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RAVI vs VNLA: Differences, Returns & Fees

On Jul 31, 2026 RAVI's duration was 0.5 years and VNLA's 0.8; VNLA charges 0.23% to RAVI's 0.25%. Net assets on Jul 31, 2026: $1.5bn for Northern Trust Ultra-Short Fixed Income ETF and $3.3bn for Janus Henderson Short Duration Income ETF.

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Answers cite the figures on this page.

VNLA costs 0.02 points a year less; their one-year returns differ by 0.2 points; VNLA is 2.2 times larger.

RAVI vs VNLA: Differences, Returns & Fees
RAVIVNLA
Expense ratio0.25%0.23%
Net assets, as of Jul 31, 2026$1.5bn$3.3bn
Total return, 1 year+3.8%+3.6%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common2%

Holdings in common uses holdings dated Jul 31, 2026.

+3.8%
RAVI total return, 1 year
+3.6%
VNLA total return, 1 year
0.25%
RAVI expense ratio
0.23%
VNLA expense ratio

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Client brief · page 1 of 2Report BR-8A91F56E4A

RAVI and VNLA are built for the same job. How do they differ in cost, holdings and results?

  1. Holdings in common. 2% of the weight is in the same securities (holdings dated Jul 31, 2026).
  2. What each follows (similar). Both follow No index, actively managed.
  3. One-year total return (similar). Over 1 year to Oct 20, 2026 RAVI returned +3.8% and VNLA +3.6% with distributions reinvested, a gap of 0.2 points.

Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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What they hold in common

By the books each fund has filed, RAVI and VNLA hold 2% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

half

2% in common

Positions both hold, largest shared weight first
Holding RAVI VNLA
Arthur J Gallagher & Co., due Dec 15, 2027 0.68% 0.45%
Mizuho Financial Group, Inc., due Jul 13, 2030 0.97% 0.38%
LPL Holdings, Inc., due May 20, 2027 0.32% 0.51%
LPL Holdings, Inc., due Apr 3, 2028 0.17% 0.20%
Santander UK Group Holdings plc, due Sep 22, 2029 0.21% 0.14%
Starbucks Corp., due May 15, 2028 0.21% 0.11%
Medline Borrower LP, due Apr 1, 2029 0.23% 0.09%
GE HealthCare Technologies, Inc., due Dec 15, 2028 0.05% 0.30%
Only in RAVI
FHLMC, due Aug 3, 2026 4.58%
Walt Disney Co. (The), due Mar 14, 2029 2.60%
Merck & Co., Inc., due Mar 15, 2029 1.85%
Bank of America Corp., due May 9, 2029 1.62%
Abbott Laboratories, due Mar 9, 2029 1.55%
AT&T, Inc., due Feb 15, 2027 1.53%
Ingersoll Rand, Inc., due Jun 15, 2027 1.35%
Royal Bank of Canada, Series 1, due Jul 10, 2029 1.34%
Only in VNLA
Global Payments, Inc., due Aug 3, 2026 1.59%
Antero Resources Corp., due Aug 3, 2026 1.48%
Morgan Stanley Bank NA, due Jan 14, 2028 1.31%
HCA, Inc., due Aug 3, 2026 1.04%
Ares Capital Corp., due Aug 24, 2026 0.93%
Fidelity National Information Services, Inc., due Aug 4, 2026 0.91%
Ares Capital Corp., due Aug 11, 2026 0.90%
Enbridge, Inc., due Aug 27, 2026 0.88%

Check overlap with more funds →

On the same fields

RAVI
Northern Trust Ultra-Short Fixed Income ETF
VNLA
Janus Henderson Short Duration Income ETF
Where it sits Bond ETF Bond ETF
Issuer Northern Trust Janus Henderson
What it is Actively managed Actively managed
Total return, 1 year +3.8% +3.6%
Its benchmark over the same days not measured −1.9% (AGG)
Gap to its benchmark not measured +5.5 pts vs AGG
Expense ratio 0.25% 0.23%
Holdings 244 336
Net assets, as of Jul 31, 2026 $1.5bn $3.3bn

RAVI and VNLA on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.

About RAVI

RAVI is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +3.8% with distributions reinvested. The prospectus expense ratio is 0.25% a year.

About VNLA

VNLA is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +3.6% with distributions reinvested, against −1.9% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.23% a year.

Questions people ask

Which returned more over the last year, RAVI or VNLA?
In the year to Oct 20, 2026, with distributions reinvested, RAVI returned +3.8% and VNLA +3.6%.
Which is cheaper, RAVI or VNLA?
VNLA is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLTR vs RAVIRAVI vs TBLLBIL vs RAVIRAVI vs SGOVVNLA vs YEARVGUS vs VNLAVNLA vs VRIGVNLA vs XHLF
RAVI on its own →VNLA on its own →Hold both: look the portfolio through →Rankings →RAVI dividend history →RAVI holdings →VNLA dividend history →VNLA holdings →Standards and sources →
Where these figures came from
RAVI filings on SEC EDGAR ↗RAVI prospectus with the expense ratio (SEC) ↗Northern Trust website ↗VNLA filings on SEC EDGAR ↗VNLA prospectus with the expense ratio (SEC) ↗Janus Henderson website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, RAVI against VNLA, data as of Oct 20, 2026. https://etfiq.com/compare/any/ravi-vs-vnla

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.