VTBNX vs. VBIL

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Total Bond Market II Index Fund (VTBNX) and Vanguard 0-3 Month Treasury Bill ETF (VBIL).

VTBNX is managed by Vanguard. VBIL is a passively managed fund by Vanguard that tracks the performance of the Bloomberg US Treasury Bills 0-3 Months Index. It was launched on Feb 7, 2025.

Performance

VTBNX vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total Bond Market II Index Fund (VTBNX) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

VTBNX vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VTBNX Vanguard Total Bond Market II Index Fund	-0.60%	6.48%
VBIL Vanguard 0-3 Month Treasury Bill ETF	0.86%	3.71%

Returns By Period

In the year-to-date period, VTBNX achieves a -0.60% return, which is significantly lower than VBIL's 0.86% return.

VTBNX

• 1D: 0.42%
• 1M: -2.26%
• YTD: -0.60%
• 6M: 0.40%
• 1Y: 3.62%
• 3Y*: 3.40%
• 5Y*: 0.22%
• 10Y*: 1.56%

VBIL

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.86%
• 6M: 1.88%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VTBNX vs. VBIL - Expense Ratio Comparison

VTBNX has a 0.02% 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%.

VBIL

Vanguard 0-3 Month Treasury Bill ETF

VTBNX

Vanguard Total Bond Market II Index Fund

Return for Risk

VTBNX vs. VBIL — Risk / Return Rank

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

VTBNX

VTBNX Risk / Return Rank: 53
VTBNX Sharpe Ratio Rank: 52
VTBNX Sortino Ratio Rank: 51
VTBNX Omega Ratio Rank: 37
VTBNX Calmar Ratio Rank: 76
VTBNX Martin Ratio Rank: 51

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: 100
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.

VTBNX vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market II Index Fund (VTBNX) 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.

	VTBNX	VBIL	Difference
Sharpe ratio Return per unit of total volatility	0.98	12.70	-11.72
Sortino ratio Return per unit of downside risk	1.41	29.61	-28.19
Omega ratio Gain probability vs. loss probability	1.17	12.58	-11.41
Calmar ratio Return relative to maximum drawdown	1.77	44.01	-42.23
Martin ratio Return relative to average drawdown	5.02	379.94	-374.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTBNX vs. VBIL - Sharpe Ratio Comparison

The current VTBNX Sharpe Ratio is 0.98, which is lower than the VBIL Sharpe Ratio of 12.70. The chart below compares the historical Sharpe Ratios of VTBNX and VBIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VTBNX	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	12.70	-11.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	13.08	-12.72

Correlation

The correlation between VTBNX and VBIL is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

VTBNX vs. VBIL - Dividend Comparison

VTBNX's dividend yield for the trailing twelve months is around 3.68%, which matches VBIL's 3.67% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VTBNX Vanguard Total Bond Market II Index Fund	3.68%	3.95%	3.77%	3.13%	2.54%	1.82%	3.12%	2.79%	2.56%	2.52%	2.55%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.67%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VTBNX vs. VBIL - Drawdown Comparison

The maximum VTBNX drawdown since its inception was -18.71%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for VTBNX and VBIL.

Drawdown Indicators

	VTBNX	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-18.71%	-0.09%	-18.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-0.09%	-2.58%
Max Drawdown (5Y) Largest decline over 5 years	-18.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.71%	—	—
Current Drawdown Current decline from peak	-3.11%	0.00%	-3.11%
Average Drawdown Average peak-to-trough decline	-4.91%	0.00%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.01%	+0.93%

Volatility

VTBNX vs. VBIL - Volatility Comparison

Vanguard Total Bond Market II Index Fund (VTBNX) has a higher volatility of 1.52% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.07%. This indicates that VTBNX'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

	VTBNX	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	0.07%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	0.16%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.32%	0.32%	+4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	0.31%	+5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	0.31%	+4.60%