VVSG.TO vs. UBIL-U.TO

Last updated Jun 5, 2026

VVSG.TO (Vanguard Canadian Ultra-Short Government Bond Index ETF) and UBIL-U.TO (Global X 0-3 Month U.S. T-Bill ETF USD) are both exchange-traded funds - VVSG.TO is a Canadian Government Bonds fund tracking the Bloomberg Canadian Short Treasury 1-12M Float Adjusted Index, while UBIL-U.TO is a Ultrashort Bond fund actively managed by Global X. VVSG.TO is passively managed, while UBIL-U.TO is actively managed. Over the past year, VVSG.TO returned 2.32% vs 4.57% for UBIL-U.TO. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.12% expense ratio.

Performance

VVSG.TO vs. UBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) and Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VVSG.TO is traded in CAD, while UBIL-U.TO is traded in USD. To make them comparable, the UBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VVSG.TO achieves a 0.93% return, which is significantly lower than UBIL-U.TO's 2.47% return.

VVSG.TO

• 1D: 0.02%
• 1M: 0.25%
• YTD: 0.93%
• 6M: 0.97%
• 1Y: 2.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UBIL-U.TO

• 1D: 0.10%
• 1M: 2.35%
• YTD: 2.47%
• 6M: 1.00%
• 1Y: 4.57%
• 3Y*: 4.52%
• 5Y*: —
• 10Y*: —

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

VVSG.TO vs. UBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF	0.93%	2.69%	1.20%
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	2.47%	-1.73%	6.95%

Correlation

The correlation between VVSG.TO and UBIL-U.TO 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 Sep 13, 2024	0.04

Return for Risk

VVSG.TO vs. UBIL-U.TO — Risk / Return Rank

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

VVSG.TO

VVSG.TO Risk / Return Rank: 99
VVSG.TO Sharpe Ratio Rank: 99
VVSG.TO Sortino Ratio Rank: 99
VVSG.TO Omega Ratio Rank: 99
VVSG.TO Calmar Ratio Rank: 98
VVSG.TO Martin Ratio Rank: 99

UBIL-U.TO

UBIL-U.TO Risk / Return Rank: 99
UBIL-U.TO Sharpe Ratio Rank: 99
UBIL-U.TO Sortino Ratio Rank: 99
UBIL-U.TO Omega Ratio Rank: 99
UBIL-U.TO Calmar Ratio Rank: 99
UBIL-U.TO Martin Ratio Rank: 99

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.

VVSG.TO vs. UBIL-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) and Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO). 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.

	VVSG.TO	UBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	6.38	1.01	+5.37
Sortino ratio: Return per unit of downside risk	11.09	1.40	+9.69
Omega ratio: Gain probability vs. loss probability	3.55	1.18	+2.37
Calmar ratio: Return relative to maximum drawdown	16.76	1.17	+15.59
Martin ratio: Return relative to average drawdown	142.52	3.01	+139.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VVSG.TO vs. UBIL-U.TO - Sharpe Ratio Comparison

The current VVSG.TO Sharpe Ratio is 6.38, which is higher than the UBIL-U.TO Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of VVSG.TO and UBIL-U.TO, 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

	VVSG.TO	UBIL-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.38	1.01	+5.37
Sharpe Ratio (All Time) Calculated using the full available price history	7.58	0.89	+6.69

Drawdowns

VVSG.TO vs. UBIL-U.TO - Drawdown Comparison

The maximum VVSG.TO drawdown since its inception was -0.14%, smaller than the maximum UBIL-U.TO drawdown of -5.51%. Use the drawdown chart below to compare losses from any high point for VVSG.TO and UBIL-U.TO.

Drawdown Indicators

	VVSG.TO	UBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.14%	-5.51%	+5.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-3.91%	+3.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.51%	—
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.73%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	1.52%	-1.50%

Volatility

VVSG.TO vs. UBIL-U.TO - Volatility Comparison

The current volatility for Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) is 0.07%, while Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) has a volatility of 0.84%. This indicates that VVSG.TO experiences smaller price fluctuations and is considered to be less risky than UBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVSG.TO	UBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.84%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.21%	3.43%	-3.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.36%	4.57%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	5.27%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	5.27%	-4.90%

VVSG.TO vs. UBIL-U.TO - Expense Ratio Comparison

Both VVSG.TO and UBIL-U.TO have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VVSG.TO vs. UBIL-U.TO - Dividend Comparison

VVSG.TO's dividend yield for the trailing twelve months is around 2.41%, less than UBIL-U.TO's 2.72% yield.

Position	TTM	2025	2024	2023
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	2.72%	2.97%	3.68%	2.73%
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF	2.41%	2.50%	0.73%	0.00%

Frequently Asked Questions

Can I hold both VVSG.TO and UBIL-U.TO in my portfolio?

VVSG.TO and UBIL-U.TO 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 ETF is better, VVSG.TO or UBIL-U.TO?

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VVSG.TO or UBIL-U.TO?

VVSG.TO and UBIL-U.TO have the same expense ratio: 0.12% per year.

What is the main difference between VVSG.TO and UBIL-U.TO?

VVSG.TO is categorized as Canadian Government Bonds, while UBIL-U.TO is Ultrashort Bond. They also come from different issuers: Vanguard and Global X.