BILZ vs. TBLL

Last updated Jun 23, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and TBLL (Invesco Short Term Treasury ETF) are both Ultrashort Bond funds. BILZ is actively managed, while TBLL is passively managed. Over the past 3 years, BILZ returned 4.67%/yr vs 4.60%/yr for TBLL. At a 0.43 correlation, their price movements are largely independent. BILZ charges 0.14%/yr vs 0.08%/yr for TBLL.

Performance

BILZ vs. TBLL - 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 Invesco Short Term Treasury ETF (TBLL). 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 1.64% return and TBLL slightly lower at 1.60%.

BILZ

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.64%
• 6M: 1.75%
• 1Y: 3.89%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

TBLL

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.60%
• 6M: 1.69%
• 1Y: 3.87%
• 3Y*: 4.60%
• 5Y*: 3.39%
• 10Y*: —

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

BILZ vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.64%	4.21%	5.25%	2.87%
TBLL Invesco Short Term Treasury ETF	1.60%	4.21%	5.11%	2.88%

Correlation

The correlation between BILZ and TBLL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.43

Return for Risk

BILZ vs. TBLL — 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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL 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. TBLL - 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 Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	18.70	20.65	-1.94
Sortino ratio: Return per unit of downside risk	118.69	189.54	-70.85
Omega ratio: Gain probability vs. loss probability	47.43	81.26	-33.83
Calmar ratio: Return relative to maximum drawdown	197.44	410.16	-212.72
Martin ratio: Return relative to average drawdown	1,898.07	3,066.50	-1,168.43

BILZ vs. TBLL - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 18.70, which is comparable to the TBLL Sharpe Ratio of 20.65. The chart below compares the historical Sharpe Ratios of BILZ and TBLL, 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. TBLL - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, smaller than the maximum TBLL drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for BILZ and TBLL.

Drawdown Indicators

	BILZ	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-0.63%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.01%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-0.17%	-0.36%	+0.19%
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%	-0.14%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

BILZ vs. TBLL - Volatility Comparison

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

Volatility by Period

	BILZ	TBLL	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%	0.19%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.52%	0.45%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.52%	0.56%	-0.04%

BILZ vs. TBLL - Expense Ratio Comparison

BILZ has a 0.14% expense ratio, which is higher than TBLL's 0.08% 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. TBLL - Dividend Comparison

BILZ's dividend yield for the trailing twelve months is around 4.07%, which matches TBLL's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TBLL Invesco Short Term Treasury ETF	4.11%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both BILZ and TBLL in my portfolio?

BILZ and TBLL have a correlation of 0.47, 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 TBLL?

BILZ has higher volatility (0.07%) compared to TBLL (0.05%). In terms of maximum drawdown, BILZ dropped -0.52% vs TBLL's -0.63%.

Which ETF is better, BILZ or TBLL?

On 3-year performance, BILZ leads with 4.67% vs 4.60% for TBLL. On fees, TBLL is cheaper at 0.08% 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 TBLL?

Over the 3-year period, BILZ has performed better with a 4.67% 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 TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.14% for BILZ.

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

TBLL has the higher dividend yield at 4.11%, compared with 4.07% for BILZ.

What is the main difference between BILZ and TBLL?

They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.14% for BILZ and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.65 vs 18.70), 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.