KCSH vs. BILZ

Last updated Jun 23, 2026

KCSH (KraneShares Sustainable Ultra Short Duration Index ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both Ultrashort Bond funds. KCSH is passively managed, while BILZ is actively managed. Over the past year, KCSH returned 4.02% vs 3.89% for BILZ. At a 0.17 correlation, their price movements are largely independent. KCSH charges 0.20%/yr vs 0.14%/yr for BILZ.

Performance

KCSH vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) 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 KCSH having a 1.67% return and BILZ slightly lower at 1.64%.

KCSH

• 1D: -0.02%
• 1M: 0.30%
• YTD: 1.67%
• 6M: 1.74%
• 1Y: 4.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILZ

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.64%
• 6M: 1.75%
• 1Y: 3.89%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

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

KCSH vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCSH KraneShares Sustainable Ultra Short Duration Index ETF	1.67%	4.49%	1.98%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.64%	4.21%	2.19%

Correlation

The correlation between KCSH 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 Jul 26, 2024	0.17

Return for Risk

KCSH vs. BILZ — Risk / Return Rank

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

KCSH

KCSH Risk / Return Rank: 95
KCSH Sharpe Ratio Rank: 93
KCSH Sortino Ratio Rank: 94
KCSH Omega Ratio Rank: 98
KCSH Calmar Ratio Rank: 94
KCSH Martin Ratio Rank: 98

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.

KCSH vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) 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.

	KCSH	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	3.23	18.70	-15.47
Sortino ratio: Return per unit of downside risk	4.57	118.69	-114.12
Omega ratio: Gain probability vs. loss probability	2.10	47.43	-45.33
Calmar ratio: Return relative to maximum drawdown	6.93	197.44	-190.51
Martin ratio: Return relative to average drawdown	58.19	1,898.07	-1,839.88

KCSH vs. BILZ - Sharpe Ratio Comparison

The current KCSH Sharpe Ratio is 3.23, which is lower than the BILZ Sharpe Ratio of 18.70. The chart below compares the historical Sharpe Ratios of KCSH 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

KCSH vs. BILZ - Drawdown Comparison

The maximum KCSH drawdown since its inception was -0.58%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for KCSH and BILZ.

Drawdown Indicators

	KCSH	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-0.52%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.58%	-0.02%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.17%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.01%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.00%	+0.07%

Volatility

KCSH vs. BILZ - Volatility Comparison

KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) has a higher volatility of 0.21% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that KCSH'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

	KCSH	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.07%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.58%	0.14%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	1.25%	0.21%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	0.52%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	0.52%	+0.80%

KCSH vs. BILZ - Expense Ratio Comparison

KCSH has a 0.20% 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

KCSH vs. BILZ - Dividend Comparison

KCSH's dividend yield for the trailing twelve months is around 3.96%, 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%
KCSH KraneShares Sustainable Ultra Short Duration Index ETF	3.96%	4.35%	2.08%	0.00%

Frequently Asked Questions

Can I hold both KCSH and BILZ in my portfolio?

KCSH 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, KCSH or BILZ?

KCSH has higher volatility (0.21%) compared to BILZ (0.07%). In terms of maximum drawdown, KCSH dropped -0.58% vs BILZ's -0.52%.

Which ETF is better, KCSH or BILZ?

On 1-year performance, KCSH leads with 4.02% vs 3.89% 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, KCSH or BILZ?

Over the 1-year period, KCSH has performed better with a 4.02% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCSH or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.20% for KCSH.

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

BILZ has the higher dividend yield at 4.07%, compared with 3.96% for KCSH.

What is the main difference between KCSH and BILZ?

They also come from different issuers: KraneShares and PIMCO. Their fees differ too: 0.20% for KCSH and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (18.70 vs 3.23), 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.