VUSXX vs. VBIL

Last updated Jun 3, 2026

VUSXX (Vanguard Treasury Money Market Fund) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both funds - VUSXX is a Money 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, VUSXX returned 3.98% vs 3.93% for VBIL. At a 0.06 correlation, their price movements are largely independent. VUSXX charges 0.08%/yr vs 0.07%/yr for VBIL.

Performance

VUSXX vs. VBIL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VUSXX having a 1.51% return and VBIL slightly lower at 1.48%.

VUSXX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.51%
• 6M: 1.84%
• 1Y: 3.98%
• 3Y*: 2.61%
• 5Y*: 1.56%
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.48%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VUSXX vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
VUSXX Vanguard Treasury Money Market Fund	1.51%	3.87%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.48%	3.71%

Correlation

The correlation between VUSXX and VBIL is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.06

Return for Risk

VUSXX vs. VBIL — Risk / Return Rank

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

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.

VUSXX vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Treasury Money Market Fund (VUSXX) 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.

	VUSXX	VBIL	Difference
Sharpe ratio Return per unit of total volatility	3.68	15.13	-11.46
Sortino ratio Return per unit of downside risk	—	39.04	—
Omega ratio Gain probability vs. loss probability	—	21.07	—
Calmar ratio Return relative to maximum drawdown	—	42.56	—
Martin ratio Return relative to average drawdown	—	532.95	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSXX vs. VBIL - Sharpe Ratio Comparison

The current VUSXX Sharpe Ratio is 3.68, which is lower than the VBIL Sharpe Ratio of 15.13. The chart below compares the historical Sharpe Ratios of VUSXX 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.

Sharpe Ratios by Period

	VUSXX	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	15.13	-11.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	13.42	-11.28

Drawdowns

VUSXX vs. VBIL - Drawdown Comparison

The maximum VUSXX drawdown since its inception was 0.00%, smaller than the maximum VBIL drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for VUSXX and VBIL.

Drawdown Indicators

	VUSXX	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-0.09%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.09%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	0.00%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.01%	-0.01%

Volatility

VUSXX vs. VBIL - Volatility Comparison

Vanguard Treasury Money Market Fund (VUSXX) has a higher volatility of 0.31% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that VUSXX'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

	VUSXX	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.06%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.16%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	0.26%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.75%	0.30%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.75%	0.30%	+0.45%

VUSXX vs. VBIL - Expense Ratio Comparison

VUSXX has a 0.08% 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

VUSXX vs. VBIL - Dividend Comparison

VUSXX's dividend yield for the trailing twelve months is around 3.89%, more than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%
VUSXX Vanguard Treasury Money Market Fund	3.89%	4.15%	1.63%	0.43%

Frequently Asked Questions

Can I hold both VUSXX and VBIL in my portfolio?

VUSXX and VBIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSXX or VBIL?

VUSXX has higher volatility (0.31%) compared to VBIL (0.06%). In terms of maximum drawdown, VUSXX dropped 0.00% vs VBIL's -0.09%.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.13 vs 3.68), 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.