MCHS vs. BILZ

Last updated Jun 24, 2026

MCHS (Matthews China Discovery Active ETF) and BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) are both exchange-traded funds - MCHS is a China Equities fund actively managed by Matthews, while BILZ is a Ultrashort Bond fund actively managed by PIMCO. Both are actively managed. Over the past year, MCHS returned 81.12% vs 3.88% for BILZ. At a correlation of -0.07, they often move in opposite directions. MCHS charges 0.89%/yr vs 0.14%/yr for BILZ.

Performance

MCHS vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews China Discovery Active ETF (MCHS) 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, MCHS achieves a 51.63% return, which is significantly higher than BILZ's 1.66% return.

MCHS

• 1D: -4.50%
• 1M: 6.46%
• YTD: 51.63%
• 6M: 50.45%
• 1Y: 81.12%
• 3Y*: —
• 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)

MCHS vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCHS Matthews China Discovery Active ETF	51.63%	31.19%	6.53%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	1.66%	4.21%	5.12%

Correlation

The correlation between MCHS and BILZ is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.07

Return for Risk

MCHS vs. BILZ — Risk / Return Rank

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

MCHS

MCHS Risk / Return Rank: 92
MCHS Sharpe Ratio Rank: 94
MCHS Sortino Ratio Rank: 91
MCHS Omega Ratio Rank: 91
MCHS Calmar Ratio Rank: 94
MCHS Martin Ratio Rank: 90

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.

MCHS vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews China Discovery Active ETF (MCHS) 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.

	MCHS	BILZ	Difference
Sharpe ratio: Return per unit of total volatility	3.25	18.68	-15.43
Sortino ratio: Return per unit of downside risk	3.94	118.53	-114.59
Omega ratio: Gain probability vs. loss probability	1.55	47.37	-45.82
Calmar ratio: Return relative to maximum drawdown	6.71	197.18	-190.47
Martin ratio: Return relative to average drawdown	19.57	1,895.58	-1,876.02

MCHS vs. BILZ - Sharpe Ratio Comparison

The current MCHS Sharpe Ratio is 3.25, which is lower than the BILZ Sharpe Ratio of 18.68. The chart below compares the historical Sharpe Ratios of MCHS 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

MCHS vs. BILZ - Drawdown Comparison

The maximum MCHS drawdown since its inception was -23.75%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for MCHS and BILZ.

Drawdown Indicators

	MCHS	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-23.75%	-0.52%	-23.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-0.02%	-12.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.17%	—
Current Drawdown Current decline from peak	-4.50%	0.00%	-4.50%
Average Drawdown Average peak-to-trough decline	-7.53%	-0.01%	-7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	0.00%	+4.16%

Volatility

MCHS vs. BILZ - Volatility Comparison

Matthews China Discovery Active ETF (MCHS) has a higher volatility of 13.48% compared to PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) at 0.07%. This indicates that MCHS'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

	MCHS	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.48%	0.07%	+13.41%
Volatility (6M) Calculated over the trailing 6-month period	21.61%	0.14%	+21.47%
Volatility (1Y) Calculated over the trailing 1-year period	25.11%	0.21%	+24.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.95%	0.52%	+28.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.95%	0.52%	+28.43%

MCHS vs. BILZ - Expense Ratio Comparison

MCHS has a 0.89% expense ratio, which is higher than BILZ's 0.14% expense ratio.

Dividends

MCHS vs. BILZ - Dividend Comparison

MCHS's dividend yield for the trailing twelve months is around 2.35%, less than BILZ's 4.06% yield.

Position	TTM	2025	2024	2023
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.06%	4.19%	4.95%	2.23%
MCHS Matthews China Discovery Active ETF	2.35%	3.56%	5.48%	0.00%

Frequently Asked Questions

Can I hold both MCHS and BILZ in my portfolio?

MCHS and BILZ have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCHS or BILZ?

MCHS has higher volatility (13.48%) compared to BILZ (0.07%). In terms of maximum drawdown, MCHS dropped -23.75% vs BILZ's -0.52%.

Which ETF is better, MCHS or BILZ?

On 1-year performance, MCHS leads with 81.12% vs 3.88% 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, MCHS or BILZ?

Over the 1-year period, MCHS has performed better with a 81.12% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCHS or BILZ?

BILZ is cheaper with a 0.14% expense ratio, compared with 0.89% for MCHS.

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

BILZ has the higher dividend yield at 4.06%, compared with 2.35% for MCHS.

What is the main difference between MCHS and BILZ?

MCHS is categorized as China Equities, while BILZ is Ultrashort Bond. They also come from different issuers: Matthews and PIMCO. Their fees differ too: 0.89% for MCHS and 0.14% for BILZ.

Which has better risk-adjusted returns?

BILZ currently has the higher Sharpe Ratio (18.68 vs 3.25), 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.