GSY vs. BILZ

Last updated Jun 4, 2026

GSY (Invesco Ultra Short Duration ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. Both are actively managed. Over the past year, GSY returned 4.54% vs 3.91% for BILZ. At a 0.20 correlation, their price movements are largely independent. GSY charges 0.22%/yr vs 0.14%/yr for BILZ.

Performance

GSY vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Ultra Short Duration ETF (GSY) 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, GSY achieves a 1.59% return, which is significantly higher than BILZ's 1.47% return.

GSY

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.59%
• 6M: 1.96%
• 1Y: 4.54%
• 3Y*: 5.45%
• 5Y*: 3.65%
• 10Y*: 2.86%

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)

GSY vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSY Invesco Ultra Short Duration ETF	1.59%	4.96%	5.95%	3.57%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	4.21%	5.25%	2.33%

Correlation

The correlation between GSY and BILZ is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.20

Return for Risk

GSY vs. BILZ — Risk / Return Rank

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

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 100
GSY Omega Ratio Rank: 100
GSY Calmar Ratio Rank: 100
GSY 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.

GSY vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.

	GSY	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	11.52	19.09	-7.57
Sortino ratio: Return per unit of downside risk	29.56	125.25	-95.69
Omega ratio: Gain probability vs. loss probability	7.01	53.31	-46.30
Calmar ratio: Return relative to maximum drawdown	76.07	198.55	-122.48
Martin ratio: Return relative to average drawdown	397.70	2,000.92	-1,603.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSY vs. BILZ - Sharpe Ratio Comparison

The current GSY Sharpe Ratio is 11.52, which is lower than the BILZ Sharpe Ratio of 19.09. The chart below compares the historical Sharpe Ratios of GSY 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

	GSY	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.52	19.09	-7.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	10.48	-10.02

Drawdowns

GSY vs. BILZ - Drawdown Comparison

The maximum GSY drawdown since its inception was -12.14%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for GSY and BILZ.

Drawdown Indicators

	GSY	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-12.14%	-0.52%	-11.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.02%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.25%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.39%	-0.01%	-2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

GSY vs. BILZ - Volatility Comparison

Invesco Ultra Short Duration ETF (GSY) has a higher volatility of 0.14% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that GSY'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

	GSY	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.07%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.29%	0.14%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.40%	0.21%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	0.43%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	0.43%	+0.79%

GSY vs. BILZ - Expense Ratio Comparison

GSY has a 0.22% expense ratio, which is higher than BILZ's 0.14% 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

GSY vs. BILZ - Dividend Comparison

GSY's dividend yield for the trailing twelve months is around 4.34%, more than BILZ's 4.07% 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%
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Frequently Asked Questions

Can I hold both GSY and BILZ in my portfolio?

GSY and BILZ have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSY or BILZ?

GSY has higher volatility (0.14%) compared to BILZ (0.07%). In terms of maximum drawdown, GSY dropped -12.14% vs BILZ's -0.52%.

Which ETF is better, GSY or BILZ?

On 1-year performance, GSY leads with 4.54% vs 3.91% for BILZ. On fees, BILZ is cheaper at 0.14% 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, GSY or BILZ?

Over the 1-year period, GSY has performed better with a 4.54% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSY or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.22% for GSY.

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

GSY has the higher dividend yield at 4.34%, compared with 4.07% for BILZ.

What is the main difference between GSY and BILZ?

They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.22% for GSY and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.09 vs 11.52), 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.