BILZ vs. ZROZ
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 3 years, BILZ returned 4.63%/yr vs -8.06%/yr for ZROZ. Their -0.03 correlation means they have often moved in opposite directions in the past. BILZ charges 0.14%/yr vs 0.15%/yr for ZROZ.
Performance
BILZ vs. ZROZ - Performance Comparison
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Returns By Period
In the year-to-date period, BILZ achieves a 2.08% return, which is significantly higher than ZROZ's -7.23% return.
BILZ
- 1D
- 0.02%
- 1M
- 0.28%
- 6M
- 1.80%
- YTD
- 2.08%
- 1Y
- 3.81%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.65%
ZROZ
- 1D
- -1.24%
- 1M
- -7.20%
- 6M
- -6.41%
- YTD
- -7.23%
- 1Y
- -7.54%
- 3Y*
- -8.06%
- 5Y*
- -14.47%
- 10Y*
- -5.40%
- ALL TIME*
- 1.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.21M | $18.47M | $22.55M | |
| $41.31M | $45.82M | $40.38M |
BILZ vs. ZROZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund | 2.08% | 4.21% | 5.25% | 2.87% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -7.23% | -1.84% | -16.18% | -5.17% |
Correlation
The correlation between BILZ and ZROZ is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.03 |
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Return for Risk
BILZ vs. ZROZ — Risk / Return Rank
BILZ
ZROZ
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.
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 | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.82 | ||
| Sortino ratioReturn per unit of downside risk | +117.02 | ||
| Omega ratioGain probability vs. loss probability | 44.52 | 0.95 | +43.56 |
| Calmar ratioReturn relative to maximum drawdown | 196.19 | -0.39 | +196.58 |
| Martin ratioReturn relative to average drawdown | 1,864.61 | -0.82 | +1,865.42 |
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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.
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Drawdown Indicators
| BILZ | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -62.93% | +62.41% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -14.90% | +14.88% |
Max Drawdown (3Y)Largest decline over 3 years | -0.17% | -26.42% | +26.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -57.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.93% | — |
Current DrawdownCurrent decline from peak | 0.00% | -62.42% | +62.42% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -24.38% | +24.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 7.18% | -7.18% |
Volatility
BILZ vs. ZROZ - Volatility Comparison
The current volatility for PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) is 0.06%, while PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) has a volatility of 4.20%. 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.
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Volatility by Period
| BILZ | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 4.20% | -4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 0.15% | 11.11% | -10.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.21% | 15.45% | -15.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.51% | 23.76% | -23.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.51% | 21.96% | -21.45% |
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 4.01%, less than ZROZ's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund | 3.64% | 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 | 5.59% | 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
BILZ and ZROZ 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.
ZROZ has higher volatility (4.20%) compared to BILZ (0.06%). In terms of maximum drawdown, BILZ dropped -0.52% vs ZROZ's -62.93%.
On 3-year performance, BILZ leads with 4.63% vs -8.06% for ZROZ. On fees, BILZ is cheaper at 0.14% per year. On volatility, BILZ has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BILZ has performed better with a 4.63% return vs -8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BILZ is cheaper with a 0.14% expense ratio, compared with 0.15% for ZROZ.
ZROZ has the higher dividend yield at 5.59%, compared with 3.64% for BILZ.
BILZ is categorized as Ultrashort Bond, while ZROZ is Government Bonds. Their fees differ too: 0.14% for BILZ and 0.15% for ZROZ.
BILZ currently has the higher Sharpe Ratio (18.44 vs -0.38), 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.
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