VOO vs. VBIL

Last updated Jun 16, 2026

VOO (Vanguard S&P 500 ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 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, VOO returned 27.95% vs 3.93% for VBIL. At a 0.03 correlation, their price movements are largely independent. VOO charges 0.03%/yr vs 0.07%/yr for VBIL.

Performance

VOO vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOO achieves a 10.99% return, which is significantly higher than VBIL's 1.62% return.

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

VBIL

• 1D: 0.03%
• 1M: 0.28%
• YTD: 1.62%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VOO vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VOO Vanguard S&P 500 ETF	10.99%	14.15%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.62%	3.73%

Correlation

The correlation between VOO and VBIL is 0.01, 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	0.01
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.03

Return for Risk

VOO vs. VBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

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: 99
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.

VOO vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.28	15.06	-12.78
Sortino ratio: Return per unit of downside risk	3.07	39.04	-35.97
Omega ratio: Gain probability vs. loss probability	1.42	21.06	-19.65
Calmar ratio: Return relative to maximum drawdown	3.15	42.54	-39.38
Martin ratio: Return relative to average drawdown	14.25	531.57	-517.32

VOO vs. VBIL - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.28, which is lower than the VBIL Sharpe Ratio of 15.06. The chart below compares the historical Sharpe Ratios of VOO and VBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VOO vs. VBIL - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for VOO and VBIL.

Drawdown Indicators

	VOO	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-0.09%	-33.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-0.09%	-8.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-3.68%	-0.00%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.01%	+1.96%

Volatility

VOO vs. VBIL - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 4.61% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that VOO'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.

Volatility by Period

	VOO	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	0.05%	+4.56%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	0.16%	+9.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	0.26%	+12.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	0.30%	+16.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	0.30%	+17.75%

VOO vs. VBIL - Expense Ratio Comparison

VOO 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

VOO vs. VBIL - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.03%, less than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and VBIL in my portfolio?

VOO and VBIL have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or VBIL?

VOO has higher volatility (4.61%) compared to VBIL (0.05%). In terms of maximum drawdown, VOO dropped -33.99% vs VBIL's -0.09%.

Which ETF is better, VOO or VBIL?

On 1-year performance, VOO leads with 27.95% vs 3.93% for VBIL. On fees, VOO is cheaper at 0.03% per year. On volatility, VBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOO or VBIL?

Over the 1-year period, VOO has performed better with a 27.95% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOO or VBIL?

VOO is cheaper with a 0.03% expense ratio, compared with 0.07% for VBIL.

Which ETF pays a higher dividend yield, VOO or VBIL?

VBIL has the higher dividend yield at 3.65%, compared with 1.03% for VOO.

What is the main difference between VOO and VBIL?

VOO is categorized as S&P 500, while VBIL is Ultrashort Bond. VOO tracks S&P 500 Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. Their fees differ too: 0.03% for VOO and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.06 vs 2.28), 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.