AGRH vs. BILZ

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ).

AGRH and BILZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGRH is a passively managed fund by iShares that tracks the performance of the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross. It was launched on Jun 22, 2022. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

AGRH vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

AGRH vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF	0.36%	6.00%	5.93%	3.48%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.83%	4.21%	5.25%	2.33%

Returns By Period

In the year-to-date period, AGRH achieves a 0.36% return, which is significantly lower than BILZ's 0.83% return.

AGRH

• 1D: 0.13%
• 1M: -0.03%
• YTD: 0.36%
• 6M: 2.20%
• 1Y: 5.36%
• 3Y*: 5.81%
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.83%
• 6M: 1.85%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGRH vs. BILZ - Expense Ratio Comparison

AGRH has a 0.13% expense ratio, which is lower than BILZ's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

AGRH

iShares Interest Rate Hedged U.S. Aggregate Bond ETF

Return for Risk

AGRH vs. BILZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGRH

AGRH Risk / Return Rank: 96
AGRH Sharpe Ratio Rank: 97
AGRH Sortino Ratio Rank: 98
AGRH Omega Ratio Rank: 98
AGRH Calmar Ratio Rank: 92
AGRH Martin Ratio Rank: 97

BILZ

BILZ Risk / Return Rank: 100
BILZ Sharpe Ratio Rank: 100
BILZ Sortino Ratio Rank: 100
BILZ Omega Ratio Rank: 100
BILZ Calmar Ratio Rank: 100
BILZ Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGRH vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AGRH	BILZ	Difference
Sharpe ratio Return per unit of total volatility	2.87	19.30	-16.43
Sortino ratio Return per unit of downside risk	4.04	117.88	-113.83
Omega ratio Gain probability vs. loss probability	1.69	44.85	-43.16
Calmar ratio Return relative to maximum drawdown	3.36	203.30	-199.94
Martin ratio Return relative to average drawdown	18.63	1,804.32	-1,785.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGRH vs. BILZ - Sharpe Ratio Comparison

The current AGRH Sharpe Ratio is 2.87, which is lower than the BILZ Sharpe Ratio of 19.30. The chart below compares the historical Sharpe Ratios of AGRH and BILZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGRH	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	19.30	-16.43
Sharpe Ratio (All Time) Calculated using the full available price history	3.03	10.37	-7.35

Correlation

The correlation between AGRH and BILZ is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AGRH vs. BILZ - Dividend Comparison

AGRH's dividend yield for the trailing twelve months is around 4.64%, more than BILZ's 4.18% yield.

	TTM	2025	2024	2023	2022
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF	4.64%	4.63%	5.17%	4.69%	1.24%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.18%	4.19%	4.95%	2.23%	0.00%

Drawdowns

AGRH vs. BILZ - Drawdown Comparison

The maximum AGRH drawdown since its inception was -1.73%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for AGRH and BILZ.

Drawdown Indicators

	AGRH	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-0.52%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.57%	-0.02%	-1.55%
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.01%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.00%	+0.28%

Volatility

AGRH vs. BILZ - Volatility Comparison

iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) has a higher volatility of 0.59% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.05%. This indicates that AGRH's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGRH	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.05%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	0.14%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	1.88%	0.21%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.80%	0.44%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.80%	0.44%	+1.36%