BILZ vs. BILS

Last updated Aug 2, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and BILS (State Street 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 3 years, BILZ returned 4.63%/yr vs 4.58%/yr for BILS. Their 0.47 correlation means their historical movements had little consistent relationship. BILZ charges 0.14%/yr vs 0.14%/yr for BILS.

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 State Street 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 2.08% return and BILS slightly lower at 2.00%.

BILZ

• 1D: 0.02%
• 1M: 0.28%
• 6M: 1.80%
• YTD: 2.08%
• 1Y: 3.81%
• 3Y*: 4.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.65%

BILS

• 1D: 0.02%
• 1M: 0.28%
• 6M: 1.72%
• YTD: 2.00%
• 1Y: 3.76%
• 3Y*: 4.58%
• 5Y*: 3.42%
• 10Y*: —
• ALL TIME*: 2.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	$29.26M	$30.42M	$33.30M
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	$16.21M	$18.47M	$22.55M

BILZ vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	2.08%	4.21%	5.25%	2.87%
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	2.00%	4.23%	5.17%	2.86%

Correlation

The correlation between BILZ and BILS is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.47

The correlation between BILZ and BILS has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

BILZ vs. BILS — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 State Street 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.

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	BILS	Difference
Sharpe ratio: Return per unit of total volatility	18.44	16.36	+2.08
Sortino ratio: Return per unit of downside risk	116.58	85.49	+31.09
Omega ratio: Gain probability vs. loss probability	44.52	30.56	+13.96
Calmar ratio: Return relative to maximum drawdown	196.19	128.82	+67.36
Martin ratio: Return relative to average drawdown	1,864.61	1,210.03	+654.58

BILZ vs. BILS - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 18.44, which is comparable to the BILS Sharpe Ratio of 16.36. 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.

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	-0.17%	-0.04%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
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

The current volatility for PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) is 0.06%, while State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) has a volatility of 0.07%. This indicates that BILZ experiences smaller price fluctuations and is considered to be less risky 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	0.06%	0.07%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	0.14%	+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	0.51%	0.31%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.51%	0.29%	+0.22%

BILZ vs. BILS - Expense Ratio Comparison

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

Dividends

BILZ vs. BILS - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.01%, more than BILS's 3.76% yield.

Position	TTM	2025	2024	2023	2022
BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.41%	4.08%	5.01%	4.98%	1.61%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	3.64%	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 0.53, 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?

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

Which ETF is better, BILZ or BILS?

On 3-year performance, BILZ leads with 4.63% vs 4.58% for BILS. On fees, BILS is cheaper at 0.14% per year. 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 3-year period, BILZ has performed better with a 4.63% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILZ or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.14% for BILZ.

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

BILZ has the higher dividend yield at 3.64%, compared with 3.41% for BILS.

What is the main difference between BILZ and BILS?

They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.14% for BILZ and 0.14% for BILS.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (18.44 vs 16.36), 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.