Dividend comparison
TBIL vs VBIL: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for F/m US Treasury 3 Month Bill Fund and Vanguard 0-3 Month Treasury Bill ETF, side by side. Updated October 21, 2026.
TBIL vs VBIL: key differences
The short answer, from the latest data on this page.
- Fees. VBIL is cheaper at 0.06% a year versus 0.15% for TBIL. On $10,000 that is $9 a year less in fees.
- Income. TBIL pays more income, yielding 3.63% over the last twelve months versus 3.50% for VBIL. That is about $13 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, VBIL returned 0.8% versus 0.3% for TBIL, with dividends reinvested. $10,000 would have grown to $10,080 in VBIL and $10,032 in TBIL.
- Risk. Their worst declines over the last 1 year were similar: -0.6% for TBIL and -0.6% for VBIL from peak to trough.
- Diversification. VBIL holds 27 positions and TBIL holds 6.
Bottom line: VBIL has the edge on these figures, with lower fees and broader diversification. TBIL does not lead on any of the measures compared here.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | TBIL F/m US Treasury 3 Month Bill Fund | VBIL Vanguard 0-3 Month Treasury Bill ETF |
|---|---|---|
| Dividend yield (TTM) | 3.63% | 3.50% |
| Dividend / share (TTM) | $1.81 | $2.65 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.1566 on Sep 29, 2026 | $0.2177 on Oct 5, 2026 |
| Ex-dividend date | Sep 28, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | -9.8% over 2 yrs | — |
| Price | $49.95 | $75.66 |
| Beta | -0.00 | -0.01 |
| Max drawdown (5Y) | -0.6% | -0.6% |
| Market cap | $7.62B | $9.41B |
| Exchange | NASDAQ | NASDAQ |
| Expense ratio | 0.15% | 0.06% |
| Assets under management | $7.62B | $12.80B |
| Number of holdings | 6 | 27 |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
TBIL
$30.28/mo
$363 /yr at 3.63% yield
VBIL
$29.17/mo
$350 /yr at 3.50% yield
Dividend history
Total dividends paid per share in each calendar year. TBIL pays monthly; VBIL pays monthly.
| Year | TBIL | VBIL |
|---|---|---|
| 2025 | $2.0277 | — |
| 2024 | $2.5054 | — |
| 2023 | $2.4938 | — |
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.
There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Feb 11, 2025 would now be worth $10,325 in TBIL and $10,370 in VBIL.
| Period | TBIL | VBIL |
|---|---|---|
| 1 month | 0.00% | 0.03% |
| 3 months | -0.02% | 0.05% |
| Year to date | 0.14% | 0.30% |
| 1 year | 0.32% | 0.80% |
| 3 years | 10.14% | — |
| 5 years | — | — |
- TBIL
- VBIL
Both series indexed to 100 on 2025-02-11 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- TBIL
- VBIL
Quick verdict
VBIL has the edge on these figures, with lower fees and broader diversification. TBIL does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is TBIL or VBIL better for dividend income?
It depends on your goals. TBIL currently yields 3.63% Trailing Twelve Months (TTM) while VBIL yields 3.50%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between TBIL and VBIL?
F/m US Treasury 3 Month Bill Fund (TBIL) is an ETF listed on NASDAQ. Vanguard 0-3 Month Treasury Bill ETF (VBIL) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, TBIL or VBIL?
VBIL has the lower expense ratio. TBIL charges 0.15% a year and VBIL charges 0.06%, a difference of $9 a year on a $10,000 investment.
Which has performed better, TBIL or VBIL?
Over the last 1 year, VBIL has the higher total return with dividends reinvested: TBIL returned 0.3% and VBIL returned 0.8%. Past performance does not predict future returns.
Which is riskier, TBIL or VBIL?
Measured by the worst peak-to-trough decline over the last five years, TBIL has been riskier: TBIL fell as much as 0.6% and VBIL as much as 0.6%. Their betas are -0.00 and -0.01.
How often do TBIL and VBIL pay dividends?
Both pay monthly. The most recent payments were $0.1566 for TBIL and $0.2177 for VBIL.
How much income does $10,000 in TBIL vs VBIL generate?
At current TTM yields, $10,000 in TBIL would generate roughly $30.28 per month ($363 annually). The same amount in VBIL would produce about $29.17 per month ($350 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both TBIL and VBIL?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare TBIL vs VBIL with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how TBIL and VBIL fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.