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TBLL vs VBIL

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Vanguard 0-3 Month Treasury Bill ETF

VBILANasdaq

Overlap

No data

Expense ratio

VBIL −0.02pt a year

TBLL0.08%VBIL0.06%

Avg volume · 30D

VBIL 9.6×the volume

TBLL313KVBIL3M

TBLL vs VBIL Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%TBLL+3.7%VBIL

Oct 31, 2025 to Oct 30, 2026. TBLL +3.6%. VBIL +3.7%. Use the arrow keys to read each point.0%1%2%Oct 2025Apr 2026Oct 2026
Expense ratio
TBLL 0.08%
VBIL 0.06%, better
Fund size
TBLL $2.9B
VBIL $12.8B
1Y total return
TBLL +3.6%
VBIL +3.7%, better
Yield (12M)
TBLL 3.59%, better
VBIL 3.50%
Holdings
TBLL 90
VBIL 29
Avg volume (30D)
TBLL 313K sh
VBIL 3M sh, better
NAV per share
TBLL $105.62
VBIL $75.76
52W range

ETF.net Grade

TBLL: Cost 89, Risk 44, Mission 100, Tradability 80, Holdings 66, Durability 80. VBIL: Cost 95, Risk 39, Mission 100, Tradability 84, Holdings 43, Durability 79.
Pillar letters and Scores for TBLL, VBIL, with each pillar’s weight
PillarTBLLVBIL
Cost30% weightA89A95Higher
Mission25% weightA100A100
Risk15% weightC44HigherD39
Tradability15% weightA80A84Higher
Holdings10% weightB66HigherC43
Durability5% weightA80HigherA79

Rank among Cash & Ultra-Short Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TBLL and VBIL 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 ›

TBLL ranks 4th and VBIL 4th of 78 funds in the Cash & Ultra-Short Income Category.

  1. Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
  2. Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
  3. Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
  4. Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
  5. Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
  6. Rank 4AXHLFBondBloxx Bloomberg Six Month Target Duration US Treasury ETFScore 80

Our read on each fund

ETF.net Research

TBLLAInvesco Short Term Treasury ETF

VBILAVanguard 0-3 Month Treasury Bill ETF

In short

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

VBIL Vanguard's cash-parking ETF: roughly two dozen Treasury bills, none maturing more than three months out, at 0.06% a year. It landed in 2025 and undercut most of the T-bill shelf on price.

Stated mandate

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

VBIL VBIL seeks to track the performance of a market-weighted Treasury index with an ultra-short-term dollar-weighted average maturity, using a passive approach designed to follow the Bloomberg U.S. Treasury Bills 0-3 Months Index.

Why people hold it

  • TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
  • Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
  • Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
  • Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.
  • VBIL It charges 0.06% a year, well under the 0.14% median for 0-1 year Treasury funds and under the category veteran, BIL.
  • Plain passive mandate on the Bloomberg U.S. Treasury Bills 0-3 Months Index, tracked very closely. One of the tightest implementations in its peer group.vanguard.com
  • Roughly two dozen bills backed by the US Treasury, every one maturing inside three months. Interest goes out monthly.
  • A multi-billion-dollar fund with active daily trading, which tends to keep bid-ask costs small.

Worth knowing

  • TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
  • Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
  • Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.
  • VBIL The payout floats with short-term rates. Monthly income rises and falls with what bills yield, and nothing about it is fixed.
  • It opened in 2025, so its live record is short next to T-bill funds that have been running for years.
  • Stretching maturity gets cheaper: peer XONE targets one-year duration at 0.03%, trading lower cost for more rate sensitivity.

Full TBLL profile⁠

Full VBIL profile⁠

TBLL vs VBIL Holdings

How TBLL and VBIL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Asset classFixed Income100%
  • Countryby domicile100%

Sector

No Sector split for TBLL and VBIL.

Country, concentration and asset class

Country by domicile

Country weights in TBLL and VBIL, widest gap first
CountryMore in TBLLMore in VBIL
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • TBLL23.3%
  • VBIL52.0%

Securities held

  • TBLL88
  • VBIL27

Asset class

TBLL
Fixed Income
VBIL
Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBLL holds 88 securities, VBIL 27.

All 88 TBLL holdings⁠All 27 VBIL 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.

