VUSFX vs. VBIL

Last updated Aug 4, 2026

VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both funds - VUSFX is a Total Bond Market fund managed by Vanguard, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Over the past year, VUSFX returned 4.07% vs 3.84% for VBIL. Their -0.05 correlation means they have often moved in opposite directions in the past. VUSFX charges 0.10%/yr vs 0.07%/yr for VBIL.

Performance

VUSFX vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) 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, VUSFX achieves a 1.99% return, which is significantly lower than VBIL's 2.13% return.

VUSFX

• 1D: 0.00%
• 1M: 0.25%
• 6M: 1.58%
• YTD: 1.99%
• 1Y: 4.07%
• 3Y*: 5.35%
• 5Y*: 3.60%
• 10Y*: 2.75%
• ALL TIME*: 2.69%

VBIL

• 1D: 0.01%
• 1M: 0.29%
• 6M: 1.82%
• YTD: 2.13%
• 1Y: 3.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VBIL Vanguard 0-3 Month Treasury Bill ETF	$174.38M	$171.63M	$190.00M
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	$0.00	$0.00	$0.00

VUSFX vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.99%	4.58%
VBIL Vanguard 0-3 Month Treasury Bill ETF	2.13%	3.73%

Correlation

The correlation between VUSFX and VBIL is -0.09, 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.	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.05

Return for Risk

VUSFX vs. VBIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VUSFX

VUSFX Risk / Return Rank: 100
VUSFX Sharpe Ratio Rank: 100
VUSFX Sortino Ratio Rank: 100
VUSFX Omega Ratio Rank: 100
VUSFX Calmar Ratio Rank: 100
VUSFX Martin Ratio Rank: 100

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VUSFX vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) 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.

	VUSFX	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	7.12	17.97	-10.86
Sortino ratio: Return per unit of downside risk	13.96	118.98	-105.02
Omega ratio: Gain probability vs. loss probability	4.12	44.81	-40.69
Calmar ratio: Return relative to maximum drawdown	17.23	291.01	-273.77
Martin ratio: Return relative to average drawdown	99.26	1,924.70	-1,825.44

VUSFX vs. VBIL - Sharpe Ratio Comparison

The current VUSFX Sharpe Ratio is 7.12, which is lower than the VBIL Sharpe Ratio of 17.97. The chart below compares the historical Sharpe Ratios of VUSFX 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

VUSFX vs. VBIL - Drawdown Comparison

The maximum VUSFX drawdown since its inception was -1.71%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for VUSFX and VBIL.

Drawdown Indicators

	VUSFX	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.71%	-0.09%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.01%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-0.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-1.71%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.15%	0.00%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.00%	+0.04%

Volatility

VUSFX vs. VBIL - Volatility Comparison

Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) has a higher volatility of 0.17% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that VUSFX'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

	VUSFX	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.06%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	0.16%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	0.60%	0.22%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.81%	0.29%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.68%	0.29%	+0.39%

VUSFX vs. VBIL - Expense Ratio Comparison

VUSFX has a 0.10% expense ratio, which is higher than VBIL's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VUSFX vs. VBIL - Dividend Comparison

VUSFX's dividend yield for the trailing twelve months is around 4.09%, more than VBIL's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.09%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%

Frequently Asked Questions

Can I hold both VUSFX and VBIL in my portfolio?

VUSFX and VBIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSFX or VBIL?

VUSFX has higher volatility (0.17%) compared to VBIL (0.06%). In terms of maximum drawdown, VUSFX dropped -1.71% vs VBIL's -0.09%.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (17.97 vs 7.12), 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.