BILZ vs. SHV

Last updated Jun 3, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - BILZ is a Ultrashort Bond fund actively managed by PIMCO, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. BILZ is actively managed, while SHV is passively managed. Over the past year, BILZ returned 3.94% vs 3.90% for SHV. A 0.51 correlation means they provide meaningful diversification when combined. BILZ charges 0.14%/yr vs 0.15%/yr for SHV.

Performance

BILZ vs. SHV - 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 iShares 0-1 Year Treasury Bond ETF (SHV). 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 1.46% return and SHV slightly lower at 1.42%.

BILZ

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.46%
• 6M: 1.78%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHV

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.42%
• 6M: 1.75%
• 1Y: 3.90%
• 3Y*: 4.64%
• 5Y*: 3.31%
• 10Y*: 2.23%

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

BILZ vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.46%	4.21%	5.25%	2.33%
SHV iShares 0-1 Year Treasury Bond ETF	1.42%	4.21%	5.12%	2.85%

Correlation

The correlation between BILZ and SHV is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.51

The correlation between BILZ and SHV has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.

Return for Risk

BILZ vs. SHV — 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

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV 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. SHV - 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 iShares 0-1 Year Treasury Bond ETF (SHV). 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	SHV	Difference
Sharpe ratio Return per unit of total volatility	19.22	19.49	-0.27
Sortino ratio Return per unit of downside risk	126.17	149.54	-23.37
Omega ratio Gain probability vs. loss probability	53.69	53.77	-0.07
Calmar ratio Return relative to maximum drawdown	199.22	431.38	-232.16
Martin ratio Return relative to average drawdown	2,011.73	2,419.80	-408.07
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. SHV - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 19.22, which is comparable to the SHV Sharpe Ratio of 19.49. The chart below compares the historical Sharpe Ratios of BILZ and SHV, 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	SHV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.22	19.49	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	11.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.49	4.50	+5.99

Drawdowns

BILZ vs. SHV - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for BILZ and SHV.

Drawdown Indicators

	BILZ	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-0.45%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.01%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.03%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILZ vs. SHV - Volatility Comparison

PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) has a higher volatility of 0.07% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that BILZ's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILZ	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.05%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.12%	+0.02%
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	0.43%	0.29%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.43%	0.28%	+0.15%

BILZ vs. SHV - Expense Ratio Comparison

BILZ has a 0.14% expense ratio, which is lower than SHV's 0.15% expense ratio. Despite the difference, 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. SHV - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.07%, more than SHV's 3.83% 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%
SHV iShares 0-1 Year Treasury Bond ETF	3.83%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both BILZ and SHV in my portfolio?

BILZ and SHV 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 SHV?

BILZ has higher volatility (0.07%) compared to SHV (0.05%). In terms of maximum drawdown, BILZ dropped -0.52% vs SHV's -0.45%.

Which ETF is better, BILZ or SHV?

On 1-year performance, BILZ leads with 3.94% vs 3.90% for SHV. On fees, BILZ 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 SHV?

Over the 1-year period, BILZ has performed better with a 3.94% 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 SHV?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.15% for SHV.

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

BILZ has the higher dividend yield at 4.07%, compared with 3.83% for SHV.

What is the main difference between BILZ and SHV?

BILZ is categorized as Ultrashort Bond, while SHV is Government Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.14% for BILZ and 0.15% for SHV.

Which has better risk-adjusted returns?

SHV currently has the higher Sharpe Ratio (19.49 vs 19.22), 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.