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TBIL vs VNLA: Differences, Returns & Fees

TBIL's duration was 0.2 years on May 31, 2026 and VNLA's 0.8 on Jul 31, 2026; TBIL charges 0.15% to VNLA's 0.23%. Net assets: $7.6bn on Oct 19, 2026 for F/m US Treasury 3 Month Bill Fund, and $3.3bn on Jul 31, 2026 for Janus Henderson Short Duration Income ETF.

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Answers cite the figures on this page.

TBIL costs 0.08 points a year less; their one-year returns differ by 0.1 points.

TBIL vs VNLA: Differences, Returns & Fees
TBILVNLA
Expense ratio0.15%0.23%
Net assets, TBIL as of Oct 19, 2026 and VNLA as of Jul 31, 2026$7.6bn$3.3bn
Total return, 1 year+3.7%+3.6%
What it tracksBloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index (I00087US)No index, actively managed
Holdings in commonreport dates differ

Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026.

+3.7%
TBIL total return, 1 year
+3.6%
VNLA total return, 1 year
0.15%
TBIL expense ratio
0.23%
VNLA expense ratio

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Client brief · page 1 of 2Report BR-33E1121781

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

  1. What each follows. TBIL follows Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index (I00087US) and VNLA follows No index, actively managed.
  2. Number of holdings. TBIL holds 1 positions and VNLA holds 336.
  3. One-year total return (similar). Over 1 year to Oct 20, 2026 TBIL returned +3.7% and VNLA +3.6% with distributions reinvested, a gap of 0.1 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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On the same fields

TBIL
F/m US Treasury 3 Month Bill Fund
VNLA
Janus Henderson Short Duration Income ETF
Where it sits Bond ETF Bond ETF
Issuer F/m Janus Henderson
What it is Tracks an index Actively managed
Total return, 1 year +3.7% +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 0.15% 0.23%
Holdings 1 336
Net assets, TBIL as of Oct 19, 2026 and VNLA as of Jul 31, 2026 $7.6bn $3.3bn

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

About TBIL

TBIL tracks an index. Over the year to Oct 20, 2026 it returned +3.7% with distributions reinvested. The prospectus expense ratio is 0.15% 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, TBIL or VNLA?
In the year to Oct 20, 2026, with distributions reinvested, TBIL returned +3.7% and VNLA +3.6%.
Which is cheaper, TBIL or VNLA?
TBIL is cheaper, by 0.08 percentage points a year. That is about $8 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLRN vs TBILBSCQ vs TBILTBIL vs TBLLCLIP vs TBILFLDR vs VNLADUSB vs VNLABILZ vs VNLAGBIL vs VNLA
TBIL on its own →VNLA on its own →Hold both: look the portfolio through →Rankings →TBIL dividend history →TBIL holdings →VNLA dividend history →VNLA holdings →Standards and sources →
Where these figures came from
TBIL filings on SEC EDGAR ↗TBIL prospectus with the expense ratio (SEC) ↗F/m page for TBIL ↗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.

Cite this pageCitation, APA and Markdown

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

Open data

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