OBIL vs VUSB: Grades, Fees and Holdings Compared

US Treasury 12 Month Bill ETF

OBILBNasdaq

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

No data

Expense ratio

VUSB −0.05pt a year

OBIL0.15%VUSB0.10%

Avg volume · 30D

VUSB 42.3×the volume

OBIL47.5KVUSB2.01M

3Y return · a year

VUSB +0.8pt

OBIL+4.3%VUSB+5.1%

OBIL vs VUSB Performance

Nov 4, 2025 – Nov 4, 2026

+3.3%OBIL+3.7%VUSB

Expense ratio: OBIL 0.15%; VUSB 0.10%, better
Fund size: OBIL $337M; VUSB $9.9B
1Y total return: OBIL +3.3%; VUSB +3.7%, better
Yield (12M): OBIL 3.73%; VUSB 4.28%, better
Holdings: OBIL 2; VUSB 1352
Avg volume (30D): OBIL 47.5K sh; VUSB 2.01M sh, better
NAV per share: OBIL $49.91; VUSB $49.45
52W range

ETF.net Grade

Pillar letters and Scores for OBIL, VUSB, with each pillar’s weight
Pillar	OBIL	VUSB
Cost30% weight	B66	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C40	C53Higher
Tradability15% weight	C46	B67Higher
Holdings10% weight	D35	A86Higher
Durability5% weight	C44	A88Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. OBIL and VUSB are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

VUSB ranks 3rd and OBIL 32nd of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVBILVanguard 0-3 Month Treasury Bill ETFScore 81
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 5ASGOViShares 0-3 Month Treasury Bond ETFScore 80
Rank 32BNUSBNuveen Ultra Short IncomeScore 63
Rank 32BOBILUS Treasury 12 Month Bill ETFScore 63
Rank 34BCGOVCorgi 0-3 Month T-Bill ETFScore 61

Our read on each fund

ETF.net Research

OBILBUS Treasury 12 Month Bill ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

OBIL Most cash-parking ETFs blend a ladder of short bills. OBIL points at one spot on the curve instead: the 12-month Treasury bill. A precision instrument from F/m's benchmark lineup, and it pays monthly.

VUSB Vanguard's first actively managed bond ETF, run by its in-house fixed income team and priced at 0.10%. It holds investment-grade paper maturing inside two years: a step past a money fund, well short of a real bond fund.

Stated mandate

OBIL The fund seeks investment results that correspond to the performance of its stated underlying benchmark.

VUSB The fund seeks current income with limited price volatility while investing in diversified high- and medium-quality fixed-income securities. It expects to maintain a dollar-weighted average maturity of 0–2 years.

Why people hold it

OBIL Aims at a single point on the Treasury curve, the 12-month bill, rather than a blended basket of maturities. Rare precision in a category built on averages.
Has tracked its stated benchmark closely, which is the whole job for a fund like this.
Distributes monthly, so income arrives on a steady cadence rather than in quarterly lumps.
Live since 2022 and has gathered a few hundred million dollars, real staying power for a niche single-maturity idea.

VUSB At 0.10%, it costs half the typical ultra-short bond ETF and undercuts the other leaders in the group: SHV, PULS, FLDR and DUSB all charge 0.15%.
Active, not adventurous. The managers buy investment-grade bonds (A3-or-better high quality plus BBB-tier medium quality) and hold average maturity to zero-to-two years.vanguard.com
Income lands monthly, sourced from roughly 170 bonds, so no single issuer drives the outcome.
A multi-billion-dollar fund that trades actively, and the same portfolio team also runs a similar Vanguard ultra-short fund.vanguard.com

Worth knowing

OBIL At 0.15%, it costs more than the T-bill cohort's typical fund and well more than the cheapest rivals, XONE at 0.03% and VBIL at 0.06%.
Trades thinly next to cohort giants like BIL, which can mean wider spreads on the way in and out.
A 12-month bill carries more rate sensitivity than the 0-3 month peers (VBIL, CLIP) it sits beside in this category.

VUSB This is not a money market fund. No fixed $1 share price, and the market price can trade above or below the value of the holdings.vanguard.com
The mandate allows BBB-tier credit, a notch of risk a Treasury-only neighbor like SHV doesn't take.vanguard.com
Bonds this short reprice with short-term rates, so the monthly payout drifts up and down instead of holding a set level.vanguard.com

Full OBIL profile⁠

Full VUSB profile⁠

OBIL vs VUSB Holdings

How OBIL and VUSB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile76.9%
Asset classFixed Income100%

Sector

No Sector split for OBIL and VUSB.

Country, concentration and asset class

Country by domicile

Country weights in OBIL and VUSB, widest gap first
Country	Gap	OBIL	VUSB
United States	OBIL +23.1 points	100.0%	76.9%
Canada	VUSB +7.2 points	0.0%	7.2%
United Kingdom	VUSB +3.5 points	0.0%	3.5%
Cayman Islands	VUSB +2.5 points	0.0%	2.5%
Japan	VUSB +2.1 points	0.0%	2.1%
Germany	VUSB +1.7 points	0.0%	1.7%
Australia	VUSB +1.6 points	0.0%	1.6%
Switzerland	VUSB +1.0 points	0.0%	1.0%
Other countries (13)	VUSB +3.6 points	0.0%	3.6%

Concentration

Weight in the 10 largest Holdings

OBIL100.0%
VUSB12.6%

Securities held

OBIL1
VUSB1,346

Asset class

OBIL: Fixed Income
VUSB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. OBIL holds 1 securities, VUSB 1,346.

All 2 OBIL holdings⁠All 1,347 VUSB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

OBIL vs VUSB Cost

Overpaying OBIL vs VUSB

$1,031

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

OBIL 0.15%
$3,137
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

OBIL 0.15%
VUSB 0.10%
Overpaying

Year by year

Year	OBIL	VUSB	Overpaying
10	$274	$183	$91
20	$1,071	$717	$354
30	$3,137	$2,106	$1,031

Expense ratio

0.15%OBIL
0.10%VUSB, cheaper

VUSB0.10%OBIL0.15%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

VUSB 13th cheapest of 78 funds

OBIL 23rd cheapest of 78 funds

OBIL vs VUSB Dividends

Last 12 months to Nov 4, 2026

Yield (12M): OBIL 3.73%; VUSB 4.28%, better
Payout (12M): OBIL $1.86; VUSB $2.12
Last payment: OBIL $0.18; VUSB $0.18
Ex-dividend: OBIL Oct 27, 2026; VUSB Nov 2, 2026
Paid on: OBIL Oct 28, 2026; VUSB Nov 4, 2026
Frequency: OBIL Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

OBILMonthly · 46 paymentsAll OBIL payments⁠

VUSBMonthly · 46 paymentsAll VUSB payments⁠

OBIL vs VUSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: OBIL 0.7%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: OBIL −0.25VUSB 0.86, better
Worst fallMax drawdown, 5 years: OBIL −0.3%since Nov 2022VUSB −1.7%
Market sensitivityBeta, 5 years: OBIL 0.07VUSB 0.10; Market = 1

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