TBLL vs VUSB: Grades, Fees and Holdings Compared

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

No data

Expense ratio

TBLL −0.02pt a year

TBLL0.08%VUSB0.10%

Avg volume · 30D

VUSB 6.3×the volume

TBLL313KVUSB1.97M

5Y return · a year

TBLL+3.7%VUSB+3.7%

TBLL vs VUSB Performance

Oct 29, 2021 – Oct 30, 2026

+19.7%TBLL+20.0%VUSB

Expense ratio: TBLL 0.08%, better; VUSB 0.10%
Fund size: TBLL $2.9B; VUSB $9.9B
1Y total return: TBLL +3.6%; VUSB +3.7%, better
Yield (12M): TBLL 3.59%; VUSB 4.27%, better
Holdings: TBLL 90; VUSB 1348
Avg volume (30D): TBLL 313K sh; VUSB 1.97M sh, better
NAV per share: TBLL $105.62; VUSB $49.62
52W range

ETF.net Grade

Pillar letters and Scores for TBLL, VUSB, with each pillar’s weight
Pillar	TBLL	VUSB
Cost30% weight	A89Higher	A84
Mission25% weight	A100	A100
Risk15% weight	C44	C53Higher
Tradability15% weight	A80Higher	B66
Holdings10% weight	B66	A90Higher
Durability5% weight	A80	A89Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. TBLL 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 TBLL 4th 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 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80

Our read on each fund

ETF.net Research

TBLLAInvesco Short Term Treasury ETF

VUSBAVanguard Ultra-Short Bond 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.

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

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.

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

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.

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

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.

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 TBLL profile⁠

Full VUSB profile⁠

TBLL vs VUSB Holdings

How TBLL 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 TBLL and VUSB.

Country, concentration and asset class

Country by domicile

Country weights in TBLL and VUSB, widest gap first
Country	More in TBLLMore in VUSB	TBLL	VUSB
United States	TBLL +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

TBLL23.3%
VUSB11.2%

Securities held

TBLL88
VUSB1,342

Asset class

TBLL: Fixed Income
VUSB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBLL holds 88 securities, VUSB 1,342.

All 88 TBLL 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.

TBLL vs VUSB Cost

Overpaying VUSB vs TBLL

$417

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

TBLL 0.08%
$1,689
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

TBLL 0.08%
VUSB 0.10%
Overpaying

Year by year

Year	TBLL	VUSB	Overpaying
10	$147	$183	$36
20	$575	$717	$142
30	$1,689	$2,106	$417

Expense ratio

0.08%TBLL, cheaper
0.10%VUSB

TBLL0.08%VUSB0.10%

0.03%1.00%

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

TBLL 10th cheapest of 78 funds

VUSB 13th cheapest of 78 funds

TBLL vs VUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TBLL 3.59%; VUSB 4.27%, better
Payout (12M): TBLL $3.79; VUSB $2.12
Last payment: TBLL $0.34; VUSB $0.18
Ex-dividend: TBLL Oct 19, 2026; VUSB Oct 1, 2026
Paid on: TBLL Oct 23, 2026; VUSB Oct 5, 2026
Frequency: TBLL Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

TBLLMonthly · 46 paymentsAll TBLL payments⁠

VUSBMonthly · 45 paymentsAll VUSB payments⁠

TBLL vs VUSB Risk

Fall from peak · 5 years

TBLL
VUSB

Risk facts

VolatilityStd dev, 3 years: TBLL 0.3%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: TBLL −0.66VUSB 0.86, better
Worst fallMax drawdown, 5 years: TBLL −0.4%, betterVUSB −1.7%
Market sensitivityBeta, 5 years: TBLL 0.01VUSB 0.10; Market = 1

Popular comparisons

TBLLAvsICSHA
Invesco Short Term Treasury ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.08% · 0.08%
Category
VUSBAvsICSHA
Vanguard Ultra-Short Bond ETF · iShares Ultra Short Duration Bond Active ETF
Expense ratio
0.10% · 0.08%
Category
TBLLAvsCLIPA
Invesco Short Term Treasury ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.08% · 0.07%
Category
VUSBAvsCLIPA
Vanguard Ultra-Short Bond ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.10% · 0.07%
Category
TBLLAvsVBILA
Invesco Short Term Treasury ETF · Vanguard 0-3 Month Treasury Bill ETF
Expense ratio
0.08% · 0.06%
Category
VUSBAvsVBILA
Vanguard Ultra-Short Bond ETF · Vanguard 0-3 Month Treasury Bill ETF
Expense ratio
0.10% · 0.06%
Category