BILZ vs. BILS

Last updated Jun 4, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both Ultrashort Bond funds. BILZ is actively managed, while BILS is passively managed. Over the past year, BILZ returned 3.91% vs 3.90% for BILS. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.14% expense ratio.

Performance

BILZ vs. BILS - 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 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BILZ having a 1.47% return and BILS slightly lower at 1.40%.

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.47%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILS

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.40%
• 6M: 1.73%
• 1Y: 3.90%
• 3Y*: 4.66%
• 5Y*: 3.29%
• 10Y*: —

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

BILZ vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.40%	4.23%	5.17%	2.83%

Correlation

The correlation between BILZ and BILS 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 (All Time) Calculated using the full available price history since Jun 23, 2023	0.47

Return for Risk

BILZ vs. BILS — 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

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS 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. BILS - 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 3-12 Month T-Bill ETF (BILS). 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.

	BILZ	BILS	Difference
Sharpe ratio Return per unit of total volatility	19.09	16.80	+2.29
Sortino ratio Return per unit of downside risk	125.25	100.82	+24.43
Omega ratio Gain probability vs. loss probability	53.31	42.08	+11.23
Calmar ratio Return relative to maximum drawdown	198.55	129.91	+68.64
Martin ratio Return relative to average drawdown	2,000.92	1,442.41	+558.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BILZ vs. BILS - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 19.09, which is comparable to the BILS Sharpe Ratio of 16.80. The chart below compares the historical Sharpe Ratios of BILZ and BILS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BILZ	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.09	16.80	+2.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.48	9.79	+0.69

Drawdowns

BILZ vs. BILS - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for BILZ and BILS.

Drawdown Indicators

	BILZ	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-0.41%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.03%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.04%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILZ vs. BILS - Volatility Comparison

PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) has a higher volatility of 0.07% compared to SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) at 0.06%. This indicates that BILZ's price experiences larger fluctuations and is considered to be riskier than BILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILZ	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.06%	+0.01%
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%	0.23%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.43%	0.31%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.43%	0.30%	+0.13%

BILZ vs. BILS - Expense Ratio Comparison

Both BILZ and BILS 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. BILS - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.07%, more than BILS's 3.81% yield.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%	0.00%

Frequently Asked Questions

Can I hold both BILZ and BILS in my portfolio?

BILZ and BILS 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 BILS?

BILZ has higher volatility (0.07%) compared to BILS (0.06%). In terms of maximum drawdown, BILZ dropped -0.52% vs BILS's -0.41%.

Which ETF is better, BILZ or BILS?

On 1-year performance, BILZ leads with 3.91% vs 3.90% for BILS. 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 BILS?

Over the 1-year period, BILZ has performed better with a 3.91% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILZ or BILS?

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

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

BILZ has the higher dividend yield at 4.07%, compared with 3.81% for BILS.

What is the main difference between BILZ and BILS?

They also come from different issuers: PIMCO and State Street.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 16.80), 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.