BILZ vs. ZROZ

Last updated Jun 4, 2026

BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - BILZ is a Ultrashort Bond fund actively managed by PIMCO, while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. BILZ is actively managed, while ZROZ is passively managed. Over the past year, BILZ returned 3.91% vs 3.89% for ZROZ. At a correlation of -0.02, they often move in opposite directions. BILZ charges 0.14%/yr vs 0.15%/yr for ZROZ.

Performance

BILZ vs. ZROZ - 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 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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 ZROZ's -1.07% return.

BILZ

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

ZROZ

• 1D: -0.48%
• 1M: 1.55%
• YTD: -1.07%
• 6M: -4.36%
• 1Y: 3.89%
• 3Y*: -7.39%
• 5Y*: -11.62%
• 10Y*: -4.15%

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

BILZ vs. ZROZ - 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%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-1.07%	-1.84%	-16.18%	-3.52%

Correlation

The correlation between BILZ and ZROZ is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	-0.02

Return for Risk

BILZ vs. ZROZ — 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

ZROZ

ZROZ Risk / Return Rank: 12
ZROZ Sharpe Ratio Rank: 12
ZROZ Sortino Ratio Rank: 12
ZROZ Omega Ratio Rank: 11
ZROZ Calmar Ratio Rank: 12
ZROZ Martin Ratio Rank: 12

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. ZROZ - 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 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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	ZROZ	Difference
Sharpe ratio Return per unit of total volatility	19.09	0.24	+18.84
Sortino ratio Return per unit of downside risk	125.25	0.47	+124.78
Omega ratio Gain probability vs. loss probability	53.31	1.05	+52.26
Calmar ratio Return relative to maximum drawdown	198.55	0.28	+198.27
Martin ratio Return relative to average drawdown	2,000.92	0.64	+2,000.28
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. ZROZ - Sharpe Ratio Comparison

The current BILZ Sharpe Ratio is 19.09, which is higher than the ZROZ Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of BILZ and ZROZ, 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	ZROZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.09	0.24	+18.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.48	0.09	+10.39

Drawdowns

BILZ vs. ZROZ - Drawdown Comparison

The maximum BILZ drawdown since its inception was -0.52%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for BILZ and ZROZ.

Drawdown Indicators

	BILZ	ZROZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.52%	-62.93%	+62.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-14.02%	+14.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.93%	—
Current Drawdown Current decline from peak	0.00%	-59.93%	+59.93%
Average Drawdown Average peak-to-trough decline	-0.01%	-24.04%	+24.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	6.12%	-6.12%

Volatility

BILZ vs. ZROZ - Volatility Comparison

The current volatility for PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) is 0.07%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.46%. This indicates that BILZ experiences smaller price fluctuations and is considered to be less risky than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BILZ	ZROZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	4.46%	-4.39%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	10.54%	-10.40%
Volatility (1Y) Calculated over the trailing 1-year period	0.21%	16.25%	-16.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.43%	23.90%	-23.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.43%	22.06%	-21.63%

BILZ vs. ZROZ - Expense Ratio Comparison

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

BILZ's dividend yield for the trailing twelve months is around 4.07%, less than ZROZ's 5.15% 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%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	5.15%	4.96%	4.58%	3.52%	2.76%	1.60%	1.68%	2.22%	2.06%	2.53%	3.00%	2.98%

Frequently Asked Questions

Can I hold both BILZ and ZROZ in my portfolio?

BILZ and ZROZ have a correlation of -0.08, 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 ZROZ?

ZROZ has higher volatility (4.46%) compared to BILZ (0.07%). In terms of maximum drawdown, BILZ dropped -0.52% vs ZROZ's -62.93%.

Which ETF is better, BILZ or ZROZ?

On 1-year performance, BILZ leads with 3.91% vs 3.89% for ZROZ. 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 ZROZ?

Over the 1-year period, BILZ has performed better with a 3.91% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BILZ or ZROZ?

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

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

ZROZ has the higher dividend yield at 5.15%, compared with 4.07% for BILZ.

What is the main difference between BILZ and ZROZ?

BILZ is categorized as Ultrashort Bond, while ZROZ is Government Bonds. Their fees differ too: 0.14% for BILZ and 0.15% for ZROZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 0.24), 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.