BUCK vs. BILZ

Last updated Jun 24, 2026

BUCK (Simplify Treasury Option Income ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both exchange-traded funds - BUCK is a Government Bonds fund actively managed by Simplify, while BILZ is a Ultrashort Bond fund actively managed by PIMCO. Both are actively managed. Over the past 3 years, BUCK returned 5.24%/yr vs 4.68%/yr for BILZ. At a correlation of -0.03, they often move in opposite directions. BUCK charges 0.35%/yr vs 0.14%/yr for BILZ.

Performance

BUCK vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Treasury Option Income ETF (BUCK) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUCK achieves a 2.12% return, which is significantly higher than BILZ's 1.66% return.

BUCK

• 1D: 0.04%
• 1M: 0.21%
• YTD: 2.12%
• 6M: 1.99%
• 1Y: 6.93%
• 3Y*: 5.24%
• 5Y*: —
• 10Y*: —

BILZ

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

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

BUCK vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BUCK Simplify Treasury Option Income ETF	2.12%	4.13%	7.25%	2.26%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.66%	4.21%	5.25%	2.87%

Correlation

The correlation between BUCK and BILZ is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	-0.03

The correlation between BUCK and BILZ shifts across timeframes, from -0.14 (1 year) to -0.03 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BUCK vs. BILZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BUCK

BUCK Risk / Return Rank: 86
BUCK Sharpe Ratio Rank: 77
BUCK Sortino Ratio Rank: 82
BUCK Omega Ratio Rank: 86
BUCK Calmar Ratio Rank: 90
BUCK Martin Ratio Rank: 95

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

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.

BUCK vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Treasury Option Income ETF (BUCK) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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.

	BUCK	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	2.34	18.68	-16.34
Sortino ratio: Return per unit of downside risk	3.44	118.53	-115.10
Omega ratio: Gain probability vs. loss probability	1.50	47.37	-45.87
Calmar ratio: Return relative to maximum drawdown	5.32	197.18	-191.86
Martin ratio: Return relative to average drawdown	28.71	1,895.58	-1,866.87

BUCK vs. BILZ - Sharpe Ratio Comparison

The current BUCK Sharpe Ratio is 2.34, which is lower than the BILZ Sharpe Ratio of 18.68. The chart below compares the historical Sharpe Ratios of BUCK and BILZ, 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

BUCK vs. BILZ - Drawdown Comparison

The maximum BUCK drawdown since its inception was -5.43%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for BUCK and BILZ.

Drawdown Indicators

	BUCK	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-5.43%	-0.52%	-4.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-0.02%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-5.43%	-0.17%	-5.26%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.01%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.00%	+0.24%

Volatility

BUCK vs. BILZ - Volatility Comparison

Simplify Treasury Option Income ETF (BUCK) has a higher volatility of 0.28% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that BUCK's price experiences larger fluctuations and is considered to be riskier than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUCK	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.07%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	1.37%	0.14%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	0.21%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	0.52%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.46%	0.52%	+2.94%

BUCK vs. BILZ - Expense Ratio Comparison

BUCK has a 0.35% expense ratio, which is higher than BILZ's 0.14% expense ratio.

Dividends

BUCK vs. BILZ - Dividend Comparison

BUCK's dividend yield for the trailing twelve months is around 7.40%, more than BILZ's 4.06% 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%
BUCK Simplify Treasury Option Income ETF	7.40%	7.59%	8.84%	4.84%	0.59%

Frequently Asked Questions

Can I hold both BUCK and BILZ in my portfolio?

BUCK and BILZ have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUCK or BILZ?

BUCK has higher volatility (0.28%) compared to BILZ (0.07%). In terms of maximum drawdown, BUCK dropped -5.43% vs BILZ's -0.52%.

Which ETF is better, BUCK or BILZ?

On 3-year performance, BUCK leads with 5.24% vs 4.68% for BILZ. 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, BUCK or BILZ?

Over the 3-year period, BUCK has performed better with a 5.24% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUCK or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.35% for BUCK.

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

BUCK has the higher dividend yield at 7.40%, compared with 4.06% for BILZ.

What is the main difference between BUCK and BILZ?

BUCK is categorized as Government Bonds, while BILZ is Ultrashort Bond. They also come from different issuers: Simplify and PIMCO. Their fees differ too: 0.35% for BUCK and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (18.68 vs 2.34), 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.