BILZ vs. TBIL

Last updated Jun 24, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and TBIL (F/m US Treasury 3 Month Bill ETF) are both Ultrashort Bond funds. BILZ is actively managed, while TBIL is passively managed. Over the past 3 years, BILZ returned 4.68%/yr vs 4.60%/yr for TBIL. At a 0.39 correlation, their price movements are largely independent. BILZ charges 0.14%/yr vs 0.15%/yr for TBIL.

Performance

BILZ vs. TBIL - 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 F/m US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BILZ having a 1.66% return and TBIL slightly higher at 1.69%.

BILZ

• 1D: 0.01%
• 1M: 0.26%
• YTD: 1.66%
• 6M: 1.76%
• 1Y: 3.88%
• 3Y*: 4.68%
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.69%
• 6M: 1.76%
• 1Y: 3.91%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —

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

BILZ vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.66%	4.21%	5.25%	2.87%
TBIL F/m US Treasury 3 Month Bill ETF	1.69%	4.19%	5.15%	2.79%

Correlation

The correlation between BILZ and TBIL is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.39

The correlation between BILZ and TBIL shifts across timeframes, from 0.39 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BILZ vs. TBIL — 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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL 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. TBIL - 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 F/m US Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	18.68	13.76	+4.92
Sortino ratio: Return per unit of downside risk	118.53	58.09	+60.44
Omega ratio: Gain probability vs. loss probability	47.37	17.08	+30.29
Calmar ratio: Return relative to maximum drawdown	197.18	195.79	+1.39
Martin ratio: Return relative to average drawdown	1,895.58	929.44	+966.14

BILZ vs. TBIL - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 18.68, which is higher than the TBIL Sharpe Ratio of 13.76. The chart below compares the historical Sharpe Ratios of BILZ and TBIL, 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. TBIL - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for BILZ and TBIL.

Drawdown Indicators

	BILZ	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-0.10%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.17%	-0.02%	-0.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.00%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILZ vs. TBIL - Volatility Comparison

PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) has a higher volatility of 0.07% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.06%. This indicates that BILZ's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILZ	TBIL	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%	0.19%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	0.29%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.52%	0.32%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.52%	0.32%	+0.20%

BILZ vs. TBIL - Expense Ratio Comparison

BILZ has a 0.14% expense ratio, which is lower than TBIL'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. TBIL - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.06%, more than TBIL's 3.81% yield.

Position	TTM	2025	2024	2023	2022
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.06%	4.19%	4.95%	2.23%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	3.81%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both BILZ and TBIL in my portfolio?

BILZ and TBIL have a correlation of 0.51, 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 TBIL?

BILZ has higher volatility (0.07%) compared to TBIL (0.06%). In terms of maximum drawdown, BILZ dropped -0.52% vs TBIL's -0.10%.

Which ETF is better, BILZ or TBIL?

On 3-year performance, BILZ leads with 4.68% vs 4.60% for TBIL. 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 TBIL?

Over the 3-year period, BILZ has performed better with a 4.68% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILZ or TBIL?

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

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

BILZ has the higher dividend yield at 4.06%, compared with 3.81% for TBIL.

What is the main difference between BILZ and TBIL?

They also come from different issuers: PIMCO and F/m Investments. Their fees differ too: 0.14% for BILZ and 0.15% for TBIL.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (18.68 vs 13.76), 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.