HWSM vs. BILZ

Last updated Jun 5, 2026

HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both exchange-traded funds - HWSM is a Mid Cap Value Equities fund actively managed by Hotchkis & Wiley, while BILZ is a Ultrashort Bond fund actively managed by PIMCO. Both are actively managed. Over the past year, HWSM returned 26.16% vs 3.91% for BILZ. At a correlation of -0.05, they often move in opposite directions. HWSM charges 0.55%/yr vs 0.14%/yr for BILZ.

Performance

HWSM vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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, HWSM achieves a 10.77% return, which is significantly higher than BILZ's 1.47% return.

HWSM

• 1D: 1.25%
• 1M: 4.08%
• YTD: 10.77%
• 6M: 12.03%
• 1Y: 26.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.47%
• 6M: 1.78%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HWSM vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	10.77%	11.54%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.47%	3.17%

Correlation

The correlation between HWSM and BILZ is -0.04, 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	-0.04
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.05

Return for Risk

HWSM vs. BILZ — Risk / Return Rank

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

HWSM

HWSM Risk / Return Rank: 51
HWSM Sharpe Ratio Rank: 49
HWSM Sortino Ratio Rank: 53
HWSM Omega Ratio Rank: 48
HWSM Calmar Ratio Rank: 53
HWSM Martin Ratio Rank: 51

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.

HWSM vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) 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.

	HWSM	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	1.68	19.07	-17.39
Sortino ratio: Return per unit of downside risk	2.51	125.20	-122.69
Omega ratio: Gain probability vs. loss probability	1.30	53.29	-51.99
Calmar ratio: Return relative to maximum drawdown	2.57	198.46	-195.90
Martin ratio: Return relative to average drawdown	8.61	2,000.09	-1,991.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWSM vs. BILZ - Sharpe Ratio Comparison

The current HWSM Sharpe Ratio is 1.68, which is lower than the BILZ Sharpe Ratio of 19.07. The chart below compares the historical Sharpe Ratios of HWSM 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

	HWSM	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	19.07	-17.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	10.48	-9.52

Drawdowns

HWSM vs. BILZ - Drawdown Comparison

The maximum HWSM drawdown since its inception was -15.67%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for HWSM and BILZ.

Drawdown Indicators

	HWSM	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-0.52%	-15.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-0.02%	-10.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.76%	-0.01%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	0.00%	+3.05%

Volatility

HWSM vs. BILZ - Volatility Comparison

Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) has a higher volatility of 3.68% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that HWSM'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

	HWSM	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	0.07%	+3.61%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	0.14%	+10.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	0.21%	+15.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	0.43%	+20.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	0.43%	+20.15%

HWSM vs. BILZ - Expense Ratio Comparison

HWSM has a 0.55% expense ratio, which is higher than BILZ's 0.14% expense ratio.

Dividends

HWSM vs. BILZ - Dividend Comparison

HWSM's dividend yield for the trailing twelve months is around 1.20%, 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%
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.20%	1.33%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWSM and BILZ in my portfolio?

HWSM and BILZ have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWSM or BILZ?

HWSM has higher volatility (3.68%) compared to BILZ (0.07%). In terms of maximum drawdown, HWSM dropped -15.67% vs BILZ's -0.52%.

Which ETF is better, HWSM or BILZ?

On 1-year performance, HWSM leads with 26.16% vs 3.91% 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, HWSM or BILZ?

Over the 1-year period, HWSM has performed better with a 26.16% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWSM or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.55% for HWSM.

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

BILZ has the higher dividend yield at 4.07%, compared with 1.20% for HWSM.

What is the main difference between HWSM and BILZ?

HWSM is categorized as Mid Cap Value Equities, while BILZ is Ultrashort Bond. They also come from different issuers: Hotchkis & Wiley and PIMCO. Their fees differ too: 0.55% for HWSM and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (19.07 vs 1.68), 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.