TBLL vs VBIL Cost

Overpaying TBLL vs VBIL

$419

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

  • TBLL 0.08%

    $1,689

  • VBIL 0.06%

    $1,270

$10,000
30 years

Cost over time

  • TBLL 0.08%
  • VBIL 0.06%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$500$1K$1.5K$2K051015202530TBLL $1,689VBIL $1,270

Year by year

YearTBLLVBILOverpaying
10$147$110$37
20$575$432$143
30$1,689$1,270$419

Expense ratio

  • 0.08%TBLL
  • 0.06%VBIL, cheaper
  • Middle half of Cash & Ultra-Short Income funds
  • Median 0.18%

VBIL 6th cheapest of 78 funds

TBLL 10th cheapest of 78 funds

TBLL vs VBIL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBLL 3.59%, better
VBIL 3.50%
Payout (12M)
TBLL $3.79
VBIL $2.65
Last payment
TBLL $0.34
VBIL $0.22
Ex-dividend
TBLL Oct 19, 2026
VBIL Oct 1, 2026
Paid on
TBLL Oct 23, 2026
VBIL Oct 5, 2026
Frequency
TBLL Monthly
VBIL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

TBLLMonthly · 46 paymentsAll TBLL payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 23, 2023 $0.32; Feb 21, 2023 $0.32; Mar 20, 2023 $0.37; Apr 24, 2023 $0.37; May 22, 2023 $0.40; Jun 20, 2023 $0.39; Jul 24, 2023 $0.43; Aug 21, 2023 $0.44; Sep 18, 2023 $0.43; Oct 23, 2023 $0.45; Nov 20, 2023 $0.47; Dec 18, 2023 $0.49; Jan 22, 2024 $0.45; Feb 20, 2024 $0.46; Mar 18, 2024 $0.44; Apr 22, 2024 $0.43; May 20, 2024 $0.44; Jun 24, 2024 $0.44; Jul 22, 2024 $0.46; Aug 19, 2024 $0.47; Sep 23, 2024 $0.44; Oct 21, 2024 $0.43; Nov 18, 2024 $0.42; Dec 23, 2024 $0.37; Jan 21, 2025 $0.39; Feb 24, 2025 $0.37; Mar 24, 2025 $0.36; Apr 21, 2025 $0.35; May 19, 2025 $0.33; Jun 23, 2025 $0.37; Jul 21, 2025 $0.38; Aug 18, 2025 $0.35; Sep 22, 2025 $0.35; Oct 20, 2025 $0.35; Nov 24, 2025 $0.33; Dec 22, 2025 $0.35; Jan 20, 2026 $0.33; Feb 23, 2026 $0.32; Mar 23, 2026 $0.30; Apr 20, 2026 $0.27; May 18, 2026 $0.32; Jun 22, 2026 $0.32; Jul 20, 2026 $0.31; Aug 24, 2026 $0.30; Sep 21, 2026 $0.32; Oct 19, 2026 $0.34. Use the arrow keys to read each point.$0$0.5020232026YTD
VBILMonthly · 19 paymentsAll VBIL payments⁠
One bar per payment. 19 payments from 2023 to 2026 YTD. Apr 1, 2025 $0.23; May 1, 2025 $0.21; Jun 2, 2025 $0.22; Jul 1, 2025 $0.24; Aug 1, 2025 $0.25; Sep 2, 2025 $0.25; Oct 1, 2025 $0.24; Nov 3, 2025 $0.24; Dec 1, 2025 $0.23; Dec 18, 2025 $0.23; Feb 2, 2026 $0.23; Mar 2, 2026 $0.20; Apr 1, 2026 $0.21; May 1, 2026 $0.22; Jun 1, 2026 $0.22; Jul 1, 2026 $0.21; Aug 3, 2026 $0.23; Sep 1, 2026 $0.22; Oct 1, 2026 $0.22. Use the arrow keys to read each point.$0$0.5020232026YTD

TBLL vs VBIL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TBLL 0.3%VBIL 0.1%since Mar 2025
Return per unit of riskSharpe ratio, 3 years
TBLL −0.66VBIL −1.04since Mar 2025
Worst fallMax drawdown, 5 years
TBLL −0.4%VBIL −0.1%since Feb 2025
Market sensitivityBeta, 5 years
TBLL 0.01VBIL −0.01

TBLL and VBIL in the news

All news⁠

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