of maximum drawdown, VNQ dropped -73.07% vs TBIL's -0.10%.
On 3-year performance, VNQ leads with 10.14% vs 4.63% for TBIL. On fees, VNQ is cheaper at 0.13% per year. On volatility, TBIL 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 3-year period, VNQ has performed better with a 10.14% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.15% for TBIL.
TBIL has the higher dividend yield at 3.82%, compared with 3.54% for VNQ.
VNQ is categorized as REIT, while TBIL is Ultrashort Bond. VNQ tracks MSCI US Investable Market Real Estate 25/50 Index, while TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. They also come from different issuers: Vanguard and F/m Investments. Their fees differ too: 0.13% for VNQ and 0.15% for TBIL.
TBIL currently has the higher Sharpe Ratio (13.87 vs 0.96), 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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