BILZ vs. BIL

Last updated Jun 23, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - BILZ is a Ultrashort Bond fund actively managed by PIMCO, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. BILZ is actively managed, while BIL is passively managed. Over the past 3 years, BILZ returned 4.67%/yr vs 4.60%/yr for BIL. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.14% expense ratio.

Performance

BILZ vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BILZ having a 1.64% return and BIL slightly higher at 1.66%.

BILZ

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.64%
• 6M: 1.75%
• 1Y: 3.89%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

BIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.66%
• 6M: 1.75%
• 1Y: 3.85%
• 3Y*: 4.60%
• 5Y*: 3.45%
• 10Y*: 2.20%

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

BILZ vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.64%	4.21%	5.25%	2.87%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.66%	4.15%	5.19%	2.80%

Correlation

The correlation between BILZ and BIL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.49

Return for Risk

BILZ vs. BIL — Risk / Return Rank

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

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

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL 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.

BILZ vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BILZ	BIL	Difference
Sharpe ratio: Return per unit of total volatility	18.70	19.37	-0.67
Sortino ratio: Return per unit of downside risk	118.69	173.17	-54.48
Omega ratio: Gain probability vs. loss probability	47.43	87.41	-39.98
Calmar ratio: Return relative to maximum drawdown	197.44	353.28	-155.84
Martin ratio: Return relative to average drawdown	1,898.07	2,801.35	-903.28

BILZ vs. BIL - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 18.70, which is comparable to the BIL Sharpe Ratio of 19.37. The chart below compares the historical Sharpe Ratios of BILZ and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BILZ vs. BIL - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BILZ and BIL.

Drawdown Indicators

	BILZ	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-0.78%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.01%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.17%	-0.01%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.26%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILZ vs. BIL - Volatility Comparison

PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) have volatilities of 0.07% and 0.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILZ	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.07%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.14%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	0.20%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.52%	0.26%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.52%	0.26%	+0.26%

BILZ vs. BIL - Expense Ratio Comparison

Both BILZ and BIL have an expense ratio of 0.14%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BILZ vs. BIL - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.07%, more than BIL's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.85%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BILZ and BIL in my portfolio?

BILZ and BIL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BILZ or BIL?

BIL has higher volatility (0.07%) compared to BILZ (0.07%). In terms of maximum drawdown, BILZ dropped -0.52% vs BIL's -0.78%.

Which ETF is better, BILZ or BIL?

On 3-year performance, BILZ leads with 4.67% vs 4.60% for BIL. Both ETFs have the same 0.14% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BILZ or BIL?

Over the 3-year period, BILZ has performed better with a 4.67% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILZ or BIL?

BILZ and BIL have the same expense ratio: 0.14% per year.

Which ETF pays a higher dividend yield, BILZ or BIL?

BILZ has the higher dividend yield at 4.07%, compared with 3.85% for BIL.

What is the main difference between BILZ and BIL?

BILZ is categorized as Ultrashort Bond, while BIL is Government Bonds. They also come from different issuers: PIMCO and State Street.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.37 vs 18.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.