BILZ vs. HYS

Last updated Jun 4, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - BILZ is a Ultrashort Bond fund actively managed by PIMCO, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). BILZ is actively managed, while HYS is passively managed. Over the past year, BILZ returned 3.91% vs 7.07% for HYS. At a correlation of -0.01, they often move in opposite directions. BILZ charges 0.14%/yr vs 0.56%/yr for HYS.

Performance

BILZ vs. HYS - 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 PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BILZ achieves a 1.47% return, which is significantly higher than HYS's 1.33% return.

BILZ

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

HYS

• 1D: -0.09%
• 1M: 0.47%
• YTD: 1.33%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 8.58%
• 5Y*: 5.08%
• 10Y*: 5.35%

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

BILZ vs. HYS - 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%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.33%	8.80%	8.42%	7.13%

Correlation

The correlation between BILZ and HYS is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	-0.01

Return for Risk

BILZ vs. HYS — 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

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 63
HYS Calmar Ratio Rank: 74
HYS Martin Ratio Rank: 78

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. HYS - 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 PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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	HYS	Difference
Sharpe ratio Return per unit of total volatility	19.09	2.04	+17.04
Sortino ratio Return per unit of downside risk	125.25	3.17	+122.08
Omega ratio Gain probability vs. loss probability	53.31	1.39	+51.92
Calmar ratio Return relative to maximum drawdown	198.55	3.77	+194.78
Martin ratio Return relative to average drawdown	2,000.92	15.35	+1,985.57
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. HYS - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 19.09, which is higher than the HYS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BILZ and HYS, 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	HYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.09	2.04	+17.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.48	0.81	+9.67

Drawdowns

BILZ vs. HYS - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for BILZ and HYS.

Drawdown Indicators

	BILZ	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-20.91%	+20.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-1.88%	+1.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.91%	—
Current Drawdown Current decline from peak	0.00%	-0.14%	+0.14%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.53%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.46%	-0.46%

Volatility

BILZ vs. HYS - Volatility Comparison

The current volatility for PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) is 0.07%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.23%. This indicates that BILZ experiences smaller price fluctuations and is considered to be less risky than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILZ	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	1.23%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	2.74%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	3.47%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.43%	6.26%	-5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.43%	6.84%	-6.41%

BILZ vs. HYS - Expense Ratio Comparison

BILZ has a 0.14% expense ratio, which is lower than HYS's 0.56% expense ratio.

Dividends

BILZ vs. HYS - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.07%, less than HYS's 7.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.36%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%

Frequently Asked Questions

Can I hold both BILZ and HYS in my portfolio?

BILZ and HYS have a correlation of 0.03, 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 HYS?

HYS has higher volatility (1.23%) compared to BILZ (0.07%). In terms of maximum drawdown, BILZ dropped -0.52% vs HYS's -20.91%.

Which ETF is better, BILZ or HYS?

On 1-year performance, HYS leads with 7.07% vs 3.91% for BILZ. On fees, BILZ is cheaper at 0.14% per year. On volatility, BILZ has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BILZ or HYS?

Over the 1-year period, HYS has performed better with a 7.07% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILZ or HYS?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.56% for HYS.

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

HYS has the higher dividend yield at 7.36%, compared with 4.07% for BILZ.

What is the main difference between BILZ and HYS?

BILZ is categorized as Ultrashort Bond, while HYS is High Yield Bonds. Their fees differ too: 0.14% for BILZ and 0.56% for HYS.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 2.04), 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.