CLIP vs. BILZ

Last updated Jun 4, 2026

CLIP (Global X 1-3 Month T-Bill ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. CLIP is passively managed, while BILZ is actively managed. Over the past year, CLIP returned 3.96% vs 3.91% for BILZ. At a 0.26 correlation, their price movements are largely independent. CLIP charges 0.07%/yr vs 0.14%/yr for BILZ.

Performance

CLIP vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X 1-3 Month T-Bill ETF (CLIP) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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 CLIP having a 1.50% return and BILZ slightly lower at 1.47%.

CLIP

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILZ

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

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

CLIP vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	1.50%	4.23%	5.26%	2.78%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%

Correlation

The correlation between CLIP and BILZ 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 (All Time) Calculated using the full available price history since Jun 23, 2023	0.26

Over the past year, CLIP and BILZ have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

CLIP vs. BILZ — Risk / Return Rank

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

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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.

CLIP vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 1-3 Month T-Bill ETF (CLIP) 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.

	CLIP	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	17.26	19.09	-1.83
Sortino ratio: Return per unit of downside risk	72.02	125.25	-53.23
Omega ratio: Gain probability vs. loss probability	20.66	53.31	-32.65
Calmar ratio: Return relative to maximum drawdown	142.22	198.55	-56.32
Martin ratio: Return relative to average drawdown	1,151.15	2,000.92	-849.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLIP vs. BILZ - Sharpe Ratio Comparison

The current CLIP Sharpe Ratio is 17.26, which is comparable to the BILZ Sharpe Ratio of 19.09. The chart below compares the historical Sharpe Ratios of CLIP 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.

Sharpe Ratios by Period

	CLIP	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	17.26	19.09	-1.83
Sharpe Ratio (All Time) Calculated using the full available price history	10.71	10.48	+0.23

Drawdowns

CLIP vs. BILZ - Drawdown Comparison

The maximum CLIP drawdown since its inception was -0.08%, smaller than the maximum BILZ drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for CLIP and BILZ.

Drawdown Indicators

	CLIP	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-0.52%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.02%	-0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.01%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

CLIP vs. BILZ - Volatility Comparison

The current volatility for Global X 1-3 Month T-Bill ETF (CLIP) is 0.06%, while PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) has a volatility of 0.07%. This indicates that CLIP experiences smaller price fluctuations and is considered to be less risky than BILZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLIP	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.07%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.14%	0.14%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	0.21%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.44%	0.43%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	0.43%	+0.01%

CLIP vs. BILZ - Expense Ratio Comparison

CLIP has a 0.07% expense ratio, which is lower than BILZ's 0.14% 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

CLIP vs. BILZ - Dividend Comparison

CLIP's dividend yield for the trailing twelve months is around 3.91%, less than BILZ's 4.07% yield.

Position	TTM	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.07%	4.19%	4.95%	2.23%
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%

Frequently Asked Questions

Can I hold both CLIP and BILZ in my portfolio?

CLIP and BILZ 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, CLIP or BILZ?

BILZ has higher volatility (0.07%) compared to CLIP (0.06%). In terms of maximum drawdown, CLIP dropped -0.08% vs BILZ's -0.52%.

Which ETF is better, CLIP or BILZ?

On 1-year performance, CLIP leads with 3.96% vs 3.91% for BILZ. On fees, CLIP is cheaper at 0.07% 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, CLIP or BILZ?

Over the 1-year period, CLIP has performed better with a 3.96% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLIP or BILZ?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.14% for BILZ.

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

BILZ has the higher dividend yield at 4.07%, compared with 3.91% for CLIP.

What is the main difference between CLIP and BILZ?

They also come from different issuers: Global X and PIMCO. Their fees differ too: 0.07% for CLIP and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 17.26), 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.