RAVI vs VUSB: Grades, Fees and Holdings Compared

Northern Trust Ultra-Short Fixed Income ETF

RAVIBNYSE Arca

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

No data

Expense ratio

VUSB −0.15pt a year

RAVI0.25%VUSB0.10%

Avg volume · 30D

VUSB 21.1×the volume

RAVI93.4KVUSB1.97M

5Y return · a year

RAVI +0.1pt

RAVI+3.8%VUSB+3.7%

RAVI vs VUSB Performance

Oct 29, 2021 – Oct 30, 2026

+20.5%RAVI+20.0%VUSB

Expense ratio: RAVI 0.25%; VUSB 0.10%, better
Fund size: RAVI $1.61B; VUSB $9.9B
1Y total return: RAVI +3.8%, better; VUSB +3.7%
Yield (12M): RAVI 4.22%; VUSB 4.27%, better
Holdings: RAVI 285; VUSB 1348
Avg volume (30D): RAVI 93.4K sh; VUSB 1.97M sh, better
NAV per share: RAVI $75.26; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for RAVI, VUSB, with each pillar’s weight
Pillar	RAVI	VUSB
Cost30% weight	F18	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C53	C53
Tradability15% weight	B55	B66Higher
Holdings10% weight	A77	A90Higher
Durability5% weight	A78	A89Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. RAVI 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 RAVI 43rd of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 40BULSTState Street Ultra Short Term Bond ETFScore 59
Rank 43BRAVINorthern Trust Ultra-Short Fixed Income ETFScore 58
Rank 44BCSHPiShares Dynamic Short-Term Active ETFScore 57

Our read on each fund

ETF.net Research

RAVIBNorthern Trust Ultra-Short Fixed Income ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

RAVI Active ultra-short bond investing since 2012, before most rivals existed: Northern Trust managers buying corporate, foreign and emerging-market paper, duration generally under a year. 0.25%, net of a waiver through March 1, 2027.

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

RAVI RAVI seeks maximum current income while preserving capital and liquidity.

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

RAVI No index to track. Managers move across sectors by hand, keeping portfolio duration generally at a year or less and average maturity generally inside two years.flexshares.com sec.gov
Reaches past Treasury bills: the fund may invest without limitation in foreign issuers, developed and emerging markets alike, alongside US corporate and asset-backed paper.flexshares.com
Trading since 2012, which makes it one of the elder statesmen of ultra-short ETFs, with a record spanning zero rates, the 2022 hiking cycle and the years after.
Pays monthly, and the portfolio has stayed inside its stated ultra-short, capital-preservation mandate.

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

RAVI At 0.25% (net of a waiver through March 1, 2027) it sits above the category median. Plain T-bill trackers like VBIL at 0.06% and CLIP at 0.07% cost a fraction.
This is not a money market fund. Corporate, foreign and asset-backed holdings mean the share price floats and credit risk is real, even at short maturities.flexshares.com
Volume is moderate rather than enormous next to the category's largest names, so spreads can widen; limit orders do more work here.

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 RAVI profile⁠

Full VUSB profile⁠

RAVI vs VUSB Holdings

How RAVI and VUSB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile89.9%
Asset classFixed Income100%

Sector

No Sector split for RAVI and VUSB.

Country, concentration and asset class

Country by domicile

Country weights in RAVI and VUSB, widest gap first
Country	More in RAVIMore in VUSB	RAVI	VUSB
France	RAVI +3.8 points	4.4%	0.6%
Canada	VUSB +3.0 points	4.2%	7.2%
United Kingdom	RAVI +1.9 points	5.4%	3.5%
Germany	VUSB +1.7 points	0.0%	1.7%
Australia	RAVI +1.5 points	3.1%	1.6%
United States	VUSB +1.4 points	75.5%	76.9%
Cayman Islands	VUSB +1.2 points	1.3%	2.5%
Switzerland	VUSB +1.0 points	0.0%	1.0%
Other countries (15)	RAVI +1.1 points	6.1%	5.0%

Outside the US: RAVI 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

RAVI15.8%
VUSB11.2%

Securities held

RAVI252
VUSB1,342

Asset class

RAVI: Fixed Income
VUSB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. RAVI holds 252 securities, VUSB 1,342.

All 285 RAVI holdings⁠All 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.

RAVI vs VUSB Cost

Overpaying RAVI vs VUSB

$3,053

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

RAVI 0.25%
$5,159
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

RAVI 0.25%
VUSB 0.10%
Overpaying

Year by year

Year	RAVI	VUSB	Overpaying
10	$455	$183	$272
20	$1,769	$717	$1,052
30	$5,159	$2,106	$3,053

Expense ratio

0.25%RAVI
0.10%VUSB, cheaper

VUSB0.10%RAVI0.25%

0.03%1.00%

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

VUSB 13th cheapest of 78 funds

RAVI 62nd cheapest of 78 funds

RAVI vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RAVI 4.22%; VUSB 4.27%, better
Payout (12M): RAVI $3.18; VUSB $2.12
Last payment: RAVI $0.25; VUSB $0.18
Ex-dividend: RAVI Oct 1, 2026; VUSB Oct 1, 2026
Paid on: RAVI Oct 7, 2026; VUSB Oct 5, 2026
Frequency: RAVI Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

RAVIMonthly · 45 paymentsAll RAVI payments⁠

VUSBMonthly · 45 paymentsAll VUSB payments⁠

RAVI vs VUSB Risk

Fall from peak · 5 years

RAVI
VUSB

Risk facts

VolatilityStd dev, 3 years: RAVI 0.4%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: RAVI 1.17, betterVUSB 0.86
Worst fallMax drawdown, 5 years: RAVI −3.2%VUSB −1.7%, better
Market sensitivityBeta, 5 years: RAVI 0.04VUSB 0.10; Market = 1

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