BILZ vs. BILS

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS).

BILZ and BILS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023. BILS is a passively managed fund by State Street that tracks the performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index. It was launched on Sep 24, 2020.

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.

BILZ vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.83%	4.21%	5.25%	2.33%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	0.80%	4.23%	5.17%	2.83%

Returns By Period

The year-to-date returns for both stocks are quite close, with BILZ having a 0.83% return and BILS slightly lower at 0.80%.

BILZ

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

BILS

• 1D: 0.02%
• 1M: 0.26%
• YTD: 0.80%
• 6M: 1.82%
• 1Y: 3.99%
• 3Y*: 4.67%
• 5Y*: 3.17%
• 10Y*: —

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

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%.

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILS

SPDR Bloomberg 3-12 Month T-Bill ETF

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	19.30	16.39	+2.91
Sortino ratio Return per unit of downside risk	117.88	75.13	+42.75
Omega ratio Gain probability vs. loss probability	44.85	26.69	+18.15
Calmar ratio Return relative to maximum drawdown	203.30	132.67	+70.63
Martin ratio Return relative to average drawdown	1,804.32	1,118.82	+685.50
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 19.30, which is comparable to the BILS Sharpe Ratio of 16.39. The chart below compares the historical Sharpe Ratios of BILZ and BILS, 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

	BILZ	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.30	16.39	+2.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.37	9.65	+0.72

Correlation

The correlation between BILZ and BILS is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BILZ vs. BILS - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.18%, more than BILS's 3.96% yield.

	TTM	2025	2024	2023	2022
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.18%	4.19%	4.95%	2.23%	0.00%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.96%	4.08%	5.01%	4.98%	1.61%

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 (5Y) Largest decline over 5 years	—	-0.40%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
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) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) have volatilities of 0.05% and 0.05%, 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	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.15%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	0.24%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.44%	0.31%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	0.30%	+0.14%