XBIL vs. USVN

Last updated Jun 24, 2026

XBIL (US Treasury 6 Month Bill ETF) and USVN (US Treasury 7 Year Note ETF) are both exchange-traded funds - XBIL is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, XBIL returned 4.60%/yr vs 2.85%/yr for USVN. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

XBIL vs. USVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 6 Month Bill ETF (XBIL) and US Treasury 7 Year Note ETF (USVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBIL achieves a 1.57% return, which is significantly higher than USVN's -0.65% return.

XBIL

• 1D: 0.01%
• 1M: 0.22%
• YTD: 1.57%
• 6M: 1.67%
• 1Y: 3.82%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

USVN

• 1D: 0.11%
• 1M: 0.40%
• YTD: -0.65%
• 6M: -0.53%
• 1Y: 2.56%
• 3Y*: 2.85%
• 5Y*: —
• 10Y*: —

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

XBIL vs. USVN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XBIL US Treasury 6 Month Bill ETF	1.57%	4.17%	5.16%	3.85%
USVN US Treasury 7 Year Note ETF	-0.65%	7.66%	0.03%	0.67%

Correlation

The correlation between XBIL and USVN is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.23

Return for Risk

XBIL vs. USVN — Risk / Return Rank

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

XBIL

XBIL Risk / Return Rank: 100
XBIL Sharpe Ratio Rank: 100
XBIL Sortino Ratio Rank: 100
XBIL Omega Ratio Rank: 99
XBIL Calmar Ratio Rank: 100
XBIL Martin Ratio Rank: 100

USVN

USVN Risk / Return Rank: 18
USVN Sharpe Ratio Rank: 19
USVN Sortino Ratio Rank: 18
USVN Omega Ratio Rank: 16
USVN Calmar Ratio Rank: 18
USVN Martin Ratio Rank: 18

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.

XBIL vs. USVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 6 Month Bill ETF (XBIL) and US Treasury 7 Year Note ETF (USVN). 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.

	XBIL	USVN	Difference
Sharpe ratio: Return per unit of total volatility	12.56	0.61	+11.95
Sortino ratio: Return per unit of downside risk	38.47	0.92	+37.55
Omega ratio: Gain probability vs. loss probability	10.10	1.10	+8.99
Calmar ratio: Return relative to maximum drawdown	64.01	0.70	+63.31
Martin ratio: Return relative to average drawdown	592.11	1.87	+590.24

XBIL vs. USVN - Sharpe Ratio Comparison

The current XBIL Sharpe Ratio is 12.56, which is higher than the USVN Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of XBIL and USVN, 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

XBIL vs. USVN - Drawdown Comparison

The maximum XBIL drawdown since its inception was -0.08%, smaller than the maximum USVN drawdown of -8.27%. Use the drawdown chart below to compare losses from any high point for XBIL and USVN.

Drawdown Indicators

	XBIL	USVN	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-8.27%	+8.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-3.68%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-0.07%	-5.85%	+5.78%
Current Drawdown Current decline from peak	0.00%	-2.62%	+2.62%
Average Drawdown Average peak-to-trough decline	-0.00%	-2.34%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.37%	-1.36%

Volatility

XBIL vs. USVN - Volatility Comparison

The current volatility for US Treasury 6 Month Bill ETF (XBIL) is 0.12%, while US Treasury 7 Year Note ETF (USVN) has a volatility of 1.26%. This indicates that XBIL experiences smaller price fluctuations and is considered to be less risky than USVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBIL	USVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	1.26%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	3.11%	-2.92%
Volatility (1Y) Calculated over the trailing 1-year period	0.31%	4.22%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.38%	5.77%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.38%	5.77%	-5.39%

XBIL vs. USVN - Expense Ratio Comparison

Both XBIL and USVN have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XBIL vs. USVN - Dividend Comparison

XBIL's dividend yield for the trailing twelve months is around 3.76%, which matches USVN's 3.75% yield.

Position	TTM	2025	2024	2023
USVN US Treasury 7 Year Note ETF	3.75%	3.81%	4.07%	2.91%
XBIL US Treasury 6 Month Bill ETF	3.76%	4.01%	4.90%	4.30%

Frequently Asked Questions

Can I hold both XBIL and USVN in my portfolio?

XBIL and USVN have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBIL or USVN?

USVN has higher volatility (1.26%) compared to XBIL (0.12%). In terms of maximum drawdown, XBIL dropped -0.08% vs USVN's -8.27%.

Which ETF is better, XBIL or USVN?

On 3-year performance, XBIL leads with 4.60% vs 2.85% for USVN. Both ETFs have the same 0.15% expense ratio. On volatility, XBIL has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBIL or USVN?

Over the 3-year period, XBIL has performed better with a 4.60% return vs 2.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBIL or USVN?

XBIL and USVN have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, XBIL or USVN?

XBIL has the higher dividend yield at 3.76%, compared with 3.75% for USVN.

What is the main difference between XBIL and USVN?

XBIL is categorized as Ultrashort Bond, while USVN is Government Bonds. XBIL tracks ICE BofA US 6-Month Treasury Bill Index - Benchmark TR Gross, while USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

XBIL currently has the higher Sharpe Ratio (12.56 vs 0.61), 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.